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

[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.

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?

The only thing we have to fear, is fear itself ( ....an original thought....)

[thesetat2013]

Not necessarily. You should check this but i am pretty sure the law for this only states having your money in a thai bank for 60 days. If you transfer it to another bank your books will show this clearly. It should be considered the same as keeping it in your account. But you should ask imm.

Sent from my GT-S5310 using Thaivisa Connect Thailand mobile app

[chiang mai]

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That was the last straw for my household, just been down and withdrawn all our savings from Thai banks, keeping cash in a heavy secret safe for the time being.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.

Waaaa, the end is nigh!

[icommunity]

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.

whybother???????

[kikoman]

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

Based on the bank that assured it staff it would not give a loan to pay the rice farmers, we have today closed that account at that bank, the boycott works both ways,.

Just a little drop in the bucket, but my drop!

Cheers

[Thai at Heart]

How dumb was that statement.

Thainess. Now clients, please don't panic yet.

[icommunity]

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)

The fools are the contortionists, losers, haters and fearer of Thaksin, people who live in victim mentality world. Creator of hate and disunity.

[seajae]

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

my money is in the Bangkok Bank and that is where it will stay, they were the only bank to tell the govt where to go and what to do. If they even look like changing their minds it will be withdrawn immediately

[kimamey]

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

Not necessarily so.

However stable the banks are they still work under fractional reserves so they don't have enough cash to pay everyone all their money at the same time. I don't know what reserves Thai banks have. That's not normally a problem but if something like this starts a run on the bank it can run out of cash. That makes more people try to take out their money so causing a collapse. It's perfectly correct that if people act sensibly and don't all try to withdraw their money then there's unlikely to be any problem. The trouble is that's not what happens and who wants to be sat outside a closed bank saying 'well if you'd all been more sensible I wouldn't have lost all my money'?

[Prbkk]

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

Based on the bank that assured it staff it would not give a loan to pay the rice farmers, we have today closed that account at that bank, the boycott works both ways,.

Just a little drop in the bucket, but my drop!

Cheers

I can understand token gestures. I feel better already not drinking Singha water. But the bottom line is: Thailand is in good shape ( rice mountain notwithstanding), can and will pay its debts, has plenty of reserves, strong foreign investment. These problems are so temporary....just a blip. All will recover, life will go on.........

[metisdead]

Flame posts and replies have been removed.

[icommunity]

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.

Why not???????

[robblok]

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

Based on the bank that assured it staff it would not give a loan to pay the rice farmers, we have today closed that account at that bank, the boycott works both ways,.

Just a little drop in the bucket, but my drop!

Cheers

I can understand token gestures. I feel better already not drinking Singha water. But the bottom line is: Thailand is in good shape ( rice mountain notwithstanding), can and will pay its debts, has plenty of reserves, strong foreign investment. These problems are so temporary....just a blip. All will recover, life will go on.........

Good shape.. Moodys rating just one above junk.

And have you seen those foreign reserves.. and do you see the Japanese pulling out. According to the PTP (lies goverment) all was good and the losses were much less. Now it comes out that its much higher and much more of a problem. How can you trust anything that they say.

[RubbaJohnny]

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

Dear Pbbkk I enjoy and usually agree with your posts.

In a rational world I'd agree.

If the Oz US or UK government arranged a bank loan with a commercial bank fair enough ,however things are a little more opaque here,legitimacy of regime involved in endless disputes.

Despite recent qualms fanned by ill advised comment it would of course add tremendous pressure to the opposition case if there is a run on banks ,exchanges etc so it may be in the short term interest of some.Nothing like a money panic to encourage need for martial intervention.

We can be sure the large players will have inside knowledge ,rotate their holdings,short stocks and it'll be the indebted and small who will be robbed.It's hard to close an account that is in debt.

UK chancellor took immediate measures during Northern Rock panic for although it was a small British buiding society ( savings and loan mortgage firm) the ATMs runnng out and would of caused contagion.It was effectively nationalised.

In Cyprus first banks shut ,then limited withdrawals,then bail n.

For those unfamiliar with Financial English

Bail IN .You are robbed with no legal redress at whim of unaccountable folks like EU IMF etc.

Needs staunching today with an absolute guarantee for small savers,staff.Of course it is at times like this that the credibility and integrity of the Speaker is vital.I leave you to judge.

[icommunity]

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

my money is in the Bangkok Bank and that is where it will stay, they were the only bank to tell the govt where to go and what to do. If they even look like changing their minds it will be withdrawn immediately

By all means withdraw, what ever that meant. Other Banks are just happy to fill their place.

[Scamper]

The banks are under real pressure. They are under pressure from the NACC and the impeachment inquiry, from the protests, and from the very public who invest in their banks on a daily basis. Banks are a public trust. Their responsibility is to their customers - the Thai public who invest of their savings. But the banks also have a stake in their own survival. They don't want to driven into bankruptcy. But at the end of the day, the administration has no administrative power.

[Bluespunk]

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

my money is in the Bangkok Bank and that is where it will stay, they were the only bank to tell the govt where to go and what to do. If they even look like changing their minds it will be withdrawn immediately

By all means withdraw, what ever that meant. Other Banks are just happy to fill their place.

'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.'

I don't think any bank wants anything to do with this scheme.

[Prbkk]

My money will stay in K Bank...they are, just like me, young, fresh, hip, green

[rudolfvaselino]

Thai banks make great difficulties giving foreigners a credit card. But rice crackers. Can they hand out rice crackers to us (once the ATM run out and counters permanently closed). I take my money out TODAY.

[RubbaJohnny]

No longer inside of banking but large International banks I think would be the last to be stung e.g. Citi,HSBC,UOB,Barclays.I assume the banking regulations are an alevel playing field but would imagine the management who may not live here for life are less likely to be swayed by temporary local pressure and see the larger picture.

I May be wrong but I believe AEON has Japanese roots?

list here of course if you live up country few branches beyond the city

http://en.wikipedia.org/wiki/List_of_banks_in_Thailand

The rub for those who have committed their visa seasoning and will discourage many others from "on shore" visa route

[jonclark]

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)

The fools are the contortionists, losers, haters and fearer of Thaksin, people who live in victim mentality world. Creator of hate and disunity.

Is that statement a self appraisal? Or just a collection of random words?

[icommunity]

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

my money is in the Bangkok Bank and that is where it will stay, they were the only bank to tell the govt where to go and what to do. If they even look like changing their minds it will be withdrawn immediately

By all means withdraw, what ever that meant. Other Banks are just happy to fill their place.

'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.'

I don't think any bank wants anything to do with this scheme.

I think many banks want to have a part in this scheme. The threat is not in the withdrawal of money but the legal jargon and ambiguity. They should look in the way that they are not a political entity and they have their social responsibilities to fulfill and their stake holders include the consumers. Social responsibility and cohesiveness should out-weight legal jargon and ambiguity and political entanglement consideration.

But this is not the objective of EC and the dem and its PDRC. They used threat of legal action instead of considering the well being of the people.

[icommunity]

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)

The fools are the contortionists, losers, haters and fearer of Thaksin, people who live in victim mentality world. Creator of hate and disunity.

Is that statement a self appraisal? Or just a collection of random words?

Neither. A descriptive characters of the dem and its PDRC and destructive forces of the democratic system of government with the King as the head of state.

[Thai at Heart]

My money will stay in K Bank...they are, just like me, young, fresh, hip, green

They are thai farmers bank, very much part of the blue rinse establishment who made their original fortune in funding rice crops.

Staunch Democrats.

[Thai at Heart]

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

my money is in the Bangkok Bank and that is where it will stay, they were the only bank to tell the govt where to go and what to do. If they even look like changing their minds it will be withdrawn immediately

By all means withdraw, what ever that meant. Other Banks are just happy to fill their place.

'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.'

I don't think any bank wants anything to do with this scheme.

I think many banks want to have a part in this scheme. The threat is not in the withdrawal of money but the legal jargon and ambiguity. They should look in the way that they are not a political entity and they have their social responsibilities to fulfill and their stake holders include the consumers. Social responsibility and cohesiveness should out-weight legal jargon and ambiguity and political entanglement consideration.

But this is not the objective of EC and the dem and its PDRC. They used threat of legal action instead of considering the well being of the people.

Oh yippeeeeee.

Not only is it enough to fund a subsidy on the back of plan to knowingly make a loss, but also banks should loan money that way too.

[winstonc]

surely a joint statement from the banks saying no loans to caretaker government would suffice,but being caretaker forbids them loaning i believe so no panic from me......just yet..pinkies crossed..

[ramrod711]

So once again aThaksin idea goes terribly wrong. Not only is his sister going to jail, another one of his corrupt political parties is going to be banned and the banking system is going in the toilet. The next time you see Thaksin thinks, PTP acts, run for your lives.

[cesareb]

For those who have been here long enough to remember 1997 the now defunct Bangkok Bank of Commerce ( Not to be confused with Bangkok Bank PLC) lending massive amount of money against worthless but massevely price inflated property and other collaterals ? This led to the domino effect of Asian currencies devaluation and property bubble burst.

Some of the major non-performing loan were linked to company involved with politicians that speculated and benefitted which have still now close ties with PT and the brainchild behind the rice pleadging sheme (scum ?)

[belg]

most (90%) of thai people will not have this problem as they have 0 baht savings... living day to day... why keep for tomorrow, what you can spend today, you might be dead tomorrow...

[chiang mai]

For those who have been here long enough to remember 1997 the now defunct Bangkok Bank of Commerce ( Not to be confused with Bangkok Bank PLC) lending massive amount of money against worthless but massevely price inflated property and other collaterals ? This led to the domino effect of Asian currencies devaluation and property bubble burst.

Some of the major non-performing loan were linked to company involved with politicians that speculated and benefitted which have still now close ties with PT and the brainchild behind the rice pleadging sheme (scum ?)

Not quite that, the 1997 crash came about as a result of THB being pegged to USD, real estate lending was a bi-product of that - and BB of C had it's own unique problems besides.