webfact Posted February 4, 2014 Share Posted February 4, 2014 KTBBesieged KTB president vows not to grant rice loans to govtSucheera PinijparakarnThe NationBANGKOK: -- Krungthai Bank president Vorapak Tanyawong has promised employees that the bank will not grant loans to finance the government's beleaguered rice-pledging project directly or indirectly, even as many farmers face financial disaster due to non-payment for their crops.More than 500 KTB employees gathered yesterday morning at the bank's headquarters to demand that Vorapak leave a board meeting to make this pledge.Vorapak met with the employees and insisted that the bank would not grant loans to shore up the troubled programme despite the plight of the farmers, saying he believed that the government would find a solution for the crisis without "burdening the banks".The government, which is severely restricted in its ability to raise funds through normal channels because of its caretaker status, has appealed to the country's banks for help via a loan tender. But as long as the rules on such a loan remain unclear, KTB has refused to cooperate, he said."We will not get involved with politics … Our duty is doing banking business. KTB is not a tool to serve politicians."I insisted … that throughout my 15 months working at KTB, there has been no political intervention on procurement or lending. KTB today is under a transparent administration, and we [achieved] good cooperation with our employees one year ago. The bank this year is facing a troubled time, but we don't want to be troubled by politics," he said.After receiving Vorapak's assurances, the employees dispersed.Speaking at a press briefing earlier, before the meeting of the board of executives, Vorapak said rumours had circulated on social media for two weeks that KTB had lent Bt160 billion to subsidise the rice-pledging scheme. He strongly insisted that the bank had never granted loans to the scheme and had not received any requests from state agencies to do so. The board of executives had not discussed the matter, he said."I have worked in the financial sector for more than 20 years. I was the first Thai to be country manager at Bank of America. I have worked at KTB professionally [and without political connections]. I have no need to reward anyone because I am not in debt to anyone," he told reporters.He said the working process at KTB was bottom-up, which meant anything could be proposed by the lower levels to the upper level. Therefore, the board members cannot order the bank to grant a high-risk loan.He noted that in general bidding on loans for state programmes was low-risk as the government was the guarantor, but the situation with the rice project is different because the regulations are unclear. KTB must ensure that funding the project will not harm the bank.He said all parties including KTB acknowledged that without assistance, the problems faced by the farmer-subsidy project would spread to the social and financial sectors."Farmers should receive their money quickly, and the government will seeksolutions to help farmers without burdening the banks," he said. After the press briefing, about 50 employees gathered in front of the meeting room, shouting: "Don't lend … protect depositors' interests."Vorapak assured the employees that KTB would operate with transparency and protect all stakeholders including depositors, investors and customers.Wallop Tansuwan, chairman of Krungthai Bank Labour Union, yesterday sent an open letter to Worawit Jampirat, chairman of the board of directors, explaining the union's concerns. It made three demands.First, loans will not be considered if ordered by the government or by state agencies.Second, as lending has impacts on banking business from supporters and opponents of such a loan, the board must have reserve plans to protect the bank's liquidity and security.Third, the bank must follow the law in order to avoid impacts to the bank's employees. If any acts are unusual, violate the law or do not protect the bank's interests, the union will strongly oppose them and will take measures.-- The Nation 2014-02-05 Link to comment Share on other sites More sharing options...
Chao Lao Beach Posted February 5, 2014 Share Posted February 5, 2014 Funny old world, the rich corrupt Issan rice millers who are the major beneficiaries of the great rice scam will now be the loan sharks to their growers and cash in again,,ching ching. 1 Link to comment Share on other sites More sharing options...
kikoman Posted February 5, 2014 Share Posted February 5, 2014 Today we will closed our decade old account with Krungthai bank! Move it to a bank (government bank) that does not allow politics to motivate their lending policies to the needy Thai farmers, A disgrace to the banking community, but it should only be expected because it is owned by the rich elite! Cheers Link to comment Share on other sites More sharing options...
Popular Post ratcatcher Posted February 5, 2014 Popular Post Share Posted February 5, 2014 Today we will closed our decade old account with Krungthai bank! Move it to a bank (government bank) that does not allow politics to motivate their lending policies to the needy Thai farmers, A disgrace to the banking community, but it should only be expected because it is owned by the rich elite! Cheers Another gem from kikoman. I am sure there will be ructions in the boardroom at KTB when the news of your account closure is announced. The director is acting responsibly in protecting the bank's assets from being plundered by this ever more desperate PTP gang. It speaks volumes that no bank is so far prepared to advance funds for the salvage of this stinking rice program. The farmers have been cheated by the millers and rice buyers and PTP and I am sure you realize they too are the 'rich elite'. The farmers gave their rice to the government in good faith and on the clear understanding that they would be compensated for it. In simple terms the PTP have stolen their rice. The warehouses are full to the roof with millions of tons of largely unsaleable rice. Definitely Suthep's fault or maybe Abhisit, heck let's blame GWB. 8 Link to comment Share on other sites More sharing options...
Local Drunk Posted February 5, 2014 Share Posted February 5, 2014 Today we will closed our decade old account with Krungthai bank! Move it to a bank (government bank) that does not allow politics to motivate their lending policies to the needy Thai farmers, A disgrace to the banking community, but it should only be expected because it is owned by the rich elite! Cheers The government banks are broke... or haven't you noticed and moreover the "Rich Elite" is how I would classify the Shins. 2 Link to comment Share on other sites More sharing options...
JCauto Posted February 5, 2014 Share Posted February 5, 2014 "We will not get involved with politics … Our duty is doing banking business. KTB is not a tool to serve politicians." Oh, the irony! 1 Link to comment Share on other sites More sharing options...
tingtongteesood Posted February 5, 2014 Share Posted February 5, 2014 Today we will closed our decade old account with Krungthai bank! Move it to a bank (government bank) that does not allow politics to motivate their lending policies to the needy Thai farmers, A disgrace to the banking community, but it should only be expected because it is owned by the rich elite! Cheers I am sure they won't care in the least.... It's good that the bank listened to its work force and did the right thing. I was going to remove my money so they couldn't piss it away on the rice scheme, but now I may leave my money there... Link to comment Share on other sites More sharing options...
JRSoul Posted February 5, 2014 Share Posted February 5, 2014 Today we will closed our decade old account with Krungthai bank! Move it to a bank (government bank) that does not allow politics to motivate their lending policies to the needy Thai farmers, A disgrace to the banking community, but it should only be expected because it is owned by the rich elite! Cheers You put your money in the BAAC? Don't expect sympathy if it collapses. Link to comment Share on other sites More sharing options...
MaxLee Posted February 5, 2014 Share Posted February 5, 2014 Besieged KTB president vows not to grant rice loans to govt "I insisted … (shrug and then pausing) that throughout my 15 months working at KTB, there has been no political intervention on procurement or lending. In other words.... "Ooops, I don't know what else to say,... I cannot lose face,,..... the Pheu Thai cannot lose face,.... uh,... someone has to be blamed for this mess,... but uuuuh,.... I don't know, ...., uuuuuhhh, I mean,...... I'm in deep crap now.....who do I blame for this mess, uh,...... uh, uh, uuuuh...... well I don't know,.... uuuh, but I can't say I don't know,... or otherwise I might lose face...... uuuuuh.... .....**** PAUSE *******.... Link to comment Share on other sites More sharing options...
RubbaJohnny Posted February 5, 2014 Share Posted February 5, 2014 Besieged KTB president vows not to grant rice loans to govt "I insisted … (shrug and then pausing) that throughout my 15 months working at KTB, there has been no political intervention on procurement or lending. In other words.... "Ooops, I don't know what else to say,... I cannot lose face,,..... the Pheu Thai cannot lose face,.... uh,... someone has to be blamed for this mess,... but uuuuh,.... I don't know, ...., uuuuuhhh, I mean,...... I'm in deep crap now.....who do I blame for this mess, uh,...... uh, uh, uuuuh...... well I don't know,.... uuuh, but I can't say I don't know,... or otherwise I might lose face...... uuuuuh.... .....**** PAUSE *******.... Indeed may be a competent bean counter but needs some PR help.Even if KT weathers this spat ,the incompetence will be long remembered. There's a wonderful mataphor in the city about credibility. You don't know who's bathing naked until the tide goes out. I fear many are in for rinse and a haircut.Many see the markets and finace as removed from the natural world of farm and family,there is hardly a better example of Darwinianism Link to comment Share on other sites More sharing options...
Scamper Posted February 5, 2014 Share Posted February 5, 2014 This is a great victory and shift. Krung Thai bank has been known to have the easiest association with Pheu Thai. It is really the only bank Pheu Thai could turn to at this time. For them to firmly put their foot down - along with other banks, their employees, their unions and their customers - is a great achievement of solidarity. 1 Link to comment Share on other sites More sharing options...
kikoman Posted February 5, 2014 Share Posted February 5, 2014 Today we will closed our decade old account with Krungthai bank! Move it to a bank (government bank) that does not allow politics to motivate their lending policies to the needy Thai farmers, A disgrace to the banking community, but it should only be expected because it is owned by the rich elite! Cheers Another gem from kikoman. I am sure there will be ructions in the boardroom at KTB when the news of your account closure is announced. The director is acting responsibly in protecting the bank's assets from being plundered by this ever more desperate PTP gang. It speaks volumes that no bank is so far prepared to advance funds for the salvage of this stinking rice program. The farmers have been cheated by the millers and rice buyers and PTP and I am sure you realize they too are the 'rich elite'. The farmers gave their rice to the government in good faith and on the clear understanding that they would be compensated for it. In simple terms the PTP have stolen their rice. The warehouses are full to the roof with millions of tons of largely unsaleable rice. Definitely Suthep's fault or maybe Abhisit, heck let's blame GWB. I do what I want to do within the laws of Thailand, As I posted on the Bankers announcement thread asking people not to rush to withdraw money from the Banks IE "it s only a drop in the bucket, but it is my drop" it is immaterial to me what yellows think, and I will not lose any sleep over it! Cheers Link to comment Share on other sites More sharing options...
Thai at Heart Posted February 5, 2014 Share Posted February 5, 2014 Today we will closed our decade old account with Krungthai bank! Move it to a bank (government bank) that does not allow politics to motivate their lending policies to the needy Thai farmers, A disgrace to the banking community, but it should only be expected because it is owned by the rich elite! Cheers Another gem from kikoman.I am sure there will be ructions in the boardroom at KTB when the news of your account closure is announced. The director is acting responsibly in protecting the bank's assets from being plundered by this ever more desperate PTP gang. It speaks volumes that no bank is so far prepared to advance funds for the salvage of this stinking rice program. The farmers have been cheated by the millers and rice buyers and PTP and I am sure you realize they too are the 'rich elite'. The farmers gave their rice to the government in good faith and on the clear understanding that they would be compensated for it. In simple terms the PTP have stolen their rice. The warehouses are full to the roof with millions of tons of largely unsaleable rice. Definitely Suthep's fault or maybe Abhisit, heck let's blame GWB. I do what I want to do within the laws of Thailand, As I posted on the Bankers announcement thread asking people not to rush to withdraw money from the Banks IE "it s only a drop in the bucket, but it is my drop" it is immaterial to me what yellows think, and I will not lose any sleep over it! Cheers Indeed. If ever there was a statement not to make it is "please don't take your money out". Link to comment Share on other sites More sharing options...
Soutpeel Posted February 5, 2014 Share Posted February 5, 2014 Today we will closed our decade old account with Krungthai bank! Move it to a bank (government bank) that does not allow politics to motivate their lending policies to the needy Thai farmers, A disgrace to the banking community, but it should only be expected because it is owned by the rich elite! Cheers Err believe the gentlemen stated this move was not politically motivated Any commercial bank with even a bit of business sense, would not make these loans, as the deal is very high risky In fact its caretaker government who is using position to force the commercial banks to make these loans to clean up the mess made by the PTP But seeing as you insist on doing the "morally correct " thing why don't you offer your savings to the government at an agreeable interest rate, sure you will be paid back in full 1 Link to comment Share on other sites More sharing options...
Melyn Posted February 5, 2014 Share Posted February 5, 2014 Today we will closed our decade old account with Krungthai bank! Move it to a bank (government bank) that does not allow politics to motivate their lending policies to the needy Thai farmers, A disgrace to the banking community, but it should only be expected because it is owned by the rich elite! Cheers Marvelous. If you really feel that way I would suggest emptying your account and setting up a little stall in Big C at Udon Thani where you can take the farmers' certificates as collateral and lending them the market price at say 5%. A perfect solution and you can make some interest on the side. I look forward to seeing how much you invest in those needy, northern rice farmers. Please keep me posted Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app 2 Link to comment Share on other sites More sharing options...
shiok Posted February 5, 2014 Share Posted February 5, 2014 Today we will closed our decade old account with Krungthai bank! Move it to a bank (government bank) that does not allow politics to motivate their lending policies to the needy Thai farmers, A disgrace to the banking community, but it should only be expected because it is owned by the rich elite! Cheers are you for real? Link to comment Share on other sites More sharing options...
shiok Posted February 5, 2014 Share Posted February 5, 2014 Today we will closed our decade old account with Krungthai bank! Move it to a bank (government bank) that does not allow politics to motivate their lending policies to the needy Thai farmers, A disgrace to the banking community, but it should only be expected because it is owned by the rich elite! Cheers Another gem from kikoman.I am sure there will be ructions in the boardroom at KTB when the news of your account closure is announced. The director is acting responsibly in protecting the bank's assets from being plundered by this ever more desperate PTP gang. It speaks volumes that no bank is so far prepared to advance funds for the salvage of this stinking rice program. The farmers have been cheated by the millers and rice buyers and PTP and I am sure you realize they too are the 'rich elite'. The farmers gave their rice to the government in good faith and on the clear understanding that they would be compensated for it. In simple terms the PTP have stolen their rice. The warehouses are full to the roof with millions of tons of largely unsaleable rice. Definitely Suthep's fault or maybe Abhisit, heck let's blame GWB. I do what I want to do within the laws of Thailand, As I posted on the Bankers announcement thread asking people not to rush to withdraw money from the Banks IE "it s only a drop in the bucket, but it is my drop" it is immaterial to me what yellows think, and I will not lose any sleep over it! Cheers are you admitting you are 'red?' Link to comment Share on other sites More sharing options...
Soutpeel Posted February 5, 2014 Share Posted February 5, 2014 Today we will closed our decade old account with Krungthai bank! Move it to a bank (government bank) that does not allow politics to motivate their lending policies to the needy Thai farmers, A disgrace to the banking community, but it should only be expected because it is owned by the rich elite! Cheers are you for real? Sadly yes I think he is Link to comment Share on other sites More sharing options...
winstonc Posted February 5, 2014 Share Posted February 5, 2014 This is a great victory and shift. Krung Thai bank has been known to have the easiest association with Pheu Thai. It is really the only bank Pheu Thai could turn to at this time. For them to firmly put their foot down - along with other banks, their employees, their unions and their customers - is a great achievement of solidarity. not to sure about solidarity.more a case of they got no choice or they will collapse in days if they do sir... Link to comment Share on other sites More sharing options...
zydeco Posted February 5, 2014 Share Posted February 5, 2014 Today we will closed our decade old account with Krungthai bank! Move it to a bank (government bank) that does not allow politics to motivate their lending policies to the needy Thai farmers, A disgrace to the banking community, but it should only be expected because it is owned by the rich elite! Cheers Who do you think you are? Pancho Villa? Robin Hood? The Green Hornet and Kato? This "elite" stuff is getting old. And if loaning money to the rice scam is the criteria you use to determine where you do business, you might soon be limited to a checking account with the State Bank of Montenegro. 1 Link to comment Share on other sites More sharing options...
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