Bt22 bn rice-scheme payments for Dec face delay

[SOTIRIOS]

.promises, promises.....they were elected on their promises......

..by now the Thai people should know what those promises are worth...and hopefully NOT reelect them on more promises...

(...they have what to fall back on anyway....their T.V. show.....painful to watch even 30 seconds, by the way...I tired..)

[Nibbles48]

Very rubbery numbers............

"Its outstanding deposits amounted to more than Bt1 trillion. The bank's loans, excluding those for rice pledging and other state projects, expanded 8 per cent. Outstanding loans, excluding rice pledging, totalled Bt900 billion."

So it only has 100 billion left for the rice scam, but has a revolving budget of 500 billion baht that is exhausted. I may be wrong here but if you have 1 trillion is assets and 1.4 trillion in declared debts and cant meet your obligations aren't you technically insolvent?

The bank is functioning in austerity.

The bank is juggling huge debts with 'depositor's money' and 40% in the hole. If depositors start to get freaked out, they would certainly withdraw their deposits (i would). Then the bank would collapse. The government can't bail them out of the crap, so many could lose their savings.

This is what vote buying through populist policies gets you, and to think that this shambles of a government is quite prepared to announce that the rice scam is still good to go, and will continue is a total joke.

They are paying dearly for these votes in the north, and I am sort of half wanting the whole thing to collapse in great style, and then the people may see what the Shins and the PTP are really about.

But that won't stop the red shirt farangs on here twisting it to blame Suthep or the Dems.

[tingtongteesood]

Don't worry, sir! The farmers will still love you and vote for you. The Red Shirts and Pheu Thai will blame all this on Suthep and the evil Democrats, and the farmers will believe them. After all, it couldn't possibly be due to corruption because you are a good, honest man who has been unjustly treated.The poo yai bahns will go out bearing gifts on the Night of the Howling Dogs, and the villagers will continue to vote for you and love you. So, carry on enjoying your Crystal Champagne and don't worry! All is well.

Precisely !! What a fine mess this country is in !

[Thaddeus]

There is an old saying along the lines of.....................

If you owe the bank 50,000 Baht and can't repay it, you have a problem.

If you owe the bank 50 billion Baht and can't repay it, the bank has a problem.

[HiSoLowSoNoSo]

The farmers should just take back their rice and charge the Pheu Thai government interest for the time they not been paid and than sell the rice to someone who pays in cash.

[kuiburi]

Maybe the ricefarmers (voted for PTP or not) finally start to understand the old chinese saying .

"if u bend over and see 4 testikels u know ur fuc*ed"

[smedly]

Very rubbery numbers............

"Its outstanding deposits amounted to more than Bt1 trillion. The bank's loans, excluding those for rice pledging and other state projects, expanded 8 per cent. Outstanding loans, excluding rice pledging, totalled Bt900 billion."

So it only has 100 billion left for the rice scam, but has a revolving budget of 500 billion baht that is exhausted. I may be wrong here but if you have 1 trillion is assets and 1.4 trillion in declared debts and cant meet your obligations aren't you technically insolvent?

I don't trust anything this bank has to say - they are just another corrupt government agency that says and does what it is told - something else that needs fixing, it would not surprize me if they have been an integral part of some PTP laundering system

[Thai at Heart]

I'm saying that this article and this thread say that the government can't even come up with 22bn baht to pay farmers for the rice scheme, when it already owes the Ag Bank something like 800 bn for payments it already made for the same. I'm saying that considering theft and rot of the collateral - the rice - and due to the fact that the loans for the rice were for far more than the rice is worth, that the actual loss has to be at least 400 bn baht but who knows due to lack of transparency and corruption.

I'm saying the government can't pay, and that both the bank and the government are insolvent. BTW the insolvent government owns that insolvent bank.

Were you ever a banker? I was.

The government can't come up with the money to pay farmers because it is care-taker mode. The bank can't come up with the money to pay farmers because it has used all the funds allocated to the rice scheme, and it can't get more with out the government saying so ... which it can't because it is in care-taker mode.

The government was about to borrow 2.5 trillion baht for various projects. I don't think an insolvent government would be able to do that. I am not saying that it's not stupid, and I am not saying they're not going to screw the country, but that doesn't mean it's insolvent ... yet.

They have been waiting to put the money in for weeks. They talked of issuing bonds.

Were they subscribed?, Anyone want to lend this rice scheme some dough? I doubt it

[otherstuff1957]

Actually, owing the farmers money will probably not cost PT votes, just the opposite! Consider this: the rice buying scheme is a keystone PT policy, direct from the man in Dubai himself. The farmers will almost certainly vote for PT again, as they will be worried that the Democrats will cancel the scheme (which they will probably do to keep their core BKK/middle class constituency happy).

[waza]

Very rubbery numbers............

"Its outstanding deposits amounted to more than Bt1 trillion. The bank's loans, excluding those for rice pledging and other state projects, expanded 8 per cent. Outstanding loans, excluding rice pledging, totalled Bt900 billion."

So it only has 100 billion left for the rice scam, but has a revolving budget of 500 billion baht that is exhausted. I may be wrong here but if you have 1 trillion is assets and 1.4 trillion in declared debts and cant meet your obligations aren't you technically insolvent?

The bank is functioning in austerity.

The bank is juggling huge debts with 'depositor's money' and 40% in the hole. If depositors start to get freaked out, they would certainly withdraw their deposits (i would). Then the bank would collapse. The government can't bail them out of the crap, so many could lose their savings.

This is what vote buying through populist policies gets you, and to think that this shambles of a government is quite prepared to announce that the rice scam is still good to go, and will continue is a total joke.

They are paying dearly for these votes in the north, and I am sort of half wanting the whole thing to collapse in great style, and then the people may see what the Shins and the PTP are really about.

But that won't stop the red shirt farangs on here twisting it to blame Suthep or the Dems.

The government has put the bank in deep do do, they are buying rice at a loss and storing it at a cost, then the government is selling rice at a loss. It a ponzy scheme that's about to collapse and take this administration and the Thai economy with it. Then the tax payer is picks up those losses and pays them through increased taxes and decreased services for generations to come. While Thailand is crumbling the PTP government and their lickspittle supporters dance around singing Thaksins praises, defending his lies and attacking anyone who tries to tell the truth. Thaksins legacy will be turning a tiger economy into a failed state.

Yeah Thaksinomics

Edited December 13, 2013 by waza

[Robby nz]

Actually, owing the farmers money will probably not cost PT votes, just the opposite! Consider this: the rice buying scheme is a keystone PT policy, direct from the man in Dubai himself. The farmers will almost certainly vote for PT again, as they will be worried that the Democrats will cancel the scheme (which they will probably do to keep their core BKK/middle class constituency happy).

Once again we see the red fairytale of the BKK middle class Dems voters, middle class like the southern rubber farmers.

The Dems had a much better farmers support scheme in place that paid money directly to the farmers cutting out the middle men (middle class) and much of the corruption , which if I remember correctly cost the country 60 Billion when they were in office.

Much more affordable than the 400+ Billion that it has cost the country so far for the present scheme and most of the money actually got to the farmers.

All this will lead the way to a new PT election promise :

We will pay off all farmers (and taxi drivers ) credit card debt.

[SICHONSTEVE]

This is getting good.

Rice

Politics & potential coup in Feb

US QE easing

FOREX pulling out of TH market

China economic bubble set to pop

Thai housing bubble set to pop

Tourism down

Floods

Japanese becoming uneasy about political situation and ability to protect their infrastructure

Rubber

AEC and lack of TH competitiveness

Gonna be a tough few years for TH, and surely will be more days of glory and relaxation for those of us who have worked hard and prepared for a more competitive world.

Not only that, but it has been reported that Yingluck broke a fingernail on her right hand yesterday and had to have emergency filing down done on this and the equivalent finger on her left hand!!!

[Bluespunk]

"If the remaining funds for the project are used up with no new money coming in, farmers can borrow about Bt10 billion from the bank and use that for their new crop."

So the govt owned bank can't pay the farmers what they are owed, but it will loan them money? Lets hope that loan is at zero interest, hey.