Thai bank clarifies why it has no money to pay rice farmers

[rametindallas]

lack of liquidity?

they mean they got no money, right?

Both liquidity or equity, either would have sufficed.

quid·di·ty (ˈkwidətē )

noun

Philosophy

noun: quiddity

1. the inherent nature or essence of someone or something.

And so, the author uses a totally inept word, a philosophical word with absolutelty nothing to do with finance, trying to be verbose. How many times does this happen in The Nation?

Sunisa.

Thailand did rank 55 out of 60 countries tested in English proficiency. http://www.thaivisa.com/forum/topic/682916-thailand-ranked-55th-in-english-proficiency-60-nation-ranking/

[MMarlow]

lack of liquidity?

they mean they got no money, right?

Both liquidity or equity, either would have sufficed.

quid·di·ty (ˈkwidətē )

noun

Philosophy

noun: quiddity

1. the inherent nature or essence of someone or something.

And so, the author uses a totally inept word, a philosophical word with absolutelty nothing to do with finance, trying to be verbose. How many times does this happen in The Nation?

Sunisa.

Most reasonable people would recognise it simply as a typo or error in the translation instead of quoting a dictionary definition of the typo.

By the way, could you also provide a definition for your word "absolutelty" if you insist on being pedantic.

[Jim walker]

Instead of the 500Bt entry fee make it 1000Bt maybe we can all contribute to save the Bank from collapse.

[moe666]

The end is near

[Showbags]

I might go to the bank and take my cash out....just in case.

[tomacht8]

The parallels in the past to the silver Hunt brothers is obvious.

Thailand has spent 678 billion baht ($21.3 billion) since October 2011 buying about 29 million tons of milled rice from farmers.
The program spurred the buildup of record reserves and dethroned the country as the largest exporter.

World stockpiles will expand 1.2 percent to 109.3 million tons in 2013-2014 as reserves in the five largest exporters including Thailand gain to records,
IGC forecasts show.

So now no more credit cash from the banks?
I think the banks are now (must) pulling the ripcord.

Sounds like a disaster, with many losers and only very few winners.
A redistribution action already now totally out of controll.

[Showbags]

In fact....now that they have announced that they have no money...could there be a run on the banks by the gen public?

[Lupatria]

45 days...

I modified a famous quote to fit the subject: "Let them eat rice..."

[Naam]

"it is lacking enough quiddity"

Seriously. Is this a hint that they want help from the Brits? (It literally says quiddity under the picture.)

clearly they mean they don't have enough Quids.

[Naam]

In fact....now that they have announced that they have no money...could there be a run on the banks by the gen public?

it's a government owned bank, id est "no run".

[Bakseeda]

See what happens when the farmers owe them money!

Actually, nothing. One of Big Brother's previous policies was to lend scadloads of money to farmers and then do nothing when they failed to keep up the repayments.

That is nonsense, many many farmers lost their lands and now have to rent them back from the moneylenders, Thaksins appointed moneylenders that is...

[finnomick]

lack of liquidity?

they mean they got no money, right?

Both liquidity or equity, either would have sufficed.

quid·di·ty (ˈkwidətē )

noun

Philosophy

noun: quiddity

1. the inherent nature or essence of someone or something.

And so, the author uses a totally inept word, a philosophical word with absolutelty nothing to do with finance, trying to be verbose. How many times does this happen in The Nation?

Sunisa.

' absolutelty ' indeed ?

[Showbags]

In fact....now that they have announced that they have no money...could there be a run on the banks by the gen public?

it's a government owned bank, id est "no run".

Could we start one anyway?

[finnomick]

Everyone's missing the point here......the farmers have their Farmer's Bank ( BAAC ) credit cards so they don't need the cash immediately . They use their credit cards and pay interest so that by next year, the bank will have plenty of money to pay them so in a roundabout way, the banks will pay the farmers with the money the farmers have paid them. I think it will be a good idea to buy shares in the banks because they charge for everything,, transactions, ATM cards, loans etc., even if you are in credit. Let's face it, banks never give anything away or lose.....

.....oh, sorry. I forgot that when I opened a new bank account with SCB depositing a large near-7-figure-sum, they gave me..........................................

a GLASS

Edited November 22, 2013 by finnomick

[Crushdepth]

"The government should be able to release more rice from stockpiles next year. Now less than 7 million tonnes remains in warehouses from a total of 10 million tonnes," Commerce Minister Niwatthumrong Boonsongpaisan said yesterday. http://www.thaivisa.com/forum/topic/683160-thai-govt-expects-more-rice-deals-with-china-in-2014/

Bangkok has spent 680 billion baht on rice since October 2011, but has only sold enough to get 156 billion baht to pay the BAAC for the loans that fund the scheme. http://www.reuters.com/article/2013/11/19/thailand-rice-idUSL4N0J205I20131119

That leaves them 524 billion in debt for 7 million ton of rice in storage, that's 74,857 baht per ton! no wonder they have no liquidity.

BANGKOK, Nov 19 (Reuters) - Thailand scrambled on Tuesday to fund a rice subsidy scheme that has not paid out to farmers since Oct. 1, a delay that risks alienating key supporters of Prime Minister Yingluck Shinawatra.

Bloomberg The stockpiles probably total 16 million metric tons

http://www.bloomberg.com/news/2013-11-21/thai-rice-hoard-at-record-seen-hurting-prices-amid-global-glut.html

And the government also has to pay for the storage.

[KK-Mike]

My wife's family because of limited rain only harvested enough rice to eat for the year. None to sell.

[whybother]

"The government should be able to release more rice from stockpiles next year. Now less than 7 million tonnes remains in warehouses from a total of 10 million tonnes," Commerce Minister Niwatthumrong Boonsongpaisan said yesterday. http://www.thaivisa.com/forum/topic/683160-thai-govt-expects-more-rice-deals-with-china-in-2014/

Bangkok has spent 680 billion baht on rice since October 2011, but has only sold enough to get 156 billion baht to pay the BAAC for the loans that fund the scheme. http://www.reuters.com/article/2013/11/19/thailand-rice-idUSL4N0J205I20131119

That leaves them 524 billion in debt for 7 million ton of rice in storage, that's 74,857 baht per ton! no wonder they have no liquidity.

BANGKOK, Nov 19 (Reuters) - Thailand scrambled on Tuesday to fund a rice subsidy scheme that has not paid out to farmers since Oct. 1, a delay that risks alienating key supporters of Prime Minister Yingluck Shinawatra.

Bloomberg The stockpiles probably total 16 million metric tons

http://www.bloomberg.com/news/2013-11-21/thai-rice-hoard-at-record-seen-hurting-prices-amid-global-glut.html

And the government also has to pay for the storage.

That's one of the reasons Yingluck didn't publish any details of her non-meeting at the 4 Seasons with the land developers.

[slapout]

The storage of what grains are still still on the books at 800 baht/ton??? and don't forget the management fee that was never included in the outlay for the first 2 year program.Whoever is receiving that reported fee is set for a extended holiday. Where qand when may depend on how slippery and below the radar he/she is.

[tomacht8]

Everyone's missing the point here......the farmers have their Farmer's Bank ( BAAC ) credit cards so they don't need the cash immediately . They use their credit cards and pay interest so that by next year, the bank will have plenty of money to pay them so in a roundabout way, the banks will pay the farmers with the money the farmers have paid them. I think it will be a good idea to buy shares in the banks because they charge for everything,, transactions, ATM cards, loans etc., even if you are in credit. Let's face it, banks never give anything away or lose.....

.....oh, sorry. I forgot that when I opened a new bank account with SCB depositing a large near-7-figure-sum, they gave me..........................................

a GLASS

How much interest they give you?

1,5% ?

Inflation rate is 6%?

Which exchange rates will result in the next 2 months to the other Currencies?

Viewed the last half year (22.05.) to (22.11.) Bangkok Bank Rates:

22.11. 22.05. Difference %

Dollar 31,4 29,4 2 6,80%

GBP 50,7 44,42 6,28 14,14%

Euro 42,25 37,93 4,32 11,39%

JPY 30,92 28,55 2,37 8,30%

HKD 4,0 3,74 0,26 6,95%

Bath went down.

I am not expecting an imminent reversal of the trend.

Currently i do not know a reason for a reversal

banks never give anything away or lose.....,

Sorry that is not true.

Edited November 22, 2013 by tomacht8

[stickyrice2000]

Do like what the US did. Print more money and devalue the currency.

Edited November 22, 2013 by stickyrice2000

[Nickymaster]

The bank didn't clarify anything. It just said that it has no more money.

[Johnnie99]

lack of liquidity?

they mean they got no money, right?

Both liquidity or equity, either would have sufficed.

quid·di·ty (ˈkwidətē )

noun

Philosophy

noun: quiddity

1. the inherent nature or essence of someone or something.

And so, the author uses a totally inept word, a philosophical word with absolutelty nothing to do with finance, trying to be verbose. How many times does this happen in The Nation?

Sunisa.

I am not one to complain but a word cannot be 'inept'. Incorrect or inaccurate, perhaps. Not inept.

As a grammar and spelling policeman, I suggest you check your own usage before posting quotations which correct others.

'Absolutely'.

[JohnP1752]

Don't Thai me

[JoeThePoster]

"it is lacking enough quiddity"

Seriously. Is this a hint that they want help from the Brits? (It literally says quiddity under the picture.)

clearly they mean they don't have enough Quids.

Or, they're just quidding.

[tomacht8]

Do like what the US did. Print more money and devalue the currency.

Yes, that is the reason why for example the price for a tin of mackerel fish increased from 10 baht to 14 baht.

That's a whopping 40% price increase for a basic food product.

[kblaze]

Do like what the US did. Print more money and devalue the currency.

Yes, that is the reason why for example the price for a tin of mackerel fish increased from 10 baht to 14 baht.

That's a whopping 40% price increase for a basic food product.

anomaly.

Inflation is very very much subdued at the moment

[casindonet]

In casino terms....it means the house has gone BUST. Only has chips but of no value.

Sent from my GT-I9200 using Thaivisa Connect Thailand mobile app

[rametindallas]

lack of liquidity?

they mean they got no money, right?

Both liquidity or equity, either would have sufficed.

quid·di·ty (ˈkwidətē )

noun

Philosophy

noun: quiddity

1. the inherent nature or essence of someone or something.

And so, the author uses a totally inept word, a philosophical word with absolutelty nothing to do with finance, trying to be verbose. How many times does this happen in The Nation?

Sunisa.

Most reasonable people would recognise it simply as a typo or error in the translation instead of quoting a dictionary definition of the typo.

By the way, could you also provide a definition for your word "absolutelty" if you insist on being pedantic.

I'll keep asking. Are you a professional nitpicker or is it your hobby. Do you ever have an opinion of your own or just find fault with everyone else's. You must be real fun to be around... NOT!

[rametindallas]

In fact....now that they have announced that they have no money...could there be a run on the banks by the gen public?

BAAC is a government bank and not tied to any private banks. Your accounts are insured up to one million Baht. I won't guarantee what those Baht will be worth on the World market once this government is done, though.

Edited November 22, 2013 by rametindallas

[tomacht8]

Do like what the US did. Print more money and devalue the currency.

Yes, that is the reason why for example the price for a tin of mackerel fish increased from 10 baht to 14 baht.

That's a whopping 40% price increase for a basic food product.

anomaly.

Inflation is very very much subdued at the moment

agree, offical figures are around 2,5 to 3,5.

But for our personal shopping basket, we are this year far above.