Unusual money withdrawal of cash from GSB

[englishoak]

Strange isnt it ? all this talk about helping the farmers to get paid but... the moment funds are being raised to do so and certain people of a certain electoral demographic turn on the lender

Being the deeper part of the south of course they are palm and rubber farmers obviously not keen on helping any rice farmers... somehow i cant see a run or any panic whatsoever in northern branches. ..

Do you want the farmers paid or not ? if yes then stop playing with their lives and let it happen.

Edited February 17, 2014 by englishoak

[ChrisY1]

What run? almost as much money was deposited from what was withdrawn, as 80 withdrawal were fairly large as the rich playing with their money but the little man made up for the money the rich withdrew.

Why would the government want that dirty money in their bank anyway.

Cheers

Not sure where you get your 'dirty money' comment from as many of the PTP ministers are themselves "unusually" rich. Is that possibly "dirty money"?

Anyway, the run on the bank is a self-fulfilling prophecy. Simply hearing news of large withdrawals from the bank which holds your personal assets would naturally lead you to consider opening up an account at another bank and transferring it there.

I think we're only seeing the tip of the iceberg at the moment. By the end of the week, the bank will be running to Yingluck telling her it has to stop...!

I am interested to know the PTP ministers who are 'unusually' rich.

Send from my Mobile

I guess a start would be YL.....50 mill extra in 2 years..an unusual rise in wealth??

[bkkjames]

Strange isnt it ? all this talk about helping the farmers to get paid but... the moment funds are being raised to do so and certain people of a certain electoral demographic turn on the lender

Being the deeper part of the south of course they are palm and rubber farmers obviously not keen on helping any rice farmers... somehow i cant see a run or any panic whatsoever in northern branches. ...only the southern so far funny that.

one might expect that the north you speak of would see a rise in deposits today to show their support for the plan?

[telecom]

My wife went to The Mall Bang Kapi today. There were 60 people ahead of her in the queue. Never seen more than a handful in there before

Sent from my iPhone using Thaivisa Connect Thailand

Yes, it is the same in Muang, Nakhon Ratchasima. Lots of very big queues. All over the country accourding to a few facebook pages that are showing pictures from all over the provinces, north and south.

Only seems that the local branch in englishoak's location is normal business, perhaps all the people around him are refraining from running on the bank just to preserve his dignity on TVF..... or it could be just him telling porkies because this thread is undermining his obvious agenda.

Of course we all know, the bank directors would not dare to reveal the full scale of the run to the public. But I am sure there are many staff more than happy to leak it anonymously...... Watch this space.

Edited February 17, 2014 by telecom

[ggold]

What run? almost as much money was deposited from what was withdrawn, as 80 withdrawal were fairly large as the rich playing with their money but the little man made up for the money the rich withdrew.

Why would the government want that dirty money in their bank anyway.

Cheers

hahahahahahahaha, your excuses are getting more and more bizarre!

Why would the government want that dirty money in their bank anyway.

to hide with all the dirty money they have scammed from the rice farmers!

As for deposits equalling withdrawals, I think that is wishful thinking. even up country people will be withdrawing their money from GSB tomorrow. IMO

[dominique355]

Strange isnt it ? all this talk about helping the farmers to get paid but... the moment funds are being raised to do so and certain people of a certain electoral demographic turn on the lender

Being the deeper part of the south of course they are palm and rubber farmers obviously not keen on helping any rice farmers... somehow i cant see a run or any panic whatsoever in northern branches. ..

Do you want the farmers paid or not ? if yes then stop playing with their lives and let it happen.

Actually the rubber farmers are also waiting for their money from the government. It's not only the Isaan rice farmers who got cheated by the government, all the farmers, everybody!

And ... if the loan from GSB to BAAC is a normal short-term loan, why the Letter of Comfort from the government? GSB is not telling us the whole truth.

Sent from my SM-N900 using Thaivisa Connect Thailand mobile app

[Mosha]

"Customers who withdrew big amounts of money were asked to return for cash tomorrow, she said."

[englishoak]

My wife went to The Mall Bang Kapi today. There were 60 people ahead of her in the queue. Never seen more than a handful in there before

Sent from my iPhone using Thaivisa Connect Thailand

Yes, it is the same in Muang, Nakhon Ratchasima. Lots of very big queues. All over the country accourding to a few facebook pages that are showing pictures from all over the provinces, north and south.

Only seems that the local branch in englishoak's location is normal business, perhaps all the people around him are refraining from running on the bank just to preserve his dignity on TVF..... or it could be just him telling porkies because this thread is undermining his obvious agenda.

what are you spouting mightyatom i already stated i wouldnt hold funds of any large amount in any bank here atm and dont, 15 might be a big number for all i know GSB does have 930 branches <deleted> do i need to lie for ?

Do tell what is my agenda oh tin foil hat meltdown man ? you want to see a bank run ? because i have and wouldnt like to here .. people get hurt.

Far as i can tell the only one spreading panic here is YOU... how many names you been banned using this month btw ?

[wordchild]

What run? almost as much money was deposited from what was withdrawn, as 80 withdrawal were fairly large as the rich playing with their money but the little man made up for the money the rich withdrew.

Why would the government want that dirty money in their bank anyway.

Cheers

Not sure where you get your 'dirty money' comment from as many of the PTP ministers are themselves "unusually" rich. Is that possibly "dirty money"?

Anyway, the run on the bank is a self-fulfilling prophecy. Simply hearing news of large withdrawals from the bank which holds your personal assets would naturally lead you to consider opening up an account at another bank and transferring it there.

I think we're only seeing the tip of the iceberg at the moment. By the end of the week, the bank will be running to Yingluck telling her it has to stop...!

I am interested to know the PTP ministers who are 'unusually' rich.

Its not the money they declare they have that is interesting. Its the money that they have hidden either under the bed or in bank accounts abroad that needs to be traced.

If you are going to work for Thaksin you need to get yourself an offshore account. He wouldn't be so stupid as to pay your "fees" into a Thai bank account.

[casualbiker]

This is crazy . Finally one bank agreed to help the government to pay to the farmers so that they will not starve or commit suicide and what do pi nong prachachen do ??? They do everything possible to make sure the bank will regret this ...

Now the farmers can be in no doubt that the people who work at the Bank of Agriculture and Agricultural Co-operatives have no interest in their welfare.

The BAAC's job is purely as an intermediary it is the governments job to ensure they have the funds to pay the farmers. The scheme is actually separate to BAAC business. The government in their typical haste to blame everyone but themselves have cornered BAAC and GSP into this situation. Yes the farmers need payment but also the bank and it's employees need to protect themselves.

ultimately this is a PTP government problem that they are trying to sweep under the carpet. I believe that the PTP are even thinking of extending this scheme for future years... your thoughts?

Sent from my XT1032 using Thaivisa Connect Thailand mobile app

[Gweiloman]

Hahaha bank run! GSB deserves it! You're lending money to a corrupt government and you'll probably never get repaid.

GSB is a state enterprise which operates as a financial institute guaranteed by the government under the supervision of the Ministry of Finance. The only way they won't get "repaid" by the govt is if Thailand itself declares bankruptcy.

I hardly think that will happen, don't you think?

As someone without any financial nous, you should refrain from posting on matters on which you have zero knowledge.

[Gweiloman]

Not unusual at all. People don't want their money to disappear into the the shin clan pockets via the rice scam.

Not at all. The money is guaranteed by the government of Thailand, whether it is PT or Dems or whoever.

[telecom]

Another happy GSB customer.

[englishoak]

"Customers who withdrew big amounts of money were asked to return for cash tomorrow, she said."

This is not unusual anywhere these days in most banks, i got a shock last time back in the UK with HSBC 1k cash limit over the counter without notice ... 10k max cash in any bank in the UK with notice, per branch. Fact !

which reminds me i must remember to ask mine here what it is without notice.

[SamMunich]

Methinks, we should pay attention to a little distinction:

We are all for the farmers to get the money they are owned by the government, but at the same time we can not see, that above the already depleted government budget we are to pay AGAIN, only this time in the form of guarantees of some obscure kind for banks.

As if the 2007 ff. banking crisis had not happened, we should trust banks???

If the government had done, what it promised, that is to sell the rice, they would have money to pay the farmers. Now as the gov't obviously is too stupid to sell the rice, the tax payers etc. are called upon to be milked again...

And that is about all that is to be said about this.

Else we should start talking about the entrepreneural failure of Mr. Squarehead...

[Spartakos]

Not unusual at all. People don't want their money to disappear into the the shin clan pockets via the rice scam.

Not at all. The money is guaranteed by the government of Thailand, whether it is PT or Dems or whoever.

The legality of this loan is under BIG question. Would you like your life savings invested in corruption ridden scheme under a very shady circumstances?

Sent from my Nexus 4 using Tapatalk

[telecom]

Not unusual at all. People don't want their money to disappear into the the shin clan pockets via the rice scam.

Not at all. The money is guaranteed by the government of Thailand, whether it is PT or Dems or whoever.

Which is the illegal aspect of it, regarding article 181 of the constitution stating that a caretaker government cannot engage in extra budgetary borrowing leaving debt with the next government, and will be the thing that brings down this government if all the other investigations don't do it first, but it will certainly cause the courts to step in and halt it pending investigation, so this little avenue will be closed very soon and the GSB roasted over it. Because they all know what the money was for, despite their denials, everyone knows that they know.

[englishoak]

Not unusual at all. People don't want their money to disappear into the the shin clan pockets via the rice scam.

Not at all. The money is guaranteed by the government of Thailand, whether it is PT or Dems or whoever.

The legality of this loan is under BIG question. Would you like your life savings invested in corruption ridden scheme under a very shady circumstances?

Sent from my Nexus 4 using Tapatalk

Well public banking and commercial or state accounts are usually kept separate its highly unlikely they would use private accounts to settle a state debt plus there is a guarantee of 50 million insurance on savings here i thought it had dropped to 5 but informed its still 50 for a few more years.

Thats not to say i trust banks because I dont but making up stories wont help anyone.

[worgeordie]

He said that the extension to BAAC is a short-term loan not exceeding 30 days,

So what happens in 30 days, if the money is not paid back ?

30 days,should be more than enough time for the Government to print more money to

repay the loan plus interest.!!!

regards Worgeordie

[telecom]

Hahaha bank run! GSB deserves it! You're lending money to a corrupt government and you'll probably never get repaid.

GSB is a state enterprise which operates as a financial institute guaranteed by the government under the supervision of the Ministry of Finance. The only way they won't get "repaid" by the govt is if Thailand itself declares bankruptcy.

I hardly think that will happen, don't you think?

As someone without any financial nous, you should refrain from posting on matters on which you have zero knowledge.

I urge you also to refrain from posting seeing as you also have no financial nous.

This government borrowing is illegal. So it may well not be officially guaranteed.

It is also not guaranteed because the finance minister was unable to legally guarantee the loan. Instead he was forced to pen a 'letter of comfort' as some silly form of diluted guarantee.

The inter-bank lending is just a stupid tissue thin cover for pure 100% government borrowing..... illegal, and therefore not legally guaranteed.

Edited February 17, 2014 by telecom

[Thait Spot]

What run? almost as much money was deposited from what was withdrawn, as 80 withdrawal were fairly large as the rich playing with their money but the little man made up for the money the rich withdrew.

Why would the government want that dirty money in their bank anyway.

Cheers

Just because you choose to believe this bullshit doesn't make it true. Did you expect the GSB bank facing a run on its assets would issue a statement telling the exact scale of it? Would that help their situation? No, it would make their situation worse.

Almost everyone in the country with internet, or TV will here about this run on the banks and will follow suit if they have money in the GSB. It only takes 10% of the deposits to be removed and the GSB will have to close its doors.

Now for some facts.

Sister in law has 80,000 baht in there. She had no intention of withdrawing her money, but once she saw the pictures of the queues and also some people at her workplace asking for an hour off work to withdraw their money, she decided to do the same... gets to the bank and is given a cashiers check saying that all the cash money was gone.

At least she can deposit that check into her KBank account where it is safe.

Kikoman has already withdrawn his and put it in the Soy Sorcery Bank thus denying poor farmers the rights to his cash

[englishoak]

Hahaha bank run! GSB deserves it! You're lending money to a corrupt government and you'll probably never get repaid.

GSB is a state enterprise which operates as a financial institute guaranteed by the government under the supervision of the Ministry of Finance. The only way they won't get "repaid" by the govt is if Thailand itself declares bankruptcy.

I hardly think that will happen, don't you think?

As someone without any financial nous, you should refrain from posting on matters on which you have zero knowledge.

I urge you also to refrain from posting seeing as you also have no financial nous.

This government borrowing is illegal. So it may well not be officially guaranteed.

It is also not guaranteed because the finance minister was unable to legally guarantee the loan. Instead he was forced to pen a 'letter of comfort' as some silly form of diluted guarantee.

The inter-bank lending is just a stupid tissue thin cover for pure 100% government borrowing..... illegal, and therefore not legally guaranteed.

Sigh. legal or illegal as a loan its a state bank, run by the state and that means if there was ever to be any loss for any loan given to the state by a state bank it would be incurred by A the state or B the state run bank... depositors of private savings would not be affected ... its a state loan by a state bank to the state and can only be the state or state run bank thats liable. .... not the personal and private customers and therefore they would be fully and legally covered upto the limit ( 50 m ) under the personal banking protection rules in the event of any catastrophe, and guess where the money and reparation would come from ? yes thats right the state or the state bank or ultimately if need be the bank of Thailand ... Get it ?

Edited February 17, 2014 by englishoak

[Gulfsailor]

Not unusual at all. People don't want their money to disappear into the the shin clan pockets via the rice scam.

Not at all. The money is guaranteed by the government of Thailand, whether it is PT or Dems or whoever.

The legality of this loan is under BIG question. Would you like your life savings invested in corruption ridden scheme under a very shady circumstances?

Sent from my Nexus 4 using Tapatalk

Well public banking and commercial or state accounts are usually kept separate its highly unlikely they would use private accounts to settle a state debt plus there is a guarantee of 50 million insurance on savings here i thought it had dropped to 5 but informed its still 50 for a few more years.

Thats not to say i trust banks because I dont but making up stories wont help anyone.

The 50 million depositor guarantee -to be reduced to 1 million by 2016- does not apply to GSB. It only applies to institutions under bank of Thailand regulation. GSB is fully government bank under regulation by Ministry of Finance. So as long as the country does not default, deposits are guaranteed 100%.

[Scamper]

This is really the smoking gun. The administration's unconstitutional gambit of an " interbank " loan from GBS to BAAC under the apparently innocent pretext of simply boosting their liquidity, but whereupon BAAC turns around and delegates these monies to the rice scheme - that GBS strenuously objects to, as that was not the reason for the interbank transaction - and as the caretaker administration has no power to authorize without a parliamentary-sanctioned order - completes a scam that is as recent as today. And GBS's objection as to how they were deceived behind their interbank " liquidity " loan to BAAC, together with the bank unions, and together with the customers at the banks themselves, has resulted in huge withdrawals of capital, which - if it continues - will cause the banking institutions to collapse.

There is very little that Kittirat is now doing outside of actually wearing an eye-patch and sporting a wooden leg.

Edited February 17, 2014 by Scamper

[smedly]

I don't believe the deposit numbers and also some of the branches were unable to pay out money to those wishing to withdraw large amounts because they didn't have enough cash in branch to cover - effectively they ran out of money, watch how this evolves as the week goes on when people have given several days notice

[englishoak]

Not at all. The money is guaranteed by the government of Thailand, whether it is PT or Dems or whoever.

The legality of this loan is under BIG question. Would you like your life savings invested in corruption ridden scheme under a very shady circumstances?

Sent from my Nexus 4 using Tapatalk

Well public banking and commercial or state accounts are usually kept separate its highly unlikely they would use private accounts to settle a state debt plus there is a guarantee of 50 million insurance on savings here i thought it had dropped to 5 but informed its still 50 for a few more years.

Thats not to say i trust banks because I dont but making up stories wont help anyone.

The 50 million depositor guarantee -to be reduced to 1 million by 2016- does not apply to GSB. It only applies to institutions under bank of Thailand regulation. GSB is fully government bank under regulation by Ministry of Finance. So as long as the country does not default, deposits are guaranteed 100%.

With no limit ? oo thats cosy and well worth knowing if unlimited no wonder the rates there are a bit lower. I bow to your greater and detailed knowledge of the banking regs here great stuff to know thanks

[SICHONSTEVE]

What run? almost as much money was deposited from what was withdrawn, as 80 withdrawal were fairly large as the rich playing with their money but the little man made up for the money the rich withdrew.

Why would the government want that dirty money in their bank anyway.

Cheers

Just because you choose to believe this bullshit doesn't make it true. Did you expect the GSB bank facing a run on its assets would issue a statement telling the exact scale of it? Would that help their situation? No, it would make their situation worse.

Almost everyone in the country with internet, or TV will here about this run on the banks and will follow suit if they have money in the GSB. It only takes 10% of the deposits to be removed and the GSB will have to close its doors.

Now for some facts.

Sister in law has 80,000 baht in there. She had no intention of withdrawing her money, but once she saw the pictures of the queues and also some people at her workplace asking for an hour off work to withdraw their money, she decided to do the same... gets to the bank and is given a cashiers check saying that all the cash money was gone.

At least she can deposit that check into her KBank account where it is safe.

Maybe he is taking a leaf out of Kittirat's book and making the numbers up in order to stop it snowballing because once it starts it ain't gonna stop!!

[shiok]

What run? almost as much money was deposited from what was withdrawn, as 80 withdrawal were fairly large as the rich playing with their money but the little man made up for the money the rich withdrew.

Why would the government want that dirty money in their bank anyway.

Cheers

u should visit a doctor!!

[bkkjames]

What run? almost as much money was deposited from what was withdrawn, as 80 withdrawal were fairly large as the rich playing with their money but the little man made up for the money the rich withdrew.

Why would the government want that dirty money in their bank anyway.

Cheers

u should visit a doctor!!

he hasn't been back since he posted that - apparently the lines at his branch were longer than he thought.

[Baerboxer]

Hahaha bank run! GSB deserves it! You're lending money to a corrupt government and you'll probably never get repaid.

GSB is a state enterprise which operates as a financial institute guaranteed by the government under the supervision of the Ministry of Finance. The only way they won't get "repaid" by the govt is if Thailand itself declares bankruptcy.

I hardly think that will happen, don't you think?

As someone without any financial nous, you should refrain from posting on matters on which you have zero knowledge.

Most organizations that file for bankruptcy are forced there through cash flow problems. They can't finance their debts and meet payments. Many profitable organizations have fallen foul of cash flow.

I wouldn't want to speculate on the current caretaker regime's cash flow without knowing the true figures. But it does appear they have significant issues and that the 2.2 trillion loan "life safer" isn't going to happen.

A significant amount of cash has disappeared without any real explanation of where it went - emergency water budget, budget for promoting world expo in Thailand, large spend on clocks and government office refurbishments, high % of rice scheme payments that didn't go to the farmers etc etc etc.

Unless you have in depth knowledge, based on more than Mr White Lies assurances and ever changing figures, then you have little more than zero knowledge to, about the real situation. If you do have in depth reliable confirmed knowledge then please share.