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

[Basil B]

Ho dear...

How to start a run on the banks, suppose there is logic in that, lets make Thailand bankrupt and the the international community will have to bail us out...

[ratcatcher]

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.

In case some members are unfamiliar with this term, here's a short explanation.

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

In Thailand, it is sometimes called 'the large hair brigade" epitomized by the society ladies and khunyings etc

Here is a good example of such a person.

[GreenSnapper]

Except for the money you need for your daily life and visa extensions, keep all your assets out of the country. I cannot believe that a foreigner here has any major bank deposits in this banana republic.

[GAS]

Anytime a BANKSTER says everything is cool it is time to act....and I will be doing this very shortly.

"It's contained to subprime"

"Lehman Bros is well capitalized"

"Cyprus depositors have nothing to worry about"

"Bangkok will not flood...."

Get the drift....?

[kingalfred]

Get your money out ,Thai economy is two steps from junk status according Moodys credit rating, its screwed

https://mobile.usablenet.com/mt/www.moodys.com:443/credit-ratings/Thailand-Government-of-credit-rating-747330

Sent from my iPhone using Thaivisa Connect Thailand mobile app

Edited February 5, 2014 by kingalfred

[zydeco]

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.........

If you ignore the rice scam, the new car scam, the tablets scam, and the infrastructure scam. Sort of like: "Aside from the little disturbance, Mrs. Lincoln, how did you enjoy the play?"

[zydeco]

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.........

If you ignore the rice scam, the new car scam, the tablets scam, and the infrastructure scam. Sort of like: "Aside from the little disturbance, Mrs. Lincoln, how did you enjoy the play?"

[Thai at Heart]

Get your money out ,Thai economy is two steps from junk status according Moodys credit rating, its screwed

Sent from my iPhone using Thaivisa Connect Thailand mobile app

The rice issue stands alone from the rest of the economy. Calm down.

But if this idiot in the bank doesn't get his statements a better worked out, he will cause a mess on his own.

[GAS]

Except for the money you need for your daily life and visa extensions, keep all your assets out of the country. I cannot believe that a foreigner here has any major bank deposits in this banana republic.

Where?

Biggest Banana Republic is the US...total Zombie banks on Fed heroin support, EU no better, China....lol!

Really nowhere to turn to except bank of Sealy, maybe some PM's, physical assets that may or may not produce some income etc.

[Jeremy50]

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

Exactly. When a bank says don't panic, it's time to get your money out. I took all my savings out of the Krung Thai bank yesterday and many other people were doing the same.

[Robroona]

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

From where did this pearl of wisdom spring? I know that you are a little strange, but this is FAR out

[Jeremy50]

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.........

Bad advice that no one should listen to. Infact there is clearly some panic in your words.

[tingtongteesood]

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

Hahahaha You and the other red supporters feel free to risk losing every penny if you want, the rest of us don't want our money to go missing so will do the wise, prudent thing...

[EyesWideOpen]

I love this country !!!! So blocked roads, demonstrations everywhere, shootings, broke government

from the rice scam, and now we can look forward to runs on the banks ? Wow......

So as of right now, which bank was silly enough to loan money to a lame duck corrupt government?

Is it only Krung Thai Bank ? I am pretty sure Bangkok Bank would not do this.

[tragickingdom]

Depositors should withdraw money to banks furnishing money for the Rubber price scheme and the fuel fund.

[ggold]

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

I followed your advice! I withdrew all my money from the bank, and it won't be going into any other Thai banks.

Really when they start to say don't panic, IT really is the time to panic! Either way I won't wait to find out if the government raid the banks for the money they need!

Thanks icommunity for your wisdom.

[inzman]

That's a quick way to start a run on the banks is to tell people not to do it! Also when they tell you, it's too late!

[whiteman]

I love this country !!!! So blocked roads, demonstrations everywhere, shootings, broke government

from the rice scam, and now we can look forward to runs on the banks ? Wow......

So as of right now, which bank was silly enough to loan money to a lame duck corrupt government?

Is it only Krung Thai Bank ? I am pretty sure Bangkok Bank would not do this.

How do you know bb will not

[marcusd]

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

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

OMG now I have heard EVERYTHING. THAI BANKS SAFE? Ask moody's NOT GOOGLE

[MoonShadow]

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

Exactly. When a bank says don't panic, it's time to get your money out. I took all my savings out of the Krung Thai bank yesterday and many other people were doing the same.

You have just become part of the problem........Duh!!

[rreddin]

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

In the present political and economic climate an injudicious comment can start a rumour. And that rumour can snowball causing panic when there is no cause for alarm. Of course, such inuendo can be used as a political weapon and it probably is being so used in order to get the military to step in. If that is the objective, those spreading such rumours might heed on old Sicillian proverb: Revenge is a dish best served cold.

[MaxLee]

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

I followed your advice! I withdrew all my money from the bank, and it won't be going into any other Thai banks.

Really when they start to say don't panic, IT really is the time to panic! Either way I won't wait to find out if the government raid the banks for the money they need!

Thanks icommunity for your wisdom.

But be caaaaaaaareful, or other wise, the Bank officials will tell the rice farmers, or be forced to tell them or their leader, that YOU and any other bank account holder, have taken out the big share of THEIR long awaited money out of your account, and say, "Blame the Falang and the nasty nasty city people who are too stingy to share their money... Here are their addresses, and now go there and rob their homes..." .

Juuuust kiddingly saying

Edited February 5, 2014 by MaxLee

[Asiantravel]

I love this country !!!! So blocked roads, demonstrations everywhere, shootings, broke government

from the rice scam, and now we can look forward to runs on the banks ? Wow......

So as of right now, which bank was silly enough to loan money to a lame duck corrupt government?

Is it only Krung Thai Bank ? I am pretty sure Bangkok Bank would not do this.

How do you know bb will not

well here is one clue

https://thaijournalismwatch.wordpress.com/2013/05/29/money-trail-to-thai-fascist-movement-leads-to-bangkok-post-and-true-cable-tv/

[FiftyTwo]

With all these problems the Bart value rises this week.

How weird is that?

[hotrod4098]

i fly out monday

will be taking it all out...not worth the risk..who wants to see there life saving go down the tubes

[HUAHIN62]

Oh my, firstly if you have money in a registered Thai bank there is a depositors insurance on it. Secondly the amount that the government wanted to borrow is small compared to the Thai banks balance sheets. Thirdly this whole not have money to pay for the rice is a political plan to get rid of the government. Thailand collects +- B 300 bn in taxes every month which is enough to cover the rice and other costs. The traditional elites are using their network in the civil service to prevent payment for the rice from tax income and create more pressure on YS. As soon as the crises is over the funds will appear from thin air to pay for the rice. But then the big one hits the world economy it will be different. For example the Fdic have $ 41 bn in funds to cover $ 9 tn in deposits. The EU passed the laws needed for bail ins, so if a bank runs into problems they will not get bailed out by the EU but by the depositors, the Cyprus scenario. Shaky indeed.

[ggold]

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

I followed your advice! I withdrew all my money from the bank, and it won't be going into any other Thai banks.

Really when they start to say don't panic, IT really is the time to panic! Either way I won't wait to find out if the government raid the banks for the money they need!

Thanks icommunity for your wisdom.

But be caaaaaaaareful, or other wise, the Bank officials will tell the rice farmers, or be forced to tell them or their leader, that YOU and any other bank account holder, have taken out the big share of THEIR long awaited money out of your account, and say, "Blame the Falang and the nasty nasty city people who are too stingy to share their money... Here's the address and now go there and rob their homes..." .

Juuuust kiddingly saying

That foolish I am not! I just would not put it in a Thai bank till this situation is resolved. I also don't want to wake up one morning to find the banks are closed to stop people getting their money, because they are afraid that there will be a run to cash out!

As a foreigner in a foreign country, it would be foolish to rely on Thai banks alone!

[TallGuyJohninBKK]

Nothing wrong at all -- in Thailand or elsewhere -- with letting one's political views influence one's business and banking choices.

If you object to the business practices of a particlar business, then take your business elsewhere.

[zydeco]

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

Exactly. When a bank says don't panic, it's time to get your money out. I took all my savings out of the Krung Thai bank yesterday and many other people were doing the same.

You have just become part of the problem........Duh!!

And you have just become a potential bagholder.

[chiang mai]

With all these problems the Bart value rises this week.

How weird is that?

Once again FT you've got hold of the wrong end of the stick, try looking at GBP/USD to determine why GBP/THB is behaving as it is. BTW, the value of THB didn't rise this week!