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

[edwardandtubs]

PDRC takes s*** stirring to the next level by trying to incite a bank run. And they claim to have the interests of Thailand at heart?

Edited February 5, 2014 by edwardandtubs

[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'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!

Everything cool, man... I'm just in a mood to kidding around for while I can.... But I'm fully aware, that you never know what happens in a country like Thailand....

Anyway, may your money be safe, fellow ThaiVisa member...

[Noi657]

Got the wife to queue up this morning to take all our money out! 730 baht! That'll teach them!

[wealth]

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.

so why didn't they pay in October? in many cases outstanding dates back many more months. So what was/is the real purpose? - Land crabbing I guess like with the so unprofessional handling of the dams in 2011. Note the the irrigation issue is closely monitored and observed and under royal patronage and has it's guidelines all over the walls. Was it ignored on purpose? Corporate globalists, like Thaksin as a henchman, don't like sufficiency policies. They want total control.

Two weeks ago I was talking to a CP chicken farmer. It's their last year because of Thaksin's taking over(proxy), - so was I told. I brushed it away, just to find out a week later that Singha beer (large bottles) is banned at 7/11. Staff told us that they can't make order for more than two weeks now.

[FiftyTwo]

With all these problems the Bart value rises this week.

How weird is that?

Baht of course ........ DOH!

[Bluespunk]

PDRC takes s*** stirring to the next level by trying to incite a bank run. And they claim to have the interests of Thailand at heart?

I've a feeling that any run on the banks will have jack to do with the pdrc and a lot more with the fear that any money used by PT to pay their obligations to the farmers is money that cannot be recouped by selling the product it was used to buy.

[diehard60]

Suthep strikes again.

[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.

so why didn't they pay in October? in many cases outstanding dates back many more months. So what was/is the real purpose? - Land crabbing I guess like with the so unprofessional handling of the dams in 2011. Note the the irrigation issue is closely monitored and observed and under royal patronage and has it's guidelines all over the walls. Was it ignored on purpose? Corporate globalists, like Thaksin as a henchman, don't like sufficiency policies. They want total control.

Two weeks ago I was talking to a CP chicken farmer. It's their last year because of Thaksin's taking over(proxy), - so was I told. I brushed it away, just to find out a week later that Singha beer (large bottles) is banned at 7/11. Staff told us that they can't make order for more than two weeks now.

Sorry but your post about CP and 7 doesn't make any sense. CP is one of the biggest companies in Thailand and YS doesn't have any shares in it. CP however control 7/11 and it could be that because of their high gearing ratio they are experiencing cash flow problems. Do research about CP and about its owner, the richest man in the country and about 50th in the world.

Do you think the process of taking over Thailand started in November? This coup has been planned since the day PT won the 2011 election. The EC prevented bonds to be issued to pay the farmers, although the farmers must be paid according to law. The Agri bank have refused to pay the farmers although they have the money and wanted to borrow the farmers money at 7% per annum.

PT is corrupt but the PDRC, Dems and elites are the same same.

[wealth]

Suthep strikes again.

is cancer subject to public opinions or votes, or is it better to trust a surgeon who does a surgical cut? Even then in most cases the patient can or will die. Lets all hope that it isn't too late.

Why blame the surgeons and not the cancer with all it's metastases?

As the medics said at the US Embassy

Indonesia has volcanos

The Philippines has earthquake

Thailand has Yingluck

[icommunity]

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...

I don't think you have much money in the bank to lose.

[Naam]

With all these problems the Bart value rises this week.

How weird is that?

not weird at all, just evidence that most of the negative rumours are politically based spread bullshit.

[wealth]

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.

so why didn't they pay in October? in many cases outstanding dates back many more months. So what was/is the real purpose? - Land crabbing I guess like with the so unprofessional handling of the dams in 2011. Note the the irrigation issue is closely monitored and observed and under royal patronage and has it's guidelines all over the walls. Was it ignored on purpose? Corporate globalists, like Thaksin as a henchman, don't like sufficiency policies. They want total control.

Two weeks ago I was talking to a CP chicken farmer. It's their last year because of Thaksin's taking over(proxy), - so was I told. I brushed it away, just to find out a week later that Singha beer (large bottles) is banned at 7/11. Staff told us that they can't make order for more than two weeks now.

Sorry but your post about CP and 7 doesn't make any sense. CP is one of the biggest companies in Thailand and YS doesn't have any shares in it. CP however control 7/11 and it could be that because of their high gearing ratio they are experiencing cash flow problems. Do research about CP and about its owner, the richest man in the country and about 50th in the world.

Do you think the process of taking over Thailand started in November? This coup has been planned since the day PT won the 2011 election. The EC prevented bonds to be issued to pay the farmers, although the farmers must be paid according to law. The Agri bank have refused to pay the farmers although they have the money and wanted to borrow the farmers money at 7% per annum.

PT is corrupt but the PDRC, Dems and elites are the same same.

There're things going on in the background which are not public yet.

Can you do us favor and check a few 7/11 if you can get large Singha bottles? In my neighborhood they are only present with second class products that sell not that good, like cans and small bottles, very small.

I met that person during a funeral in the South and was introduced to me with the family name of the ones you try to get me to research. I was not verifying the name, but the chicken farm is huge.

Later on I visited a farm that runs under sufficiency policy. I thought I was in a great resort. From coffee to various kind of fruits and vegetables. Big artificial lakes in the village to absorb flood water. Water sprinklers everywhere.

Edited February 5, 2014 by wealth

[leosuntime]

Funny how they wont say what they really think.

They are fearing a 'Bank Run'

secondly if they are asking for the 'slow down of withdrawals' then a bank run must be starting

After seeing all of the gold shops in this country it easy to imagine that this country of must have a population that does not trust the banks historically speaking.

There was a 50% devaluation of the baht in one year in 1997. This was during the Asian economic crisis.

[Yunla]

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.

People overlook the fact that the US infrastructure has been described as "third-world" by many academics, and even Arnie said "US infrastructure is like a developing country." US standard of living has declined by 2/3 in real terms since the 1960s, and the financial frigates were over-run by pirates decades ago. I honestly feel safer with my money in Bangkok Bank, or preferably under the bed, than in any US/EU bank. My view though is that if you have the money and some sensible ideas it is always better to invest in people and projects, than to leave the money in some virtual casket.

[Soutpeel]

Suthep strikes again.

Thaksin strikes again more like

[Soutpeel]

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...

I don't think you have much money in the bank to lose.

My personal situation as regards having money in a bank in Thailand is exactly as you have said.....I dont have a pot to p*ss in

However I did take the liberty of opening an account in Singapore to stash my hard earned loot

[icommunity]

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...

I don't think you have much money in the bank to lose.

My personal situation as regards having money in a bank in Thailand is exactly as you have said.....I dont have a pot to p*ss in

However I did take the liberty of opening an account in Singapore to stash my hard earned loot

Your bl*dder must be bursting.

[MADEINHEAVEN]

First hand experience in 1997/1998: had money here frozen. Government passed the amount owed to their government bank KTB.

KTB had my funds on their books though I had never opened an account with that bank. I could NOT remove any money for about 3 years. Yes it was frozen, but I did get it ALL back, even had small amount of interest. The worries of it all was disheartening.

[zydeco]

First hand experience in 1997/1998: had money here frozen. Government passed the amount owed to their government bank KTB.

KTB had my funds on their books though I had never opened an account with that bank. I could NOT remove any money for about 3 years. Yes it was frozen, but I did get it ALL back, even had small amount of interest. The worries of it all was disheartening.

Okay, that does it. I'm convinced. On the way to the bank first thing in the morning. Took all this sort of lightly at the beginning of this thread. Now, I'm convinced. Better safe than sorry. And there is a lot of sorry in Thailand's governance.

[cloghead]

I'm 'old school'. Quaaludes for me, thanks...

[Thai at Heart]

PDRC takes s*** stirring to the next level by trying to incite a bank run. And they claim to have the interests of Thailand at heart?

Indeed. I would think that in most parts of the world this would be punished very very seriously.

Falangs can't talk about anything to protect the country, but these numpties can talk about bank failures when there is virtually no risk whatsoever other than sentiment.

[ajarnmarc]

Now would be a great time to take out your money,

and refuse to deposit it till the banks at least change their massive charges.

The Banks in Thailand act like they're doing us a favor...

On the back side, they should also be penalized for being so naive as to bail out this admin,

especially since the admin is seeking the bank with the cheapest interest.

Again the government thinks the banks owe them a favor...

for their own mismanagement of proceeds.

[ajarnmarc]

I'm 'old school'. Quaaludes for me, thanks...

Do they have those in Thailand?

[nong38]

I dont want anything to do with rice scam but banks do lend to govts and I think the usual way its goes is that they have to pay interest to borrow so the investor and bank make a bit extra. Future taxes will pay for the loans, it did not help when the Thai authorities returned almost $1 billion to certain gent in Dubai, thats what he told Forbes Rich List last October when they asked where he had suddenly aquired this new found richness.

I think withdrawing the cash from deposits is a trifle rash, could disappear from under the bed and arent deposits g/teed up to 1 million bts a a bank?

[laocowboy2]

'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.

Correct. I work for a rating agency (and have started of some Thgai bank reports). Asset quality is good and liquidity is (or was) satisfactory. However coming out with a statement like this is rather like assuring eveyone in a cinema that there is no fire. Fire? FIRE!

[Showbags]

Yes...when they say don't...do.

Funny co-incidence today, was in Bkk Bank taking out some cash, not all...just what I needed today....and the teller was trying very hard to get me to put all of my current balance into a 4 month term deposit ?

Co-incidence ?

[chiang mai]

She was doing her job by trying to sell you bank products.

[searcher22]

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.

I was at a branch of that bank yesterday on an errand and the bank was packed with Thais. Waited 20 minutes to get served, but I was told by someone that it was because it was the beginning of the month. Now I'm not so sure. Maybe I'm developing paranoia!

[leosuntime]

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.

I was at a branch of that bank yesterday on an errand and the bank was packed with Thais. Waited 20 minutes to get served, but I was told by someone that it was because it was the beginning of the month. Now I'm not so sure. Maybe I'm developing paranoia!

A bank run is dangerous but its the gold shops should be watched too.

If there is a run on gold here in Thailand that is when the government will probably step in like in India.

I went to laos and that was a real banana state. The money being handed over the counter for gold was in massive block of cash form.

[Showbags]

She was doing her job by trying to sell you bank products.

Yes, understand...but never had this to the degree of today before in 12 years here.