Krung Thai Bank may help farmers if….

[almafudd]

as i posted on another thread...

Could the rice farmers sue the Thai Government? The rice scheme must have been legislated or at least documented somewhere, then again maybe not... Anyway the rice scheme, as such, is not under question.

The farmers have proof that they have deposited the rice into the Governments storage facilities.

There are public records of ministers (now caretaker ministers) promising payments to the farmers.

Not much to prove in a court of law - and if the farmers win the Government must pay. I would assume (always dangerous to assume) the Government then can legally pay the farmers. It's a court order ordering payment to the farmers.

Just putting this out there...

[Jeffrey346]

Payment to poor rice farmers of N and NE must be stop at all cost.

No reason why the rice farmers cannot sell rice themselves, when everyone in Thailand is eating rice.

Government should be giving help money to oil palm & rubber farmers in the South instead, as they are the one that are in need of help.

Because unlike rice, not everyone in Thailand is eating palm or rubber.

Your an A-Hole... These Farmers sold their rice to the Government and were not paid.

If it were your rice and no payment, you would be whistling another tune....

[mightyatom]

"...if there is no law prohibiting the bank from doing just that"

I will repeat what I had posted before - Why does the govt not ask a ruling from the Constitution Court to make clear whether this act of seeking loans is legitimate or not?

Banks can then act accordingly instead of hesitating.

The EC have told the caretaker government that they cannot borrow any money.

No, The EC did not tell this caretaker govt that they cannot borrow. The EC said, "Do it at your own risk".

That is correct. They as good as said, it is illegal so don't involve us by trying to get us to say you can borrow when we both know you can't and you are just going to say 'The EC said we could'... We are not falling into that trap. You borrow the money, and when the shit hits the fan, it is you in the dock.... not us.

That is basically what was said when you read between the lines.

Edited February 4, 2014 by mightyatom

[Jeremy50]

Payment to poor rice farmers of N and NE must be stop at all cost.

No reason why the rice farmers cannot sell rice themselves, when everyone in Thailand is eating rice.

Government should be giving help money to oil palm & rubber farmers in the South instead, as they are the one that are in need of help.

Because unlike rice, not everyone in Thailand is eating palm or rubber.

Insideous palm oil gets into many food products. You just don't know you are eating it. Nasty s**t.

[Thaiready]

I don't where they claim the payments are made...I own a school in Khon Kaen area, I can't get paid because the Farmers here have not been paid.

[3NUMBAS]

a further illustration of the divide between rich and poor getting worse in LOS .the banks wont lend for the farmers but they will lend shedloads of cash to property speculators to build ever more condos .its like the freemasons doing secret deals to line each others pockets .but it will rebound on them if the the farmers get nasty ,

a rerun of the french revolution is in store .

[KIWIBATCH]

.......There is going to be a run on depositors savings in all banks......I sense it coming.........as depositors get nervous over this KTB "wishwashy" statement......and other banks "fall into line" with KTB

(Please tell me Mr Worapak...... are you going to loan the Govt the money or aren't you.......can I have a straight yes or no? I mean you are the MD of the Bank after all and are quite used to making statements everyday)........

in the meantime I've drawn all of my funds out just to be on the safe side in case you tell me a porky

[marcusd]

"...if there is no law prohibiting the bank from doing just that"

I will repeat what I had posted before - Why does the govt not ask a ruling from the Constitution Court to make clear whether this act of seeking loans is legitimate or not?

Banks can then act accordingly instead of hesitating.

Its a way out for the banks to say NO politely as Thailand is 2 stages up on JUNK BOND status so would you lend them money? I wont .

[thomash]

I am not going to take any chances so I just pulled all my money out of Krung Thai Bank and put it into my Kasikorn Bank account as who the hell knows what is really going to end up happening and better to be safe then sorry!

[MaxLee]

.......There is going to be a run on depositors savings in all banks......I sense it coming.........as depositors get nervous over this KTB "wishwashy" statement......and other banks "fall into line" with KTB

(Please tell me Mr Worapak...... are you going to loan the Govt the money or aren't you.......can I have a straight yes or no? I mean you are the MD of the Bank after all and are quite used to making statements everyday)........

in the meantime I've drawn all of my funds out just to be on the safe side in case you tell me a porky

simple yes or no....Cannot,... to much FACE at stake. In this case the it would be Panic chaos Number ONE in all Thailand banks....

Edited February 4, 2014 by MaxLee

[Scott]

Numerous troll posts and replies have been deleted. This is a pretty straightforward thread and there are some very well written posts with insight and information. Please keep it interesting and informative.

[Mosha]

Payment to poor rice farmers of N and NE must be stop at all cost.

No reason why the rice farmers cannot sell rice themselves, when everyone in Thailand is eating rice.

Government should be giving help money to oil palm & rubber farmers in the South instead, as they are the one that are in need of help.

Because unlike rice, not everyone in Thailand is eating palm or rubber.

We grow rubber down South, and as the rice scheme has been such a resounding success. I would prefer that the government stay the **** out of it.

[potters]

Where can you buy a safe in Bangkok?

Maybe time to take out my pittance from the bank and keep under the

mattress till this all blows over.

Not an economist but if a run on the banks should start then the battered econony

will get slaughtered.

Buying dollars a good idea anyone?

[prvtdetdave]

Payment to poor rice farmers of N and NE must be stop at all cost.

No reason why the rice farmers cannot sell rice themselves, when everyone in Thailand is eating rice.

Government should be giving help money to oil palm & rubber farmers in the South instead, as they are the one that are in need of help.

Because unlike rice, not everyone in Thailand is eating palm or rubber.

Seroius or Sarcasim?

[prvtdetdave]

e

a further illustration of the divide between rich and poor getting worse in LOS .the banks wont lend for the farmers but they will lend shedloads of cash to property speculators to build ever more condos .its like the freemasons doing secret deals to line each others pockets .but it will rebound on them if the the farmers get nasty ,

a rerun of the french revolution is in store .

I was with you till the freemasons comment. Your just another lunatic.

[Nickymaster]

"...if there is no law prohibiting the bank from doing just that"

I will repeat what I had posted before - Why does the govt not ask a ruling from the Constitution Court to make clear whether this act of seeking loans is legitimate or not?

Banks can then act accordingly instead of hesitating.

The government asking the court??? That would be something new. Normally they just do it if they feel like it!

[steveromagnino]

.......There is going to be a run on depositors savings in all banks......I sense it coming.........as depositors get nervous over this KTB "wishwashy" statement......and other banks "fall into line" with KTB

(Please tell me Mr Worapak...... are you going to loan the Govt the money or aren't you.......can I have a straight yes or no? I mean you are the MD of the Bank after all and are quite used to making statements everyday)........

in the meantime I've drawn all of my funds out just to be on the safe side in case you tell me a porky

Well not all banks are affected.

1. Some banks are too small to lend these sorts of amounts e.g. Tisco, UOB, etc or will not lend such a large amount to a single client (many of them)

2. Some banks may not have the business policy to make loans to the govt

3. All banks are supposed to have a risk committee - the idea of lending at the last minute with a worthless security (rice which doesn't exist) to the govt will struggle to pass a risk assessment (which is why none of the banks are wanting to be a part of this)

4. the few banks that would consider this are the 'poodles' of the govt e.g. KTB, BAAC

5. The 'poodles' also have a duty of care owed to their staff and in most cases, because it is public, it is impossible to hide the deal - in fact KTB staff are coming out to speak against it, because this is a size of loan big enough to sink some banks

6. KTB might or might not lend some money (depending how dumb they are) but there is already a small run on their deposits and the staff are already protesting it - so the MD's hands are somewhat tied

The problem is that the loan collateral is nothing close to what they govt has been publically stating it is (rice inventory - and its not even clear if the bank lending gets this as collateral or if it is just a simple loan without any security). The payments were supposedly to be made in Oct. then nov. Then Dec. Then Jan. Then now they have no money. The deals claimed don't exist. The prices achieved are not true. The entire scheme the only way there will be a loan granted is if the entire scheme is wound up immediately, and an emergency loan sought; but the govt doesn't want to do that, because they insist publically and repeatedly the scheme is solvent and it is only because of the protesters that there is no money (new story since Nov, previous story was that money from the G2G deals was 'cheque in the post'). You cannot have it both ways, if it is solvent, it's not an emergency. If its insolvent, those responsible should be prosecuted.

Obvious solution is the Shinawatras should buy the rice themselves, or publically sell the rice at a loss immediately. They won't do either.

Edited February 5, 2014 by steveromagnino

[Mosha]

as i posted on another thread...

Could the rice farmers sue the Thai Government? The rice scheme must have been legislated or at least documented somewhere, then again maybe not... Anyway the rice scheme, as such, is not under question.

The farmers have proof that they have deposited the rice into the Governments storage facilities.

There are public records of ministers (now caretaker ministers) promising payments to the farmers.

Not much to prove in a court of law - and if the farmers win the Government must pay. I would assume (always dangerous to assume) the Government then can legally pay the farmers. It's a court order ordering payment to the farmers.

Just putting this out there...

If they sue the government, which say gets removed in another Judicial coup. Then they may end up suing a government that had nothing to do with the scheme. Kind of ironic. I wonder instead could they sue the authors and backers of the scheme?