Unusual money withdrawal of cash from GSB

[djvolak]

-58 wthdraw and +51,6 deposit = 6,4 real witdraw

I think the deposit after story was to try to minimize the damage. It will be worse tomorrow and other provinces will follow. They just may have bit off more than they could possibly chew. We will see how your math works out end of week I guess.

[noksidam]

Farmers killing themselves is such a good propaganda material against the government. I'm sure everything will be done for them not to get their money. Hope I'm wrong...

[bkkdave1220]

what would be really funny is if the bank crashed and the armchair warriors on here lost their money.

dream i know... but all those falangs living on breadline hoping baht tanks so their pathetic money buys more beer and girls.

[whoisyourdaddy]

what would be really funny is if the bank crashed and the armchair warriors on here lost their money.

dream i know... but all those falangs living on breadline hoping baht tanks so their pathetic money buys more beer and girls.

That you would find funny?

Clearly you do not have or ever had any money to even comprehend it

[SICHONSTEVE]

That's right Bangkok ... make the hard working and impoverished Thai farmers suffer some more. You Bangkok Thais should be ashamed of yourselves - living a life of relative privilege while your brothers and sisters suffer in the agricultural sector. Thais that are hard pressed to even educate their children. Again, shame on all you people who look down upon those less fortunate Shame. My wife, who is southern Thai says they are dumb and uneducated - my question, just who do you think is to blame for this injustice?

Everyone knows that Thaksin is to blame, apart from those suffering from self denial!!

[winstonc]

in ubon today we closed our account there were 8 others doing the same 3 panicked 5 out of discust this is pure red country..it was packed in there most probably doing normal business.but who knows..

[attrayant]

Net withdrawal of 6 million baht. Wow that's got to hurt.

Negative daily cash flow hurts any business - why is that hard to believe? Banks are especially sensitive to this because they're supposed to be in the business of managing money.

6 million baht here and another 6 million baht there, pretty soon we're talking real money.

What also relevant is the average daily cash flow figure. How does GSB usually do on average? If their average daily cash flow is normally +50 million but today they saw -6 million, then we should be talking about a net change of -56 million.

[lucjoker]

this was not a bank run.

A bank run is when people go en masse to a bank and withdraw their own money.Here is was (schould be ) farmers taking a loan on a very profitable intrest.

80 ritch (smart) people took these about 725 000 bht loans and put the on an other bank for better intrest and so just making money.

there are about 1 milj farmers who wait for their money,but this has nothing to do with what happened today.That is a number in the billions not this small pissmoney

of today.

[gerry123]

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 ?

they do the same as the government do b/s there way into another very large hole

[AleG]

That's right Bangkok ... make the hard working and impoverished Thai farmers suffer some more. You Bangkok Thais should be ashamed of yourselves - living a life of relative privilege while your brothers and sisters suffer in the agricultural sector. Thais that are hard pressed to even educate their children. Again, shame on all you people who look down upon those less fortunate Shame. My wife, who is southern Thai says they are dumb and uneducated - my question, just who do you think is to blame for this injustice?

just who do you think is to blame for this injustice?

That would be those responsible for creating, implementing and grossly mismanaging the Rice Pledging Scheme. That it was going to be a failure and the consequences of it would be dire for the country in general and the rice farmers in particular was plain to see from the moment it was announced, that is at least, for everyone except PTP and their supporters.

[Beetlejuice]

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.

Please give the name of this branch that you claim ran out of money and I will phone and check.

It only takes 10% of the deposits to be removed and the GSB will have to close its doors. Really; so you are an expert on the Thai banking system and their economics are you? Please give a credible source of this information? Or how you estimate these figures?

I have been watching you on other threads and to me you are suspect, a scaremonger who gives so-called facts that have no foundation whatsoever.

[metisdead]

Nonsense troll calling post and replies have been removed.

[JohanB]

Have most people here missed that´s 20 BILLION Baht net withdrawal from GSB today!!

Thats many suitcases full.

Government Savings Bank on Monday faced net deposit withdrawals worth Bt20 billion.

"GSB president and chief executive Worawit Chailimpamontri announced that said at a press conference that clients have withdrawn Bt30 billion following the bank’s planned lending to the rice-pledging scheme.

On the same day, the bank received new deposits worth Bt10 billion.

GSB plans to lend Bt20 billion to the Bank for Agriculture and Agricultural Cooperatives, which is tasked to repay farmers joining the pledging scheme. It has already extended Bt5 billion to BAAC. "

[djjamie]

hehe i believe what I see mightyatom sorry i mean telecom

2:30 pm just went past the same GSB i did this morning still no one outside and this time looked in the door ... 15 in the bank.... no one seems to be hitting the panic button just yet in the branch i passed twice today.

panic all you want but so far there is nothing major going on, no internet breaking news on other websites of other feeds i get ... seems to me its Trang market gossip thats got them all riled up .. no idea why they are freaking on KTB maybe its just the rates in these banks.

I notice its now 10m over a number of branches not one too which isnt anything special either.

Beginning to sound like just a scaremongering non event item in the south to me. Lets hope so

Seems your incorrect again just as your peers were about the 2 x 3 wheel chair bound grandma's being left in the protests.

The interbank loans have been cancelled now.

Red shirt radio is strong in this one.

[Suriya4]

Have most people here missed that´s 20 BILLION Baht net withdrawal from GSB today!!

Thats many suitcases full.

Government Savings Bank on Monday faced net deposit withdrawals worth Bt20 billion.

"GSB president and chief executive Worawit Chailimpamontri announced that said at a press conference that clients have withdrawn Bt30 billion following the bank’s planned lending to the rice-pledging scheme.

On the same day, the bank received new deposits worth Bt10 billion.

GSB plans to lend Bt20 billion to the Bank for Agriculture and Agricultural Cooperatives, which is tasked to repay farmers joining the pledging scheme. It has already extended Bt5 billion to BAAC. "

I don't know about you, but I have closed my account already.

http://www.reuters.com/article/2014/02/17/us-thailand-protest-idUSBREA1G05X20140217

[Sunderland]

Unless the media have got the figures mixed up (possible) then there is a huge difference between a net withdrawal of 6 million and 20 billion. I would say 20 billion was not enough to cause the GSB to collapse, but it's a significant net withdrawal in one day.

I would like to see the person who offered to transfer his funds to cover the withdrawal amount follow through on his offer. No? Didn't think so.

[pedro01]

this was not a bank run.

A bank run is when people go en masse to a bank and withdraw their own money.Here is was (schould be ) farmers taking a loan on a very profitable intrest.

80 ritch (smart) people took these about 725 000 bht loans and put the on an other bank for better intrest and so just making money.

there are about 1 milj farmers who wait for their money,but this has nothing to do with what happened today.That is a number in the billions not this small pissmoney

of today.

This was only the first day.

Tomorrow, more will do the same and there will be undesirables following people out of the bank to relieve people of their money.

[Gulfsailor]

Unless the media have got the figures mixed up (possible) then there is a huge difference between a net withdrawal of 6 million and 20 billion. I would say 20 billion was not enough to cause the GSB to collapse, but it's a significant net withdrawal in one day.

I would like to see the person who offered to transfer his funds to cover the withdrawal amount follow through on his offer. No? Didn't think so.

I think the huge difference comes from the type of withdrawals and deposits. The 6 million was likely cash withdrawals, whereas the 30 billion was the total withdrawals covering cash, bank transfers, and cashiers cheques. I am sure no bank has 30 billion baht in cash lying around!

[SICHONSTEVE]

Chalerm should get the police to block all of the GSB banks so that people are unable to remove their money!!

[Suriya4]

this was not a bank run.

A bank run is when people go en masse to a bank and withdraw their own money.Here is was (schould be ) farmers taking a loan on a very profitable intrest.

80 ritch (smart) people took these about 725 000 bht loans and put the on an other bank for better intrest and so just making money.

there are about 1 milj farmers who wait for their money,but this has nothing to do with what happened today.That is a number in the billions not this small pissmoney

of today.

This was only the first day.

Tomorrow, more will do the same and there will be undesirables following people out of the bank to relieve people of their money.

A bank run is a bank run regardless where you are.

Play save and keep money at home.

[ggold]

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.

And there I was thinking that the caretaker government can't create debt that any future government has to honour! Or did you miss that bit of info?

[djjamie]

Latest figures show 30 billion baht was withdrawn from all GSB branches on Monday while 10 million baht was deposited.

I look forward to how this will be interpreted by the PTP.

[SICHONSTEVE]

Latest figures show 30 billion baht was withdrawn from all GSB branches on Monday while 10 million baht was deposited.

I look forward to how this will be interpreted by the PTP.

I want to know who the doughnuts are that deposited 10 billion baht in!!

[Crushdepth]

The oxygen supply to the government has been turned off, and they are starting to turn purple.

Not long now.

[Bluespunk]

Ooops....

President of the Bank of Agriculture and Agricultural Cooperatives (BAAC) Luck Wajananawat said late today that the bank would cease paying farmers with the inter bank loan and to return it to the Government Savings Bank (GSB).

http://www.thaivisa.com/forum/topic/705087-baac-halts-paying-farmers-with-its-5-billion-baht-inter-bank-loan/

So the farmers are still screwed then? This mess seems to have no end in sight.

[retsdon]

These days all banks are interconnected in one way or another - remember that the demise of Lehmans - a medium sized investment bank - nearly crashed the whole world banking system completely. People rubbing their hands over this should perhaps be careful about what they wish for. Bank runs tend to be contageous and are always dangerous.

[retsdon]

These days all banks are interconnected in one way or another - remember that the demise of Lehmans - a medium sized investment bank - nearly crashed the whole world banking system completely. People rubbing their hands over this should perhaps be careful about what they wish for. Bank runs tend to be contageous and are always dangerous.

[SICHONSTEVE]

These days all banks are interconnected in one way or another - remember that the demise of Lehmans - a medium sized investment bank - nearly crashed the whole world banking system completely. People rubbing their hands over this should perhaps be careful about what they wish for. Bank runs tend to be contageous and are always dangerous.

That should heap even more problems on Yingluck's plate - plenty of postings today (all from one faction of the TV forum though) I wonder why!!.

[Basil B]

Went to Labour department today… there's a sleepy GSB branch nearby that I've never seen any customer inside of.

Very different today. It was packed with people standing outside in the sun (which is very strange for Thai people), waiting in line just to get into the building.

Whatever's going on, I think numbers may look a lot worse than just 6.4 million net withdrawals. But even if it is "only good 6 million" today, the figure could rise substantially over the next days.

On the other hand - when politicians start running banks, it's time to withdraw it all and convert it into some other currency before all is gone...

Remember the SOE, it allows Chalerm and his mob to censure all news media, I am sure the news media have been told to tone it down, I think we had better before TV is visited by the BiB...

[retsdon]

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.

Please give the name of this branch that you claim ran out of money and I will phone and check.

It only takes 10% of the deposits to be removed and the GSB will have to close its doors. Really; so you are an expert on the Thai banking system and their economics are you? Please give a credible source of this information? Or how you estimate these figures?

I have been watching you on other threads and to me you are suspect, a scaremonger who gives so-called facts that have no foundation whatsoever.

Fractional reserve banking? No idea what the maximum lending to reserve ratio is in Thailand, but 10 to 1 is about the international norm.