B17bn rice loan eases pressure on government

[GentlemanJim]

"He suspected that the borrowing could violate Section 181 (4) of the constitution, which bars the caretaker government from using state agencies’ resources to boost its electoral support."

Where as Suthep can collect money and donate to the farmers no issues.......because his plan is to have no 'electoral' participation in the forseeable future!!

Are the apologists going to stop this garbage? Suthep is not a Government and any money he gives the farmers is not in violation of the constitution in that it does not burden the next Government with the debt does it? Kittirat is not concerned about this being seen as 'boosting electoral support', he is much more concerned by the rather stronger constitutional law which says that he - PTP cannot burden the next Government. When are you guy's going to admit that there is NO money? That 600-700 Billion has just disappeared. Jeez!

So, as stated the delays in paying the farmers was down to the anti-government protesters as confirmed by the GSB labour union head Likit Klinthanom. Perhaps the farmers will think again about approaches from the ever slippery suthep and his sheeple.

Sent from my i-mobile IQ 5 using Thaivisa Connect Thailand mobile app

You missed this above what K Likit said.

"The farmers were due to be paid in October for the main 2013/2014 crop." So no, as usual you are wrong

And as usual mosha firing from the lip without reading the op properly. I said nothing about October payments.

The loan was available on January 8th but was delayed by the protesters as the union head said.

Now am I right or am I right?

Sent from my i-mobile IQ 5 using Thaivisa Connect Thailand mobile app

You are wrong.

[GentlemanJim]

This will buy back a few votes from the gullible.

It's not been paid yet! Wait for the next excuse! Breaking news tomorrow!

[Melyn]

Again. "The farmers were due to be paid in October for the main 2013/2014 crop." So why wasn't it paid then Oh wise one?

Not because the government were too busy selling rice, that's foir sure. Must have been focusing on all their nefarious activities in the house to get their hands on more mountains of money and pardon Thaksin. No evidence to the cointrary

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

[fab4]

So, as stated the delays in paying the farmers was down to the anti-government protesters as confirmed by the GSB labour union head Likit Klinthanom. Perhaps the farmers will think again about approaches from the ever slippery suthep and his sheeple.

Sent from my i-mobile IQ 5 using Thaivisa Connect Thailand mobile app

Your posts contain so much disinformation that one has to wonder what your objectives truly are.

Telling untruths is never honourable

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

I do wish you would stop calling me a liar. Now read the op again carefully, you can read, can't you?

Now tell me where I told an untruth/lie or apologise.

It's never honourable to accuse people of lying without any reason whatsoever.

Sent from my i-mobile IQ 5 using Thaivisa Connect Thailand mobile app

[fab4]

"He suspected that the borrowing could violate Section 181 (4) of the constitution, which bars the caretaker government from using state agencies’ resources to boost its electoral support."

Where as Suthep can collect money and donate to the farmers no issues.......because his plan is to have no 'electoral' participation in the forseeable future!!

Are the apologists going to stop this garbage? Suthep is not a Government and any money he gives the farmers is not in violation of the constitution in that it does not burden the next Government with the debt does it? Kittirat is not concerned about this being seen as 'boosting electoral support', he is much more concerned by the rather stronger constitutional law which says that he - PTP cannot burden the next Government. When are you guy's going to admit that there is NO money? That 600-700 Billion has just disappeared. Jeez!

So, as stated the delays in paying the farmers was down to the anti-government protesters as confirmed by the GSB labour union head Likit Klinthanom. Perhaps the farmers will think again about approaches from the ever slippery suthep and his sheeple.

Sent from my i-mobile IQ 5 using Thaivisa Connect Thailand mobile app

You missed this above what K Likit said.

"The farmers were due to be paid in October for the main 2013/2014 crop." So no, as usual you are wrong

And as usual mosha firing from the lip without reading the op properly. I said nothing about October payments.

The loan was available on January 8th but was delayed by the protesters as the union head said.

Now am I right or am I right?

Sent from my i-mobile IQ 5 using Thaivisa Connect Thailand mobile app

You are wrong.

I really don't care what your opinion is.

Sent from my i-mobile IQ 5 using Thaivisa Connect Thailand mobile app

[animatic]

"The source said Mr Kittiratt told bank executives the ministry would seek 20 billion baht a month to support the BAAC."

That eans they will continue to try and look fo r/ cajole / demand banks give them more money.

No guaruntees, but they managed in a month of trying to get 15%,

and this has yet to be proved as gotten by legal method for a caretaker gpvernment.

So in effect it will take them 6 months at 20 billlion a month to pay off last years [payments and this years payments...

And as the new crop won't be grown for lack of timely payments in time to plant, so that should end the GOVERNMENTS payment problems....

other than still having madly irate farmers in their face, for breaking them down to sod and no seeds to sow in it..

Edited February 16, 2014 by animatic

[Lite Beer]

GSB director admits lending 20 billion baht to BAAC

BANGKOK: -- Government Savings Bank director Worawit Chailimpamontri admitted this afternoon that the bank had agreed to extend 20 billion baht inter-bank loan to the Bank of Agriculture and Agricultural Cooperatives in order to improve the latter’s liquidity.

Speaking at a press conference held this afternoon at the GSG’s head office, Mr Worawit said that the loan which was endorsed by the board in January was a normal transaction because the bank had surplus liquidity to be extended. He admitted that only five billion baht had been transferred to BAAC on February 13 and not nine billion baht as widely speculated.

He denied that the loan was meant to support the rice pledging scheme and it was extended in the form of P/N payable within three months.

The GSB director explained that the decision to extend the loan to BAAC was based on three principles; the GSB’s liquidity, the BAAC’s liquidity and interest rate.

He assured that there was no risk for the loan to BAAC and depositors should be be overly worried as the bank’s financial position would not be affected by this particular loan.

GSB has a total deposit of 1.87 trillion baht and assets worth 2.17 trillion baht and has a surplus liquidity amounting to 200 billion baht, said Mr Worawit, adding that there has not been an unusual deposit runs.

He pleaded with depositors not to withdraw their money from the bank, saying that the bank had given inter-bank loans to more than 35 local and foreign banks.

Source: http://englishnews.thaipbs.or.th/gsb-director-admits-lending-20-billion-baht-baac/?utm_source=rss&utm_medium=rss&utm_campaign=gsb-director-admits-lending-20-billion-baht-baac

-- Thai PBS 2014-02-16

[Lite Beer]

BAAC union to pressure management to stop borrowing to help rice scheme

BANGKOK: -- Bank of Agriculture and Agricultural Cooperatives (BAAC) union leaders will tomorrow (Monday) meet with the management to put pressure on the bank to stop borrowing from the Government Savings Bank to fund the rice pledging scheme.

Union president Prasit Pahome said the union would demand a confirmation from Mr Lak Wajananawach, the bank general manager, that BAAC would not seek inter-bank loan from GSB.

He said that both BAAC and GSB had been hard-pressed by the government to come to the rescue of the rice pledging scheme. GSB, he added, has agreed to extend 20 billion baht inter-bank loan to BAAC with the amount to be paid in four instalemnts of five billion baht each.

Prasit said further that the union would like to find out which bank executives singed the inter-bank loan agreement because he or should would be held accountable personally if BAAC could not repay the loan to GSB in the future.

Meanwhile BAAC union members in the upper southern region will wear black tomorrow as a gesture of protest against the bank borrowing from GSB.

Source: http://englishnews.thaipbs.or.th/baac-union-pressure-management-stop-borrowing-help-rice-scheme/?utm_source=rss&utm_medium=rss&utm_campaign=baac-union-pressure-management-stop-borrowing-help-rice-scheme

-- Thai PBS 2014-02-16

[473geo]

"He suspected that the borrowing could violate Section 181 (4) of the constitution, which bars the caretaker government from using state agencies’ resources to boost its electoral support."

Where as Suthep can collect money and donate to the farmers no issues.......because his plan is to have no 'electoral' participation in the forseeable future!!

Are the apologists going to stop this garbage? Suthep is not a Government and any money he gives the farmers is not in violation of the constitution in that it does not burden the next Government with the debt does it? Kittirat is not concerned about this being seen as 'boosting electoral support', he is much more concerned by the rather stronger constitutional law which says that he - PTP cannot burden the next Government. When are you guy's going to admit that there is NO money? That 600-700 Billion has just disappeared. Jeez!

Feeling better are we ......what next government? you mean the unelected peoples council.......or perhaps 'New' Democrat installed government after the reset button has been utilised yet again

Fact is the farmers are due paid, it is inhumane to expect otherwise, but there appears to be no way the constitution protectors will allow a caretaker government to facilitate payment without punishment, the government may have made the initial failure, but now in a caretaker state, following an incomplete election by the EC, and activity by an undemocratic minority, the 'caretaker' government is hamstrung by legal interpretation. An exceptionally good indicator of exactly what is wrong with the Thai system and the areas that are really in need of 'reform'!

Somehow I just don't see an unelected peoples council identifying or managing the change required

[slapout]

If the AG bank is limited in their capacity of payment to 2 to 3 billion per week as stated, how in holy hell did they manage to spennd 700 billion baht on the 2011 and 2012 pledged rice crop program in less than 104 weeks?? This bunch of Shin crtonies, appointees, family, partners in crime, etc have not been able to give a truthful answer to any inquiry where monies were concerned since assuming office.

If ever a group has worn out their welcome and seems to be rapidly approaching a excimuncation from the society as a whole, this one seems to be doing so.

[Cuchulainn]

^I know. And dullards still trust/vote for them.

[pookiki]

I thought Suthep and his allies wanted to help the farmers? If this is so, why are the unions allied with the PDRC blocking the payments to the farmers? I even read a statement in the past few days where Suthep encouraged the banks to loan the government money to pay the farmers. Utilitarian politics at its best.

[millwall_fan]

So, as stated the delays in paying the farmers was down to the anti-government protesters as confirmed by the GSB labour union head Likit Klinthanom. Perhaps the farmers will think again about approaches from the ever slippery suthep and his sheeple.

Sent from my i-mobile IQ 5 using Thaivisa Connect Thailand mobile app

Oh please! 17 billion out of a 130 billion baht doesn't satisfy many does it. And the country is still burdened with a massive debt from the government's ineptitude and corruption.

Why dont you do a bit of research before posting? Thailands national debt as a percentage of GDP is well below most European countries, The US and Japan. 130 bn baht is 2.5bn quid. A drop in the ocean in terms of world economics and the Isaan has boomed as a result.

[h90]

I thought Suthep and his allies wanted to help the farmers? If this is so, why are the unions allied with the PDRC blocking the payments to the farmers? I even read a statement in the past few days where Suthep encouraged the banks to loan the government money to pay the farmers. Utilitarian politics at its best.

Union president Prasit Pahome is not the same person as Suthep.....

[MaiChai]

There should be laws in place that forces the government to be fiscally discipline. Borrowing money for a scheme that is not financially viable is a disaster, and puts a burden on tax payers. This would put a stop to populist policies for buying votes.

[pattayaorganic]

I thought Suthep and his allies wanted to help the farmers? If this is so, why are the unions allied with the PDRC blocking the payments to the farmers? I even read a statement in the past few days where Suthep encouraged the banks to loan the government money to pay the farmers. Utilitarian politics at its best.

well gee-wiz, I don't know maybe because the company they work for and receive their livelihood from may have a high possibility of going bankrupt and they will be left without income to feed their families. Oh these people are so selfish I know...

[473geo]

^I know. And dullards still trust/vote for them.

Perhaps experience of the alternative is a definitive factor

Problem is, the opposition to the government just had to wait a couple of years to have them voted out, unless of course the electorate see things differently, perhaps looking to retain their right to vote, and be given a choice, not see elections thrown into intentional disarray by non participation!

[Melyn]

So, as stated the delays in paying the farmers was down to the anti-government protesters as confirmed by the GSB labour union head Likit Klinthanom. Perhaps the farmers will think again about approaches from the ever slippery suthep and his sheeple.

Sent from my i-mobile IQ 5 using Thaivisa Connect Thailand mobile app

Your posts contain so much disinformation that one has to wonder what your objectives truly are.

Telling untruths is never honourable

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

I do wish you would stop calling me a liar. Now read the op again carefully, you can read, can't you?

Now tell me where I told an untruth/lie or apologise.

It's never honourable to accuse people of lying without any reason whatsoever.

Sent from my i-mobile IQ 5 using Thaivisa Connect Thailand mobile app

If I were wrong I would apologise. I'm not, so I won't.

The delays in paying the farmers were patently nothing to do with the protest. The farmers were supposed to be paid within 10 days of receiving the pledging document. They weren't. The scheme was up to it's 500 billion baht limit and the bond sale failed as did the government's plan to sell.

So stop trying to rewrite history and being disingenuous in the process. Most of us know the facts.

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

[Robby nz]

BANGKOK: -- Government Savings Bank director Worawit Chailimpamontri admitted this afternoon that the bank had agreed to extend 20 billion baht inter-bank loan to the Bank of Agriculture and Agricultural Cooperatives in order to improve the latter’s liquidity.

He denied that the loan was meant to support the rice pledging scheme and it was extended in the form of P/N payable within three months.

So is this separate from the 17 billion or is there white lies involved ?

Reported elsewhere that the interest for this 90 day loan is only 1%, if true not much a return on savers money.

But we have more confusion

GSB labour union head Likit Klinthanom said the 17 billion baht is part of a total of 20 billion baht in loans that was approved by the board on Jan 8. The process of finalising the loan and transferring the funds, however, was disrupted by anti-government protesters.

The loan carries a 30-day maturity with just over 2% annual interest, he said, adding that such a borrowing arrangement is normal practice and the GSB has surplus liquidity to extend to other banks.

So he says the 17 billion is part of the 20 billion.

But the GSB man says the 20 billion is for 90 days not 30 days.

Could it be that between the lot of them they are digging themselves deeper into the poo.

Anyway where does Kitteratt (the BAAC) expect to get 17 billion to repay the loan plus of course the interest in 30 days ?

[pattayaorganic]

^I know. And dullards still trust/vote for them.

Perhaps experience of the alternative is a definitive factor

Problem is, the opposition to the government just had to wait a couple of years to have them voted out, unless of course the electorate see things differently, perhaps looking to retain their right to vote, and be given a choice, not see elections thrown into intentional disarray by non participation!

So when the reds protested the Abhisit government to step down immediately, that was democracy? When the reds were taking over hospitals, stop and searching cars and stealing weapons from the army that was OK but peaceful protests are not? oooookeeee. right.

[tomyummer]

So this will buy some time. Then what happens?

[473geo]

There should be laws in place that forces the government to be fiscally discipline. Borrowing money for a scheme that is not financially viable is a disaster, and puts a burden on tax payers. This would put a stop to populist policies for buying votes.

Strange I was not aware the large agricultural subsidies in Europe and the USA are not to facilitate a stronger stable economy, but financially viable vote buying?

[Melyn]

So, as stated the delays in paying the farmers was down to the anti-government protesters as confirmed by the GSB labour union head Likit Klinthanom. Perhaps the farmers will think again about approaches from the ever slippery suthep and his sheeple.

Sent from my i-mobile IQ 5 using Thaivisa Connect Thailand mobile app

Oh please! 17 billion out of a 130 billion baht doesn't satisfy many does it. And the country is still burdened with a massive debt from the government's ineptitude and corruption.

Why dont you do a bit of research before posting? Thailands national debt as a percentage of GDP is well below most European countries, The US and Japan. 130 bn baht is 2.5bn quid. A drop in the ocean in terms of world economics and the Isaan has boomed as a result.

My friend has a billion dollar mortgage.

Therefore I should have one too.

Great fiscal discipline.

The rice scheme has cost 3 years public health budget and 18 months of education.

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

[BillyBobThai]

The sh_t will really hit the fan big time when government workers start having their paycheck bounce.

[pookiki]

I thought Suthep and his allies wanted to help the farmers? If this is so, why are the unions allied with the PDRC blocking the payments to the farmers? I even read a statement in the past few days where Suthep encouraged the banks to loan the government money to pay the farmers. Utilitarian politics at its best.

well gee-wiz, I don't know maybe because the company they work for and receive their livelihood from may have a high possibility of going bankrupt and they will be left without income to feed their families. Oh these people are so selfish I know...

If you read the article, it is an 'inter-bank' loan and such matters carry little or no risk. Given that, what is the Union President's agenda? Does he want the farmers to be paid or not? You can argue over the viability of farm subsidies but the fact is that the debt is due and owing. The government isn't going to go bankrupt by paying the farmers.

[473geo]

So this will buy some time. Then what happens?

Check out Thai History.......this is why people will continue voting against the Democrats, they do not appear to be Democratic!

[SeaVisionBurma]

Several bickering posts/flames have been removed.

Lets dispense with the petty bickering. Stick to posting in a mature, civil manner or head elsewhere.

And if someone decides to try and bait you with a flame, rather than respond & stir the pot further, try reporting the post instead

And all of you have a nice day

[belg]

yes, the problem for people in money trouble is = more loans...

that is why they wanted to push the 2 trillion loan, to cover up the big mess

[bigbamboo]

So, as stated the delays in paying the farmers was down to the anti-government protesters as confirmed by the GSB labour union head Likit Klinthanom. Perhaps the farmers will think again about approaches from the ever slippery suthep and his sheeple.

Sent from my i-mobile IQ 5 using Thaivisa Connect Thailand mobile app

So the protestors shut down all bank opertions did they?

Idiotic posting in forums, without any sense in writing, can become an embarassment to Paul, John, Ringo and George...

Real scousers wouldn't write as much BS as some do.

But dey do do dat doh don't dey doh.

[473geo]

^I know. And dullards still trust/vote for them.

Perhaps experience of the alternative is a definitive factor

Problem is, the opposition to the government just had to wait a couple of years to have them voted out, unless of course the electorate see things differently, perhaps looking to retain their right to vote, and be given a choice, not see elections thrown into intentional disarray by non participation!

So when the reds protested the Abhisit government to step down immediately, that was democracy? When the reds were taking over hospitals, stop and searching cars and stealing weapons from the army that was OK but peaceful protests are not? oooookeeee. right.

Ok help me out here....

I missed the part where Abhisit was democratically voted in by the people.....when was that?