Darrel Posted June 16, 2012 Share Posted June 16, 2012 Deposit protection will no longer be reduced to 1MB in August, according to the Ministry of Finance. Source: Front page Bangkok Post June 16 2012 Link to comment Share on other sites More sharing options...
Pib Posted June 16, 2012 Share Posted June 16, 2012 That's good news...it's going to remain at B50M per person per bank according to this article in the Nation. But it's not a done deal unless the Cabinet approves it which I expect they will. Link to comment Share on other sites More sharing options...
givenall Posted June 16, 2012 Share Posted June 16, 2012 That's good news...it's going to remain at B50M per person per bank according to this article in the Nation. But it's not a done deal unless the Cabinet approves it which I expect they will. Be very vigilant. I do not trust this government does anything that benefits the Thai people so it must have a benefit to Thaksin and friends Link to comment Share on other sites More sharing options...
MichaelJohn Posted June 16, 2012 Share Posted June 16, 2012 Is it not a meaningless guarantee? The Govts Deposit Protection fund has insufficient money to pay out even B1m to everyone in the event of a banking problem. Link to comment Share on other sites More sharing options...
lannarebirth Posted June 16, 2012 Share Posted June 16, 2012 Is it not a meaningless guarantee? The Govts Deposit Protection fund has insufficient money to pay out even B1m to everyone in the event of a banking problem. Not meaningless, actually more worrisome, as there isn't a hope in hell they'd ever guarantee 50 million. So what's the REAL reason for the change in policy? I don't know where this 50 M number came from. My understanding is that it's been dropping incrementally these past few years from 10M - 12M down to 1M starting this year. Link to comment Share on other sites More sharing options...
Darrel Posted June 16, 2012 Author Share Posted June 16, 2012 (edited) Any guarantee is better than no guarantee. At one time the it was unlimited and they have been reducing it from there. 50M was an intermediate step. If necessary they can just print the money to cover it, just as they would do in the EU or US if it became necessary. The guarantee has a point because it would be enough to cover one or two banks screwing up due to bad loans or fraudulent trading for example, which is more likely (and more preferable) than the entire banking system collapsing. If the entire banking system collapses then we will all be completely and utterly screwed anyway, even those who have bought gold/houses/magic beans etc. etc. Edited June 16, 2012 by Darrel Link to comment Share on other sites More sharing options...
falang07 Posted June 18, 2012 Share Posted June 18, 2012 You are terribly wrong, if the banking system collapses, gold will only profit. Link to comment Share on other sites More sharing options...
Darrel Posted June 18, 2012 Author Share Posted June 18, 2012 You are terribly wrong, if the banking system collapses, gold will only profit. Ho hum. 1 Link to comment Share on other sites More sharing options...
Naam Posted June 18, 2012 Share Posted June 18, 2012 You are terribly wrong, if the banking system collapses, gold will only profit. Ho hum. seconded! Link to comment Share on other sites More sharing options...
exeter Posted June 18, 2012 Share Posted June 18, 2012 You are terribly wrong, if the banking system collapses, gold will only profit. Ho hum. seconded! How many noodles do I get for this ring? Link to comment Share on other sites More sharing options...
Bpuumike Posted June 18, 2012 Share Posted June 18, 2012 You are terribly wrong, if the banking system collapses, gold will only profit. Silver too Link to comment Share on other sites More sharing options...
Naam Posted June 18, 2012 Share Posted June 18, 2012 You are terribly wrong, if the banking system collapses, gold will only profit. Silver too what about som tam and prikh nam pla? Link to comment Share on other sites More sharing options...
nong38 Posted June 19, 2012 Share Posted June 19, 2012 I hope it never comes to it but its better than q/tee for only nothing. Link to comment Share on other sites More sharing options...
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