BAAC halts paying farmers with its 5 billion baht inter bank loan

[casualbiker]

Doesnt anyone just do their job anymore here without messing things up and sticking thier noses in anothers pile of dung ? ... <deleted> does it have to do with the BAAC where the money comes from surely they are charged with paying the farmers and thats it... you got some bloody money now pay some farmers with it... jesus if its a f up by the gov let them get crucified for it and not the poor farmers.

<deleted> use the money to pay the farmers now you have it.... these people in these pin head depts dont give a crap about those they are supposed to be helping its all political...

Boy are we seeing one screwed up system and country ive never seen anything like it here all at once in so many depts ... its like watching someone having seizures, on purpose.

Well it's the BAAC that have to pay the interest on said money.

The interbank transfer is just that, interbank !

why don't the PTP government just use the money earmarked from the budget.. oh they can't because they dissolved parliament.. but hey in the same context of your <deleted> .

For <deleted> the PTP government made this mess why don't they use the budget that was set aside and just pay the farmers and worry about criminal charges later?

that last part was rhetorical right?

actually no.. as far as i'm aware there was provision in the 2014 budget (2.59 trillion baht) for further funds for the 2014 pledging scheme, which has now been cancelled.

[scorecard]

Now the farmers can see who the real enemy is. Not the government but while you know who. They will attack this post very soon.

And 'they' should attack!

[Why ask]

Doesnt anyone just do their job anymore here without messing things up and sticking thier noses in anothers pile of dung ? ... <deleted> does it have to do with the BAAC where the money comes from surely they are charged with paying the farmers and thats it... you got some bloody money now pay some farmers with it... jesus if its a f up by the gov let them get crucified for it and not the poor farmers.

<deleted> use the money to pay the farmers now you have it.... these people in these pin head depts dont give a crap about those they are supposed to be helping its all political...

Boy are we seeing one screwed up system and country ive never seen anything like it here all at once in so many depts ... its like watching someone having seizures, on purpose.

Well it's the BAAC that have to pay the interest on said money.

The interbank transfer is just that, interbank !

why don't the PTP government just use the money earmarked from the budget.. oh they can't because they dissolved parliament.. but hey in the same context of your <deleted> .

For <deleted> the PTP government made this mess why don't they use the budget that was set aside and just pay the farmers and worry about criminal charges later?

that last part was rhetorical right?

actually no.. as far as i'm aware there was provision in the 2014 budget (2.59 trillion baht) for further funds for the 2014 pledging scheme, which has now been cancelled.

actually no.. as far as i'm aware there was provision in the 2014 budget (2.59 trillion baht) for further funds for the 2014 pledging scheme, which has now been cancelled.

........ That disappeared too.... .. cancelled

[DirtFarmer]

This story is rife with contradictions I believe it was intended to provoke knee jerk responses from both sides..

"SEE I told you so...!"

"NO! I told you so!"

"Did not!"

"Did too!"

"Did not!" and raise ya a billion baht!

"I got yer billion right here!" No wait.. the Bank Has it! They took it back!"

"Did not!"

"Did too!"

Yawn... wondering if ever there will be accurate reporting here... prolly not.. sorry my bad...

"No! MY BAD!"

[worgeordie]

Why does the white knight from Dubai not come galloping into Thailand

with saddle bags full of money,to help the poor farmers he loves so much?

Ok, but he could transfer the funds ,give a loan to the government,take

responsibility after all it was his great idea.

regards worgeordie

[aimbc]

Doesnt anyone just do their job anymore here without messing things up and sticking thier noses in anothers pile of dung ? ... <deleted> does it have to do with the BAAC where the money comes from surely they are charged with paying the farmers and thats it... you got some bloody money now pay some farmers with it... jesus if its a f up by the gov let them get crucified for it and not the poor farmers.

<deleted> use the money to pay the farmers now you have it.... these people in these pin head depts dont give a crap about those they are supposed to be helping its all political...

Boy are we seeing one screwed up system and country ive never seen anything like it here all at once in so many depts ... its like watching someone having seizures, on purpose.

Why are you so worried Englishoak, the farmers wanted money now for over 5 months or more. But no one cared. Only the protester who came out to point out the crime of the YS government. The protester saw it coming and tried to warned the public. But you and a lot of red shirts apparently did not, maybe you did, but you didn't care. Typical Red Shirt thinking. Do I see any red shirts supporters coming to the rescue of the farmer's plight? Very few, I thought so. 1.4 million farmers have been defrauded by this government and how many of their brothers came out to help? Sorry I just don't see anyone accept the protesters. This government defrauded the farmers, that is enough to bring the law enforcement arm in any functional democracy. This is just more proof that this govt. can not be trusted and reform is needed. YS is responsible for the death of so many people. Innocent death, their death was in the hands of who they trusted the most. That is probably the worst of any kind. The government is slowly suffocating the life out of the farmers. But with supporter like you and the red shirts supporters, it makes it just that much easier to do. Thanks Englishoak, you are a true democrat.

Stop yelling about paying the farmers and make a difference yourself by help the government generate more tax dollars. If you care for the farmers, please contribute more to the government. That is your solution right? Just do it!

[ggold]

they heap more pain on the farmers who already have little to spare ,dont they realise theyre gonna devastate the rice farming community and it will be hard to reinstate ,,farmers kids are already reluctant to take over when the parents die and wouldn't dream of taking up farm work and getting their hands dirty .

to late the damage done!

[rubl]

It's nice Mr. Luck believes that after this month, the bank would receive 8-10 billion baht a month to pay farmers.

I wonder why he forgot to tell about the 500 billion non-revolving funds which the government still has to repay him apart from normal financing costs.

[chainarong]

I do believe the farmers where rubbing their hands in glee this morning , as the man said , OH DEAR.

[Suriya4]

Thai farmers must be able to stand o their own 2 feet in their up-country.

They should not come to Bangkok and beg for more Tax Payers money to subsidies their corp.

[ggold]

Now the farmers can see who the real enemy is. Not the government but while you know who. They will attack this post very soon.

They will attack this post very soon.

hang on I'll get he violin out.

[MaxLee]

BAAC halts paying farmers with its 5 billion baht inter bank loan

So then, Thaksin and Pheu Thai would say: "Blame the nasty, nasty, BAAC and its nasty, nasty worried customers, and kill them to dead for not cooperating with you, dear rice farmers... Go ahead and rob the BAAC and its customers..."

[zaphodbeeblebrox]

Doesnt anyone just do their job anymore here without messing things up and sticking thier noses in anothers pile of dung ? ... <deleted> does it have to do with the BAAC where the money comes from surely they are charged with paying the farmers and thats it... you got some bloody money now pay some farmers with it... jesus if its a f up by the gov let them get crucified for it and not the poor farmers.

<deleted> use the money to pay the farmers now you have it.... these people in these pin head depts dont give a crap about those they are supposed to be helping its all political...

Boy are we seeing one screwed up system and country ive never seen anything like it here all at once in so many depts ... its like watching someone having seizures, on purpose.

Well it's the BAAC that have to pay the interest on said money.

The interbank transfer is just that, interbank !

why don't the PTP government just use the money earmarked from the budget.. oh they can't because they dissolved parliament.. but hey in the same context of your <deleted> .

For <deleted> the PTP government made this mess why don't they use the budget that was set aside and just pay the farmers and worry about criminal charges later?

I'm not aware any money was budgeted to fund BAAC's payments to the farmers for 2013-2014. That was PTP's folly. Even though the vouchers were coming due in September 2013, they failed to pass a budget to include funding of BAAC. They naively thought the rice sales would cover the shortfall,

However, there now is a tremendous shortfall, because the price of milled rice has dramatically dropped the past two years due to increased production and decreasing demand. PTP hasn't sold its rice stockpiles, because the price is so low, it would have made the shortfall a major election issue (and probably put further focus on the program's corruption). Now, it's too late even for a fire sale, because the government can't budget a payment to BAAC while in caretaker status.

[Suriya4]

Now the farmers can see who the real enemy is. Not the government but while you know who. They will attack this post very soon.

They will attack this post very soon.

hang on I'll get he violin out.

Don't worry. Unlike the Bangkok hi-so, it is a fact that not many can read English.

[ggold]

Now the farmers can see who the real enemy is. Not the government but while you know who. They will attack this post very soon.

They will attack this post very soon.

hang on I'll get he violin out.

Don't worry. Unlike the Bangkok hi-so, it is a fact that not many can read English.

IMO he only said that because he knows his main comment is BS. It is only the government that is to blame not the banks not the protesters.

[Melyn]

Doesnt anyone just do their job anymore here without messing things up and sticking thier noses in anothers pile of dung ? ... <deleted> does it have to do with the BAAC where the money comes from surely they are charged with paying the farmers and thats it... you got some bloody money now pay some farmers with it... jesus if its a f up by the gov let them get crucified for it and not the poor farmers.

<deleted> use the money to pay the farmers now you have it.... these people in these pin head depts dont give a crap about those they are supposed to be helping its all political...

Boy are we seeing one screwed up system and country ive never seen anything like it here all at once in so many depts ... its like watching someone having seizures, on purpose.

Well it's the BAAC that have to pay the interest on said money.

The interbank transfer is just that, interbank !

why don't the PTP government just use the money earmarked from the budget.. oh they can't because they dissolved parliament.. but hey in the same context of your <deleted> .

For <deleted> the PTP government made this mess why don't they use the budget that was set aside and just pay the farmers and worry about criminal charges later?

that last part was rhetorical right?

actually no.. as far as i'm aware there was provision in the 2014 budget (2.59 trillion baht) for further funds for the 2014 pledging scheme, which has now been cancelled.

actually no.. as far as i'm aware there was provision in the 2014 budget (2.59 trillion baht) for further funds for the 2014 pledging scheme, which has now been cancelled.

........ That disappeared too.... .. cancelled

I don't think the 2014 budget was signed off

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

[edwinchester]

How long before we have accusations of fake bankers, fake financiers and fake customers wanting their money back?

[SICHONSTEVE]

they heap more pain on the farmers who already have little to spare ,dont they realise theyre gonna devastate the rice farming community and it will be hard to reinstate ,,farmers kids are already reluctant to take over when the parents die and wouldn't dream of taking up farm work and getting their hands dirty .

Agreed, Take this up with Yingluck and ask her why she did it (if you can locate her that is)!!!

[SICHONSTEVE]

I wish the YS govt. stop playing games with the lives of the farmers and the future of Thailand. Enough already, come clean with the policy. Stop taking photo op at the warehouse saying the rice is in good condition. A lot are not and they know it. Everyone wants to help the farmers, but the YS govt. must open up the policy for public review. This is not a national security issue. Maybe a criminal issue. That is why they are not revealing the information. Sell all the rice first or take inventory of all the rice, in detail, but by an independent agency. Assess what is left that is sellable and then we can help the farmers. Until the government does that, there is no use trying to help, because we don't even fully understand the problem. Throwing money at it is like throwing it into a fire. The taxpayers paid for the rice and is expected to know what happened to the rice. No one here is stupid enough to buy something and then pay more to get it. It just doesn't make sense. The rice is there!

If you pooped in your pants would you show the results to the whole nation???

[WhizBang]

Doesnt anyone just do their job anymore here without messing things up and sticking thier noses in anothers pile of dung ? ... <deleted> does it have to do with the BAAC where the money comes from surely they are charged with paying the farmers and thats it... you got some bloody money now pay some farmers with it... jesus if its a f up by the gov let them get crucified for it and not the poor farmers.

<deleted> use the money to pay the farmers now you have it.... these people in these pin head depts dont give a crap about those they are supposed to be helping its all political...

Boy are we seeing one screwed up system and country ive never seen anything like it here all at once in so many depts ... its like watching someone having seizures, on purpose.

I think the saying is... 'like watching a train wreck in slow motion'.

[telecom]

More like the GSB asked for the money back. They cancelled the loan arrangement, probably because of the 30 Bn that was withdrawn over the course of the day according to Sanook News website.

Here is a note taped to a GSB Bank door.

It basically says please stop withdrawing, we have cancelled the rice pledging loans to BAAC.

[Soutpeel]

Doesnt anyone just do their job anymore here without messing things up and sticking thier noses in anothers pile of dung ? ... <deleted> does it have to do with the BAAC where the money comes from surely they are charged with paying the farmers and thats it... you got some bloody money now pay some farmers with it... jesus if its a f up by the gov let them get crucified for it and not the poor farmers.

<deleted> use the money to pay the farmers now you have it.... these people in these pin head depts dont give a crap about those they are supposed to be helping its all political...

Boy are we seeing one screwed up system and country ive never seen anything like it here all at once in so many depts ... its like watching someone having seizures, on purpose.

I think the saying is... 'like watching a train wreck in slow motion'.

This fiasco is kinda like the BKK floods, you can see it happening, moving slowly, and you know what the conclusion is going to be

One suspects "PC ear medicine" is going to have his hands full in the next few days...unless he does a runner

[Robby nz]

Seems we now have another twist, the credit agencies are rearing their heads,

According to an official who asked for anonymity, Moody’s Investors Service and Fitch Ratings conducted conference calls with Thai officials last week, to get data needed for the annual review.

On the row between the government and rice farmers, they understood that it is just a "technical" default on debt to farmers as a result of political conflicts.

So the finance ministry has told them that it is the fault of the protesters (political conflict) that the farmers haven't been paid.

Do they really think Moody's and Fitch will believe that ?

[telecom]

I do believe the farmers where rubbing their hands in glee this morning , as the man said , OH DEAR.

The farmers were certainly rubbing their hands together, some even got paid... the ones from An Thong and Pritchit..... you know, the ones who are protesting in BKK at the moment. The rest sent up to Shinland (Chiang Mai) but I think that may be sent back to the GSB seeing as they scored a tremendous own goal. The GSB tried to help, I applaud them for it, but the stupid PTP ministers and spokesman had to go and blab straight to the press about it and ruined the day.... hahahaha

[Soutpeel]

Seems we now have another twist, the credit agencies are rearing their heads,

According to an official who asked for anonymity, Moody’s Investors Service and Fitch Ratings conducted conference calls with Thai officials last week, to get data needed for the annual review.

On the row between the government and rice farmers, they understood that it is just a "technical" default on debt to farmers as a result of political conflicts.

So the finance ministry has told them that it is the fault of the protesters (political conflict) that the farmers haven't been paid.

Do they really think Moody's and Fitch will believe that ?

Its only a little white lie

[ratcatcher]

How long before we have accusations of fake bankers, fake financiers and fake customers wanting their money back?

Faked if I know.

[SICHONSTEVE]

Seems we now have another twist, the credit agencies are rearing their heads,

According to an official who asked for anonymity, Moody’s Investors Service and Fitch Ratings conducted conference calls with Thai officials last week, to get data needed for the annual review.

On the row between the government and rice farmers, they understood that it is just a "technical" default on debt to farmers as a result of political conflicts.

So the finance ministry has told them that it is the fault of the protesters (political conflict) that the farmers haven't been paid.

Do they really think Moody's and Fitch will believe that ?

Sure they do. After all, they had their fingers crossed under the table when they told them and had the air con on full to hide the beads of sweat on their foreheads.

[winstonc]

Thai farmers must be able to stand o their own 2 feet in their up-country.

They should not come to Bangkok and beg for more Tax Payers money to subsidies their corp.

you go and tell them....you know all the real answers dont ya... but begging for what your owed just isnt on is it....

[GeorgeO]

The government has painted itself into a corner of about a square micron in size

Sent from my Nexus 4 using Thaivisa Connect Thailand mobile app

I personally think it's already too late to save the run on the bank, or even to save the bank.

People who have already moved their funds are unlikely to put them back as they are now very wary of the bank's readiness to use their funds in such a way. Others will follow because they are aware that the bank now has a weaker customer base, and so the downward spiral begins.

[telecom]

[bangkok Post] Customers withdrew 30 billion baht from Government Savings Bank on Monday

Can't post a link but you can just go and read yourself..... sort of puts to bed all the crap about 58 million withdrawals and 51 million deposits and now you know the real reason why it has all been halted, and before anyone tries to blame Suthep.... Not a single report even from the red Khaosod press about him being involved.

This is just how much the public hates Yingers and Co.

With THIS news breaking, I wonder just how much will be pulled out tomorrow, or the next day... I think the damage has been done, the people know that the GSB is under control of the Thaksin regime and while it is, who knows what may now be happening behind closed doors.

This could kill the GSB, another stellar performance of the PTP caretaker government.