BAAC says it can pay Thai rice farmers only till end of this month

[EyesWideOpen]

Smart posters have often said the rice scam would end in a trail of tears. Guess we have reached that

point right now. As hard as I try , it is not easy to feel sorry for people who sold their votes, and now the red

buffaloes in Isan are being thrown under the bus by not receiving money. True irony in action......

Or as the Thai so often tell me when things go wrong for me, som nam na.....

Edited December 18, 2013 by EyesWideOpen

[waza]

No wonder the PTP want elections ASAP, Yingluck has already instructed all ministries to develope cost saving plans to divert some of their alocated budget funds to help service the overall debt shortfall to postpone a complete collaspe of the BAAC till after the election. Then they can hopefully kick the debt down the road by funding the BAAC with the 2.2 trillion baht loan before it collapses.

[sauvagecheri]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

I don't know many farmers ,but I know one farmer in Issan that is still waiting for their money ..and are in financial trouble because of it .

[Costas2008]

a combined sum of 27.857 billion baht to support the scheme.

However after deduction of interest burden and other expenses, now the bank only has 12 billion baht to support the rice scheme till end of this month, he said.

Please tell as Mr Banker how do you spend 16 billion Baht on interest burden (What interest burden?) and other expenses? (What other expenses.....Ahhh....you mean lining some pockets?

[Soutpeel]

a combined sum of 27.857 billion baht to support the scheme.

However after deduction of interest burden and other expenses, now the bank only has 12 billion baht to support the rice scheme till end of this month, he said.

Please tell as Mr Banker how do you spend 16 billion Baht on interest burden (What interest burden?) and other expenses? (What other expenses.....Ahhh....you mean lining some pockets?

In my opinion the pledging scheme has been a resounding success, it has served the purpose it was set up for

[moe666]

This is what the 'democratic' government has done to this country. Don't even have money to pay the rice farmers anymore and still want to continue with this stupid and corrupt rice scheme? How much is this going to cost the evil, ammart, middle class, royalist, hiso Bangkok people in terms of tax money?

The middle class, hi-sos? Sod them, what about some sympathy for the farmers who won't get paid.

The farmers who qualify for this scam are very well off and in no need of the money being paid out, the truly poor farmers do not qualify.

[moe666]

a combined sum of 27.857 billion baht to support the scheme.

However after deduction of interest burden and other expenses, now the bank only has 12 billion baht to support the rice scheme till end of this month, he said.

Please tell as Mr Banker how do you spend 16 billion Baht on interest burden (What interest burden?) and other expenses? (What other expenses.....Ahhh....you mean lining some pockets?

In my opinion the pledging scheme has been a resounding success, it has served the purpose it was set up for

Not really as the main point was to cornor the world market for rice and cause the price to go above what the government was paying out.

[DrDweeb]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

I can name 3 for starters ... family ... there are a great many who have not been paid. I rather hope it gets ugly for the sock-puppet, she deserves no less!

[Baerboxer]

No wonder the PTP want elections ASAP, Yingluck has already instructed all ministries to develope cost saving plans to divert some of their alocated budget funds to help service the overall debt shortfall to postpone a complete collaspe of the BAAC till after the election. Then they can hopefully kick the debt down the road by funding the BAAC with the 2.2 trillion baht loan before it collapses.

Thaksinomics at its best. Keep robbing Peter to pay Paul, but skim a generous slice off each time. The clan get richer, they have no risk and generations way in the future get to clean the crap up. Meantime the clan become super duper wealthy and even more above any laws or accountability.

Will make a great book someday.

[tomacht8]

This is only the prelude for a financial disaster.

I guess the loss on 680 Billion + 180 Billion

minus rotten Stockpile – 12 Billion Cash in BAAC – outstanding 80 Billion loans=

is around 800 Billion Baht loss. (The BAAC is going bankruptcy)

+ unknown Flood fund money 350 Billion (ti nai?)

+ Car scheme (more and more can no longer finance their loans)

+ the future rice harvest, which must then be sold to a large extent on the world market.

Many farmers will then make losses because their production costs are higher than the world market price.
Many farmers will lose then their land.

If that is published among the farmers, then good night.

With this money they could modernize all schools and public hospitals throughout in the country.
Could?

Sorry this money is already gone, burned in idiocy.

[Bluespunk]

BAAC union proposes end to rice scheme

December 18, 2013 2:10 pm

Bank for Agriculture and Agricultural Cooperatives' labour union Wednesday hosted a press conference, saying the bank now has only Bt12 billion cash to cover the rice-pledging scheme.

The union said that the amount would be sufficient to cover the pledging until the end of this month.

It also urged for the abolition of the scheme and proposed rice mortgages. Some farmers may be enlisted for rice pledging. It said that this would lower the rice price, to be more in line with market prices.

Well done PT government. Just use some more taxpayers' money to continue this scam. Surely none of the PT friendly traders are having liquidity problems.

Since when did a union leader make official statements on behalf of a bank? They do not. See it for what it is or do you suffer from scotoma? Let us wait and see what, if anything, an official bank spokesperson has to say.

Any official spokesperson will say what PT tells them to say, after all this govt loves little "white lies".

[Bluespunk]

"The union president also revealed that BAAC has so far paid 688.092 billion baht to farmers selling rice to farmers for the 2011/2012 and 2013/2014 crop years. But the bank was paid 189.14 billion baht ;by the government."

So basically the BACC is being bankrupted by this economically inept govt and this stupid scheme. Bravo PT, such wonderful leadership.

[EricBerg]

The remaining money will go to the shina-loyal farmers. The rest can sit and wait but will get nothing. Will be interesting to see how many billions disappeared

[Halion]

This whole dam rice pledging scheme was simply a ploy to garner the myopic rural vote and help offset the minimum wage impacts and all at the expense of the tax payer. This alone should bring the government to it's knees. What are the rural poor thinking in supporting such short term manipulative policies. How simple minded are these people when they are faced with the fact that those to whom they put their trust can not pay them for their labor and had no provision to do so.. Just look at the differential between the cost and the government allocation. It simply defies logic.

[Skywalker69]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

For you to read.

http://altthainews.blogspot.com/2013/12/rice-farmers-revolt.html

http://www.ibtimes.co.uk/thailand-thai-rice-farmers-subsidy-stockpiling-government-529342

Edited December 19, 2013 by Skywalker69

[tomacht8]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

For you to read.

http://altthainews.blogspot.com/2013/12/rice-farmers-revolt.html

http://www.ibtimes.co.uk/thailand-thai-rice-farmers-subsidy-stockpiling-government-529342

If the opposition made this public and understandable to the farmers, then this group will protest to kick out the government.

[GeorgeO]

Why the Dems would want to take over right now is beyond me. You don't jump on a sinking ship, you lose everything, the winners are those that can jump off the sinking ship. The Dems are currently giving PTP an excellent life raft, and they will suddenly be 'responsible' for all the missing cash. I can just imagine red radio and TV in 6 months if the Dems win saying, the money was there honest, and now the Dems are in and it's all gone missing! Caveat Emptor!

GJ, I agree that that would normally be the case, but I think that on this occasion, everyone is already aware of where the money has gone.

I think this is an exceptional and brave step; for an institution like the BAAC to come out and tell everyone that their government is lying to them, and that they are unlikely to receive full payment for the rice that they have already provided, speaks volumes.

If the bank charged with responsibility for disbursing payments for the rice tells us that they think the scheme should be scrapped, then the writing is clearly on the wall...!

As I've said on many occasions before, when this government falls and independent auditors are allowed to go in and determine the true cost of their two and a half years in office, Moody's and Co are going to have a field day with this country's credit rating, and I am going to buy myself a new set of golf clubs with the increased value of my pension income...!!

[GeorgeO]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

For you to read.

http://altthainews.blogspot.com/2013/12/rice-farmers-revolt.html

http://www.ibtimes.co.uk/thailand-thai-rice-farmers-subsidy-stockpiling-government-529342

Excellent response. I suspect that MobileContent has only ever met one rice farmer ... who is probably not even involved in the scheme..!

[tim armstrong]

Lies, damn lies, and statistics. The government has maxed out the credit card, and has nowhere to go. It will be an interesting January.

[willyumiii]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

Get your head out of your rice sack and look around.

My family has not been paid!

See us?

Believe it!

That pretty much means no ( or a very meager ) Christmas for my children.

Yes, being half farang they do expect Santa to show up.

You have a red suit and a few gifts you can bring by?

Merry Christmas Blind Man!

Edited December 19, 2013 by willyumiii

[zig]

a combined sum of 27.857 billion baht to support the scheme.

However after deduction of interest burden and other expenses, now the bank only has 12 billion baht to support the rice scheme till end of this month, he said.

Please tell as Mr Banker how do you spend 16 billion Baht on interest burden (What interest burden?) and other expenses? (What other expenses.....Ahhh....you mean lining some pockets?

From some previously published articles I recall that BAAC has issued bonds few times to pay for the rice scheme, in total amount of more than 200 billion baht, and there is an interest that needs to be paid on such bonds.

It was also mentioned that BAAC has to pay 25-35 basis points higher on their bonds than the other similar bonds in the market due to decreasing confidence that the market has in BAAC bonds.

I wonder what is the interest rate that they are paying.

[meatboy]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

Get your head out of your rice sack and look around.

My family has not been paid!

See us?

Believe it!

That pretty much means no ( or a very meager ) Christmas for my children.

Yes, being half farang they do expect Santa to show up.

You have a red suit and a few gifts you can bring by?

Merry Christmas Blind Man!

take off the eye patches willy,my neighbour has not been paid either,but she has paid her staff.

[siampolee]

Just the beginning of a new financial meltdown with the farmers being the ritual sacrifice so as those in power can and will collect their ''commission payments,'' and run.

According to the statement the bank would it seems to be in the position of having insufficient funds and no doubt in the very near future all cheques no doubt will be ''returned to drawer.''

A wonderful example of a populist vote buying tactic that is slowly but surely bankrupting this country courtesy of Thaksin and his puppets.

The saddest part of it all is the fact that those who were the targets of the populist policies have now got to pay the bill for their support.

As my old mum in law along with a lot more villagers here in Surin says. ''Thaksin gave us 500 baht but we have got to pay back 5,000 baht of our money and how much money has Thaksin made?

Edited December 19, 2013 by siampolee

[Anon999]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

You contradict yourself. First you say you don't know any that have not been paid and then most of those you know do not qualify for the scheme so the total you know is minuscule maybe all of a handful. Your comment brings to mind the words 'shot' and 'foot'. Well done!

[dundee48]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

You contradict yourself. First you say you don't know any that have not been paid and then most of those you know do not qualify for the scheme so the total you know is minuscule maybe all of a handful. Your comment brings to mind the words 'shot' and 'foot'. Well done!

Yes,he left the topic pretty sharpish when the links he asked for came in abundance.Not even a `thank you` for the links he just disappears.Typical of an apologist.

[willyumiii]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

Get your head out of your rice sack and look around.

My family has not been paid!

See us?

Believe it!

That pretty much means no ( or a very meager ) Christmas for my children.

Yes, being half farang they do expect Santa to show up.

You have a red suit and a few gifts you can bring by?

Merry Christmas Blind Man!

take off the eye patches willy,my neighbour has not been paid either,but she has paid her staff.

O.K. Meat, what am I missing here?

Mobile stats that he has not seen any rice farmers who have not been paid..right?

I state that my family , (rice farmers ) have not been paid..... right?

You state that your neighbor has paid her staff!!

<deleted> does your neighbor paying her staff have to do with anything???

P.S. I don't have any staff or eye patches!

Thanks for the input!

[Muhendis]

Why the Dems would want to take over right now is beyond me. You don't jump on a sinking ship, you lose everything, the winners are those that can jump off the sinking ship. The Dems are currently giving PTP an excellent life raft, and they will suddenly be 'responsible' for all the missing cash. I can just imagine red radio and TV in 6 months if the Dems win saying, the money was there honest, and now the Dems are in and it's all gone missing! Caveat Emptor!

I hardly think the Dems. will let sleeping dogs lie. If they get into power there will almost certainly be a witch hunt for us to sit back and enjoy.

Do you think there might be a rush to get flight tickets (non-return) to Dubai perhaps?

[mikemac]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

Come off it.... Even the PTP ministers are admitting that thousands of farmers still have not been paid, so who is making it up? The media?

The farmers won't hit Bangkok while they are torn between the other protests, and having to show support for the government who are bending them over anyway and giving them a rough reaming out without lubes.

"I have not seen one farmer that has not been paid yet".........................................

Having a bit of trouble working out how to get out of your bloody house, are you ? As is stated above, even the PTP are admitting it so you can deny it all you like but it won't change things.

You say - "If thousands of farmers would not have been paid yet they would be in Bangkok already.".........................You just don't get it, do you ? The only reason the redshirts go to Bangkok is because they are paid to, and they are protesting for the PTP, not against it ! The PTP are not going to help out rice farmers who are protesting about not being paid for their rice.

But remember the most important thing about the PTP - THEY WERE DEMOCRATICALLY ELECTED !

[MaxLee]

Dear Rice farmers, don't worry you will get compensated again, with 500 Baht Vote buying money and an extra free luxury goods, as long as you support Thaksin and Pheu Thai....

[Emptyset]

I have not seen one farmer that has not been paid yet. I just don't believe it sorry. If thousands of farmers would not have been paid yet they would be in Bangkok already.

The Rice Mills are the one that didn't have been paid yet but many give cash out to farmers that bring their supply in for a discount.

Most rice from farmers in Isaan at least that I know off don't qualify for the pledging as the quality is not Grade A. Many have been turned down in our village.

Get your head out of your rice sack and look around.

My family has not been paid!

See us?

Believe it!

That pretty much means no ( or a very meager ) Christmas for my children.

Yes, being half farang they do expect Santa to show up.

You have a red suit and a few gifts you can bring by?

Merry Christmas Blind Man!

According to another poster in this thread, you're very well off. So why can't you afford to pay for Christmas? A bit of a delay in payments shouldn't matter to someone with your fabulous wealth.