Thai Bankers Association tells depositors not to rush to withdraw money: Rice pledging

[webfact]

TBA tells depositors not to rush to withdraw money



BANGKOK: -- The Thai Bankers Association today warned bank depositors not to rush to banks to withdraw their money from banks which they anticipated would provide loans to finance the caretaker government’s rice pledging scheme.

Association president Thawatchai Yongkittikul said bank depositors should not be in panic as so far no bank has yet extended the rice loan to the caretaker government.

He assured that commercial banks have transparent management which could be balanced and checked and they adhered strictly to good governance.

He said until now it is still unclear of the legal issue regarding the legal obligation of the loans and therefore scaring away banks to consider loans to finance the scheme.

He also ensured bank depositors of the financial strength of the Thai financial institutions which have BIS ratio higher than standards.

Earlier the People’s Democratic Reform Committee (PDRC) leaders have advised their protesters to withdraw their deposits from any bank which provides loans to finance the rice-pledging scheme either directly or indirectly.

Source: http://englishnews.thaipbs.or.th/tba-tells-depositors-rush-withdraw-money/


-- Thai PBS 2014-02-05

[Melyn]

How very reassuring

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[chiang mai]

The herd needs protection, from itself.

[sam sen]

Association president Thawatchai Yongkittikul said bank depositors should not be in panic as so far no bank has yet extended the rice loan to the caretaker government.

so when a bank does extend a rice loan is the time to start panicking

[MaxLee]

"TBA tells depositors not to rush to withdraw money"

Okay folks, take your money out of the bank now, because you can't trust any government affiliated organization AND their bank directors...

[Bluespunk]

A mass withdrawal of monies from banks? Just what PT needs right now.

[RubbaJohnny]

As I noted esterday ANY such publicity will encourage withdrawals.

There are queues at KT.

Is there any deposit insurance here like EU?

If not be avery good measure,however as I understand it any spending that could bind future governments is barred.This seldom inhibits arms procurement.

[Bluespunk]

"TBA tells depositors not to rush to withdraw money"

Okay folks, take your money out of the bank now, because you can't trust any government affiliated organization AND their bank directors...

I don't trust anything a banker says.

[Tatsujin]

If only they'd just kept quiet . . . now that run is starting . . .

[billd766]

Association president Thawatchai Yongkittikul said bank depositors should not be in panic as so far no bank has yet extended the rice loan to the caretaker government.

so when a bank does extend a rice loan is the time to start panicking

IF and when a bank announces that it will be extending a loan to the government to sort out the rice payment problem it may or may not be too late to withdraw your funds.

[tomross46]

"TBA tells depositors not to rush to withdraw money"

Okay folks, take your money out of the bank now, because you can't trust any government affiliated organization AND their bank directors...

If you remember the Bank Directors were as major portion of the problem causing the 97,98 Asian recession. There were also corrupt politicians that got prior information on the floating of the Baht, and moved large quantities of money out of Thailand

[jaidam]

That was the last straw for my household, just been down and withdrawn all our savings from Thai banks, keeping cash in a heavy secret safe for the time being. More than a few people down there doing the same. Mild panic would accurately describe the poor bank staff.

[siampolee]

Verbal diarrhea leads to financial diarrhea.

[Local Drunk]

If only they'd just kept quiet . . . now that run is starting . . .

Yep... run run run. Now look to see who profits from it.

[ikurauni]

After what I have seen I can't trust anything here.

I like Thailand but Thai people are unreliable.

Broken promises and under the table deals are everywhere.

[icommunity]

Withdraw from Bangkok Bank and other Banks that do not participate in the loan and deposit them in participating banks.

[thesetat2013]

Isnt this like stopping the horse after it drinks the poisoned water?

If people wait until a loan is granted by a bank then it will be too late to withdraw all your money. Plus the fact the thia gov loves to make secret deals and can easily use this SOE as an excuse not to tell anyone. I think anyone who has thier money in a bank that is even considering loaning to the gov should decide if they want to take a chance with their funds. But to wait for it your bank to agree is waiting too long

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[otherstuff1957]

Withdraw from Bangkok Bank and other Banks that do not participate in the loan and deposit them in participating banks.

You first! Personally, I would keep my bank deposits far away from any bank involved in the Rice Scheme.

[siampolee]

icommunity post # 16.

Withdraw from Bangkok Bank and other Banks that do not participate in the loan and deposit them in participating banks.

You are of course leading by example by following your own sage advice we hope.

[Bluespunk]

Withdraw from Bangkok Bank and other Banks that do not participate in the loan and deposit them in participating banks.

Hmm, no, think not.

Thanks for the advice though.

[robblok]

Withdraw from Bangkok Bank and other Banks that do not participate in the loan and deposit them in participating banks.

Do that with your own money fool... I know i would withdraw all my money the moment i hear anything and i will tell them why too.

This corrupt government needs to go.. but not before they pay (jailtime) for all the corruption in the rice scam. Good reason to disband the PTP corruption on a wholesale scale.. actually everyone should have known how else could it be with the largest robber chief in charge (Taksin)

[whybother]

Withdraw from Bangkok Bank and other Banks that do not participate in the loan and deposit them in participating banks.

Sure, if you want to throw your money away.

[timewilltell]

I would take my money out but then as an Alien I have to keep it thete for my upcoming visa renewal. They have me by the short and curlies again¿

[JRSoul]

Withdraw from Bangkok Bank and other Banks that do not participate in the loan and deposit them in participating banks.

On the bright side, the queues will be very short.

[harrry]

Hmmmm....Must head down to Central Now...do a little banking while I am there:

[Prbkk]

The Thai banking system is quite stable and there is absolutely no reason for anyone to do anything. Waste of time, waste of money.

[Villapete]

'The Thai banking system is quite stable and there is absolutely no reason for anyone to do anything. Waste of time, waste of money'.

In cash and ratio terms maybe. But these are meaningless once trust and confidence has gone. I seem to remember similar things being said about Northern Rock, Icesave and Lehman Brothers et al...I do not think the TBA comments are helpful however well meaning they may be. Would have been best to say nowt in my humble opinion.

[givenall]

How very reassuring

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for sure "so far" statement gives me a lot of confident toward the banks and for sure I will not panic---NOT

[Mosha]

The Thai banking system is quite stable and there is absolutely no reason for anyone to do anything. Waste of time, waste of money.

Maybe, but if the trickle becomes a flood, do you do a King Canute and try stop the tide, or do you rescue your savings?

[chainarong]

"TBA tells depositors not to rush to withdraw money"

Okay folks, take your money out of the bank now, because you can't trust any government affiliated organization AND their bank directors...

I don't trust anything a banker says.

That was the last straw for my household, just been down and withdrawn all our savings from Thai banks, keeping cash in a heavy secret safe for the time being. More than a few people down there doing the same. Mild panic would accurately describe the poor bank staff.

Too much run on the banks and they will close the doors then no one will get any money, all accounts frozen ,then it starts to get real rough.