Kittirat says many banks interested in lending to government

[Mosha]

more <deleted> comes out of his mouth than his ar-se...by the way where pipkins, and shannon.t...

Polluting other threads

[Scamper]

Would you buy a used car from this man ? This is the same man who has time and again spun tales of utter fantasy. There is more deception to what he said in today's press conference than quite a number of Pheu Thai press conferences combined. So he's certainly prodigious.

" He claimed that both the Election Commission and the Council of State had agreed that the caretaker government has the authority to secure loans for the rice-pledging scheme and that was not a violation of Article 181 of the Constitution "

This is stupendously untrue. If it was, why didn't the farmers get paid months ago ? The EC has continually, continually prevented the administration from securing these loans. They told them it was unconstitutional and against election laws. So this is a stupendous lie. When the EC tells the administration, seek loans at your peril - they're saying they're going to get into deep constitutional trouble over it. As they will. That's some " go-ahead " ! The Thai Council of State is another matter. As it is an office that works directly under Yingluck, it is hardly surprising that they're playing ball. Kittirat may have just as well cited support from the " cabinet ".

What he says about the banks is profoundly untrue, and blatantly so. They held an auction for the 34 top banks in the country. No one showed up ! Not only that, banks have repeated gone public that they will not touch this scheme. Not one - not one bank has said otherwise. So now Kittirat says he has enthusiastic banks - only they don't want to identify themselves, you see. ( wink, wink ) So Phue Thai is engaged in a complete fantasy. It's quite an elaborate fantasy, no half-measures here :

- they believe they are still currently in power

- they believe they have a current mandate

- they believe that they can function as a government as they always have, without a parliamentary mandate

- they believe they can officiate auctions, sign contracts and delegate billions right and left

- they believe they have constitutional authority so to do

- they believe they can lie and nobody will notice.

In other words, they believe nothing has changed.

[Muhendis]

The reluctance to name them might have something to do with the likelihood of a feral mob and a mad monk descending on the office

Just to correct your bit about the "reluctance to name them."

"But he said he could not reveal their names on fear that anti-government protesters could again go to blockade these banks if they have the information."

Only one bank was "blockaded" as he put it, and that was the partly government owned TMB. That blockade was at the request of the workers who were fearful of the bank risking private savings accounts to fund the rice pledging scheme. No other bank was blockaded by the protesters.

[tingtongteesood]

Certainlly 'white = bold faced' lies as ever from this twit. I will believe it when I see it...

i wonder who exactly is interested what you believe... or not

Is this not a forum where we are free to leave our comments on topical news stories ? That is my comment. I don't really care if you or anyone else is interested, it is my comment. Thanks for your pointless addition. Why not try making a comment of your own about the story and add it too instead of such pointlessness as this ?

EDIT :

Edited February 11, 2014 by tingtongteesood

[Spartakos]

Mr Kittirat should be appointed official joking member of the prevalent caretaking government.

After I read the post, that the government found banks willing to lend money I had to laugh so violently, I damaged my stomach from LOL. Will send "the Joker" my medical bill...

But you don't get it, "He said that these banks have gained understandings of the scheme" and right after that they stumbled over each other to lend the money to this wonderful scheme. If only more people knew...

[englishoak]

Maybe.. or that people would pull back their money (just as I would).

But the public has a right to know.

But i find the other possibility of that there are no banks that want to loan the money and that this is all a big lie much more believable. It is not like he has a good track record.

Yes, I can't disagree with you about transparency but it certainly wouldn't bother me if my bank is involved

I hope we don't bank with the same bank.

If everything is above board and the lending terms are general market terms, I see no problem either. There is afterall little risk Thailand would default on a relatively small bank loan.

I think the banks are more worried about the legality of such a deal as well as the banks reputation in the eyes of their major investors, who generally want to stay far away from politics, and who will not hesitate to sue the bank's board and CEO should problems arise and the loan later be declared illegal.

And this is all banks are there to do, make loans to facilitate credit and make a profit for the shareholders and major investors. I see no problem, a bank isnt interested in anything but what is a good loan or a bad one and that its legal (sometimes), Thailand is not about to go out of business and although transparency would be nice it would be foolish atm to release details or bank names as the majority simply do not understand banking and lending is apolitical, im sure the farmers would like the payment and without the banks thats not likely to happen.

Question is do people really care about the farmers being paid or just hang them out to dry with nothing if it suits their own agenda ?

[Baerboxer]

If everything is above board and the lending terms are general market terms, I see no problem either. There is afterall little risk Thailand would default on a relatively small bank loan.

I think the banks are more worried about the legality of such a deal as well as the banks reputation in the eyes of their major investors, who generally want to stay far away from politics, and who will not hesitate to sue the bank's board and CEO should problems arise and the loan later be declared illegal.

And this is all banks are there to do, make loans to facilitate credit and make a profit for the shareholders and major investors. I see no problem, a bank isnt interested in anything but what is a good loan or a bad one and that its legal (sometimes), Thailand is not about to go out of business and although transparency would be nice it would be foolish atm to release details or bank names as the majority simply do not understand banking and lending is apolitical, im sure the farmers would like the payment and without the banks thats not likely to happen.

Question is do people really care about the farmers being paid or just hang them out to dry with nothing if it suits their own agenda ?

Indeed. Financial institutions are apolitical and don't care who is running the country, as long as it's being run well. The lack of participation in government loan auctions so far suggests that commercial banks have all formed the same opinion on that one! Not even attending and offering high interest loans.

This gentleman's propensity for telling lies is well documented. Look like he's sticking to type.

[englishoak]

If everything is above board and the lending terms are general market terms, I see no problem either. There is afterall little risk Thailand would default on a relatively small bank loan.

I think the banks are more worried about the legality of such a deal as well as the banks reputation in the eyes of their major investors, who generally want to stay far away from politics, and who will not hesitate to sue the bank's board and CEO should problems arise and the loan later be declared illegal.

And this is all banks are there to do, make loans to facilitate credit and make a profit for the shareholders and major investors. I see no problem, a bank isnt interested in anything but what is a good loan or a bad one and that its legal (sometimes), Thailand is not about to go out of business and although transparency would be nice it would be foolish atm to release details or bank names as the majority simply do not understand banking and lending is apolitical, im sure the farmers would like the payment and without the banks thats not likely to happen.

Question is do people really care about the farmers being paid or just hang them out to dry with nothing if it suits their own agenda ?

Indeed. Financial institutions are apolitical and don't care who is running the country, as long as it's being run well. The lack of participation in government loan auctions so far suggests that commercial banks have all formed the same opinion on that one! Not even attending and offering high interest loans.

This gentleman's propensity for telling lies is well documented. Look like he's sticking to type.

You think ? banks make money when a country isnt run well too and when an economy is down as well as up, banks know how to make money and this is a simple opportunity with the right rates and contract stipulations and limits

Im more of the belief that its down to fear of a bank run by the public who have concept of national finance, banking and loans and easily panicked plus the influential people behind the scenes they have to deal with also.

At some point a loan or more will have to be agreed on somewhere regardless and it will come from the finance industry, its quite simple really and its not a risk for any bank regarding Thailand not paying out over a term its simply just politics getting in the way of financial business and ergo payment to the farmers.

[Prbkk]

Many major institutional overseas investors in Thai banking sector. They are sitting pat....follow the real money, not old age pension receipts from crusty old farangs

[Sunderland]

It's a bank that ends with the letter '-K' ... and that's all we need to know.

I always enjoy the teasing statements that Thai politicians come out with when they have no real idea what to say. It kind of reminds me of my time in grade 1 many moons ago.

[Mackie]

What Kittirat or Nattawut say is irrelevant. They are incompetent and should be held accountable for massive losses their government caused to Thailand. The whole scam was abysmal failure. According to the Economist cost and losses are enormous. Are you expecting a tax payer to foot the bill? Dream on. Some people definitely deserve to be behind the bars.

http://www.economist.com/news/asia/21583281-increasingly-unpopular-government-sticks-its-worst-and-most-costly-policy-rice-mountain

The rice subsidy was classic Thaksin populism. Two-fifths of Thais work in agriculture, most of them as rice farmers. Ms Yingluck promised that, if she were elected, her government would buy unmilled rice directly from farmers at about twice the market rate, or 15,000 baht (about $500) per tonne. This would put money into poor farmers’ pockets and stimulate domestic demand. Naysayers warned that the scheme would be impossibly expensive. But Thaksin advisers said that withdrawing rice from world markets in this way would force up the price. Since Thailand was the world’s biggest exporter, the government would be able to cash in later by selling its stockpiles of grain at a profit.

So much for the weird theory. In practice, other countries have undercut Thailand, whose exports have tumbled (by about 4m tonnes, or a third, in the first full year of the subsidy scheme). India and Vietnam have overtaken Thailand as the biggest exporters. Unable to find buyers, the Thai government has been forced to stockpile 18m tonnes of the stuff and counting—equivalent to nearly half the annual global trade in rice. Buying rice from farmers is ruinously expensive, costing the Thai government $12.5 billion in the first year of operation. This year the cost is expected to rise to about $15 billion, or 4% of GDP. Storing the rice also carries administrative and logistical costs, and demands expensive new warehouses.

Concern is also rising over the quality of the rice piling up in the warehouses. Rice always deteriorates, but the suspicion is growing that stocks are being contaminated with substandard rice. Criminal gangs and bent officials are said to have smuggled in thousands of tonnes of cheap grain from Cambodia and Myanmar in the hope of profiting from government largesse. This rice has got mixed in with Thai grain. A good deal of Thailand’s rice is top-grade Hom Mali, or jasmine rice. So quality, and reputation, matter.

Poor quality may be one reason why the latest auction of rice stocks was so disappointing. The government managed to sell just 210,000 tonnes, well short of a hoped-for 1m tonnes. But this was also a matter of plain economics, says Vichai Sriprasert, head of Riceland International, a family-run exporter. Why buy now when the government will be forced to sell overflowing stocks later, at almost any price?

[kikoman]

He claimed that both the Election Commission and the Council of State had agreed that the caretaker government has the authority to secure loans for the rice-pledging scheme and that was not a violation of Article 181 of the Constitution

Really? I thought PT said that because they are the CARETAKER government, they couldn't borrow money. Which is Suthep's fault (according to PT). Interesting

He said the caretaker government was ready to sign the loan agreements immediately once they propose appropriate lending rates.

But he said he could not reveal their names on fear that anti-government protesters could again go to blockade these banks if they have the information.

Next week he will say: The banks where ready to give money but the PRDC went to the banks and now the banks cancelled the loans.

The caretaker government ask the Council of State for a "Ruling" the ruling was they could do so!

[Jay Sata]

I feel sorry for him.

Yingluck has dumped the problem on his desk and told everyone he has it sorted.

What puzzles me is why she never got Action Man Chalerm to fix the rice pledging problems in four days given

his success in solving insurgency in the south with his hands on approach.

Pass the ear medicine Doris

[Phatcharanan]

Must be foreign bank like UOB, Standard Chartered, CIMB, Bank of China, etc.

Should not have extended their banking licenses.

Farang bank siphon Thai money for their Farang master overseas.

[fish fingers]

The one albeit small cash cow that Yingluck has are the Immigration Office's handling visa applications and Fines - the one at Lad Prao was packed last week when I took my friend there - I imagine they turn over around 2000 people a day just in the one building, all handing over at least 2000 baht each. And just so happens that there's a Red Shirt office on the same floor next door….

Edited February 12, 2014 by fish fingers

[tomyummer]

Everyone knows when a government can't even secure or guarantee a loan it's about to hit the sh*ts. Pathetic.

[belg]

greece lending rates were once 20% ... but everybody knows it will be hard to get your money...

so, this is a cat in a bag situation

[kerrysum]

My question is this...

Why do they call them caretakers.....???

If they were caretakers, one would think that they were?????

Taking care of business.....

What a joke...

So here is the question....

Are you the caretakers?

Or the share-makers????

kilosierra