Pheu Thai executives open accounts at GSB in show of support to BAAC lending

[ratcatcher]

It is a step in the right direction, what needs to be done is the common people move their accounts out of other banks that do not support the farmers and into the GSB a number of our neighbors suggested we do the same, but I moved my account to GBS about 2 weeks ago!

Also I made a personal decision to stop buying Red Bull and Singha beer,and will check what other products owners backed the non-payment to rice farmers.

The run on the banks was in Bangkok and the South, strongholds of the Democrats, all can see who is in favor of non payment!

Cheers

"Also I made a personal decision to stop buying Red Bull and Singha beer,....."

You saucy lad, I can see Boonrawd and Red Bull shares tanking overnight on this news. What with Chang being boycotted as well as Carabao Daeng what will they sip with their Lao Khao? No doubt banking shares dived after you and the family shifted all those millions into GSB. Now the farmers will be really grateful.

But hey, keep up the bleating from the village.

[ggold]

How nice of them.

Combine the amount of 'symbolic' deposits and it won't even reach 1% of the withdrawals from Monday alone. Yesterday there were reports that the run on the bank was worse again, yet I think the GSB are staying tight lipped over the amount, but I am suspicious that it was way more than 30 Bn.

Would seem almost poetic justice if the run continues, that the bank declares insolvency by the end of the week and those chumps lose their money.... Or at least have it locked in there till the bank liquidators can liquidate some of its assets.

Nice to see the PTP putting their money in so it can be taken back out again by the depositors.

indeed even up country, in the small towns, there were queues of people waiting to withdraw their money from the GSB.

[Thait Spot]

How can any deposits into the GSB help the farmers, if, as has been stated the loan to the BAAC was to shore up the BAAC liquidity and NOT to pay the farmers ?

Or was it all a lie and the loan (loans, up to 20 billion) was actually to pay the farmers ?

That's a very valid point.

The BAAC distributes the payments directly to the farmers - but is up against it's "overdraft" limit of 500 billion.

A run on the GSB will not affect BAAC's position and will probably not do very mcuh to the GSB apart from a loss of depositors and their deposits - and in the same way people opening new accounts and putting new deposits in it will not affect the BAAC but may, perversely, help fuel the run on the bank!!!

Not sure what banks are lending to the farmers on the basis of their pledge documents though

Edited February 19, 2014 by Thait Spot

[EyesWideOpen]

Just depositing their chump change. Most of their "real" savings is stashed in offshore accounts or hidden under their beds in wads and bundles.

Must have been a real dilemma for the PTP guys. If they only deposited

chump change that is in keeping with their official government income , they are subject to ridicule . If they actually deposited the staggering amounts of money they have stolen from the Thai people through corruption, they might be subjected to an investigation when the new government takes over. Decisions decisions....

[johnthompson]

Its funny how Somchai Wongsawat has been a civil servant his whole life. Yet he managed to save up more than 10 million baht and is able to deposit it at GSB as of its pocket change. A fantastic system that rewards corruption instead of punishing it.

[ggold]

It is a step in the right direction, what needs to be done is the common people move their accounts out of other banks that do not support the farmers and into the GSB a number of our neighbors suggested we do the same, but I moved my account to GBS about 2 weeks ago!

Also I made a personal decision to stop buying Red Bull and Singha beer,and will check what other products owners backed the non-payment to rice farmers.

The run on the banks was in Bangkok and the South, strongholds of the Democrats, all can see who is in favor of non payment!

Cheers

No, the run on the bank also happened in the north, Stronghold of the red shirts, farmers taking their money out of GSB. I know because I saw it with my own eyes. Unlike your assumptions which is in the realms of fantasy!

only an idiot would suggest putting money into a bank that is experiencing a run on its assets. I don't even believe you, for all your idiotic posts are you that stupid? you lie about putting money in GSB. Probably one of the first to remove funds if indeed you had an account with them?

So ten PTP MP's pay in 3,000,000 baht. must be pocket change for these crooks. how many billions do they have between them, yet can only manage 300,000 each. Shame on them!

Edited February 19, 2014 by ggold

[rubl]

One trusts that the bank will carry-out appropriate 'due diligence', as to the source of any cash-funds, from any 'dubious persons' who might open accounts ?

"Excuse me, sir, did you pack this wardrobe plastic-bag yourself ?"

By Bank of Thailand regulations a number of transactions at Bank Branches need to be checked online/real-time against a 'known terrorist' list the banks are provided with and which need to be reported on. These transactions include 'open account', 'new ATM or other card', apart from other regulations on reporting transfer or deposit of 'larger' amounts of money.

[gerry1011]

Just a publicity stunt by the rich elite of Pheua Thai but it may work with the gullible. -"Look! Pheua Thai are helping the farmers whilst the Democrats are just obstructing them!

it will help, and it got a lot of airplay on no suthep media as well. All helps!!

as will the educated BKK thai elite who were in the background engaging them in intelligent debate.

Peeeppp sayeth the Suthep

peeeeep peeep peeeep peeeeeep !!! sayeth the flock

Since the GSB has cancelled the interbank loan, it can't possibly help. When are you going to rejoin reality?

Sent from somewhere in the Pacific

Sorry it is difficult to grasp.

The pic is of Government people putting money in a bank that WAS trying to help famers until PDRC scuppered it. Pic and vid also clearly showPDRC people whisling, booing and generally trying to prevent the money going to farmers.

might not affect you, but the imagery is spectacularly good for the Government.

this is how things work in the real world, picture paints 1,000 words etc.

I went to open an account this morning. Not a single protester in sight.

It's a northern branch, of course

The protesters really use every single dirty mean to undermine the government and the livelihoods of millions of people.

It's worth opening an account... and show some support and respect to the farmers.

Sent from my HTC One using Thaivisa Connect Thailand mobile app

[rubl]

Its funny how Somchai Wongsawat has been a civil servant his whole life. Yet he managed to save up more than 10 million baht and is able to deposit it at GSB as of its pocket change. A fantastic system that rewards corruption instead of punishing it.

Like most politicians his wife has more money and probably loaned him some.

[Jonmarleesco]

Things are getting worse by the hour for GSB. First the BAAC loans, now PTP politicians' laundry. That should send a few more customers running.

Edited February 19, 2014 by Jonmarleesco

[rubl]

I went to open an account this morning. Not a single protester in sight.

It's a northern branch, of course

The protesters really use every single dirty mean to undermine the government and the livelihoods of millions of people.

It's worth opening an account... and show some support and respect to the farmers.

Sent from my HTC One using Thaivisa Connect Thailand mobile app

The anti-government protests are in a way a show of support to the farmers. It's the government which spent 700 billion and still wants 130 billion more.

Farmers not paid, 700 billion unaccounted for and of course blame the anti-government protesters.

[SICHONSTEVE]

^{Not a single protester in sight - aren't we talking about depositors fearing for the safety of their money??}

^{Am I on the right topic? Yes, I just checked!!}

[Davidhere]

Pheu Thai Chief Advisor Somchai Wongsawat yesterday visited a GSB branch on Phetchaburi Road and made a deposit of roughly 10 million baht.

30 billion baht worth of withdrawals made on Monday by GSB account holders

.

.

I went to open an account this morning.

Were you able to make up the 29.99 Billion Baht shortfall by the disgraced and formerly banned PM?

.

[Jonmarleesco]

It is a step in the right direction, what needs to be done is the common people move their accounts out of other banks that do not support the farmers and into the GSB a number of our neighbors suggested we do the same, but I moved my account to GBS about 2 weeks ago!

Also I made a personal decision to stop buying Red Bull and Singha beer,and will check what other products owners backed the non-payment to rice farmers.

The run on the banks was in Bangkok and the South, strongholds of the Democrats, all can see who is in favor of non payment!

Cheers

Just the thing to give a veneer of respectability to the government, whose fecklessness was the root cause of the problem.

[Davidhere]

Its funny how Somchai Wongsawat has been a civil servant his whole life. Yet he managed to save up more than 10 million baht and is able to deposit it at GSB as of its pocket change. A fantastic system that rewards corruption instead of punishing it.

Like most politicians his wife has more money and probably loaned him some.

Money isn't the only thing his wife has more of than him.

.

[Crushdepth]

Just a publicity stunt by the rich elite of Pheua Thai but it may work with the gullible. -"Look! Pheua Thai are helping the farmers whilst the Democrats are just obstructing them!

it will help, and it got a lot of airplay on no suthep media as well. All helps!!

as will the educated BKK thai elite who were in the background engaging them in intelligent debate.

Peeeppp sayeth the Suthep

peeeeep peeep peeeep peeeeeep !!! sayeth the flock

Since the GSB has cancelled the interbank loan, it can't possibly help. When are you going to rejoin reality?

Sent from somewhere in the Pacific

Sorry it is difficult to grasp.

The pic is of Government people putting money in a bank that WAS trying to help famers until PDRC scuppered it. Pic and vid also clearly showPDRC people whisling, booing and generally trying to prevent the money going to farmers.

might not affect you, but the imagery is spectacularly good for the Government.

this is how things work in the real world, picture paints 1,000 words etc.

On the contrary, it just makes them look like retards.

Sent from somewhere in the Pacific

[Scamper]

Unfortunately the narrative the administration accomplishes by this circus act is the furthest one they want to convey - Pheu Thai executives are clearly loaded with cash.

Edited February 19, 2014 by Scamper

[Davidhere]

It is a step in the right direction, what needs to be done is the common people move their accounts out of other banks that do not support the farmers and into the GSB a number of our neighbors suggested we do the same, but I moved my account to GBS about 2 weeks ago!

Also I made a personal decision to stop buying Red Bull and Singha beer,and will check what other products owners backed the non-payment to rice farmers.

The run on the banks was in Bangkok and the South, strongholds of the Democrats, all can see who is in favor of non payment!

Cheers

No, the run on the bank also happened in the north, Stronghold of the red shirts, farmers taking their money out of GSB. I know because I saw it with my own eyes. Unlike your assumptions which is in the realms of fantasy!

only an idiot would suggest putting money into a bank that is experiencing a run on its assets. I don't even believe you, for all your idiotic posts are you that stupid? you lie about putting money in GSB. Probably one of the first to remove funds if indeed you had an account with them?

Also occurred in Central Thailand (not a Dem stronghold).

Was only offerered a check to close the account as they were out of cash.

.

[rubl]

Its funny how Somchai Wongsawat has been a civil servant his whole life. Yet he managed to save up more than 10 million baht and is able to deposit it at GSB as of its pocket change. A fantastic system that rewards corruption instead of punishing it.

Like most politicians his wife has more money and probably loaned him some.

Money isn't the only thing his wife has more of than him.

.

At least she's unlikely to wear the trousers

[Davidhere]

Unfortunately the narrative the administration accomplishes by this circus act is the furthest one they want to convey - Pheu Thai executives are clearly loaded with cash.

Hopefully the red shirts abandoned by them for bail money noticed.

[AleG]

Ah yes, because nothing instills more confidence than seen a bank used as a political football.

[Davidhere]

Pheu Thai core members get booed at GSB bank

-- Thai PBS 2014-02-19

Looks like at least 300 years jail-time in a single picture . By the way did they let the already convicted one, far left in the picture, out of jail for the purpose of depositing his bail money in GSB ?

.

Despite his conviction and subsequently losing his case on appeal last December, Prompong has never been in jail.

.

[smedly]

The can only withdraw the money once, so they can't do this trick again.

In the meantime, lets release the names of those companies donating to the terrorist protesters so the people can take their trade elsewhere and put these fascist enablers out of business

Let's release the books on this Rice Scam to the public so that the Total Thai Population can see where thier money went , !!!

what books do you think they have

Three factors that will stand out

quantity of actual rice in storage - how long does it take to accurately verify and how much did they really pay for it

money that has actually been spent on the none existent rice estimated at over 800b with OVER 130b still owed to farmers

and you wonder why they wanted a 2.2trillion baht off budget loan

do any of you honestly think there are books being kept

[SICHONSTEVE]

The can only withdraw the money once, so they can't do this trick again.

In the meantime, lets release the names of those companies donating to the terrorist protesters so the people can take their trade elsewhere and put these fascist enablers out of business

Let's release the books on this Rice Scam to the public so that the Total Thai Population can see where thier money went , !!!

what books do you think they have

Three factors that will stand out

quantity of actual rice in storage - how long does it take to accurately verify and how much did they really pay for it

money that has actually been spent on the none existent rice estimated at over 800b with OVER 130b still owed to farmers

and you wonder why they wanted a 2.2trillion baht off budget loan

do any of you honestly think there are books being kept

There was - but Kittirat found them and cooked them (in error of course)!!

[smedly]

How can any deposits into the GSB help the farmers, if, as has been stated the loan to the BAAC was to shore up the BAAC liquidity and NOT to pay the farmers ?

Or was it all a lie and the loan (loans, up to 20 billion) was actually to pay the farmers ?

Of course its a lie, when do they EVER tell the truth?

What I can't fathom is why or how this money can help the farmers as the loans to the BAAC have been withdrawn (in full) so the BAAC is not getting any money from the GSB to shore up their liquidity (for that read appease the farmers).

Am I nuts, or does what these politicians are doing make any sense whatsoever?

Confused!! must be Thai logic or something.

since when did the BAAC have a liquidity problem, I'm confused

The way I see this is this loan was direct from the GSB to the government, the money was given to BAAC to simply facilitate the payment process as they are the most familiar with it

There are white lies being told again

[ggold]

How can any deposits into the GSB help the farmers, if, as has been stated the loan to the BAAC was to shore up the BAAC liquidity and NOT to pay the farmers ?

Or was it all a lie and the loan (loans, up to 20 billion) was actually to pay the farmers ?

Of course its a lie, when do they EVER tell the truth?

What I can't fathom is why or how this money can help the farmers as the loans to the BAAC have been withdrawn (in full) so the BAAC is not getting any money from the GSB to shore up their liquidity (for that read appease the farmers).

Am I nuts, or does what these politicians are doing make any sense whatsoever?

Confused!! must be Thai logic or something.

since when did the BAAC have a liquidity problem, I'm confused

The way I see this is this loan was direct from the GSB to the government, the money was given to BAAC to simply facilitate the payment process as they are the most familiar with it

There are white lies being told again

Well you would be wrong! the loan was interbank so the government could claim they weren't the borrowers! The loan supposedly to help with liquidity at BAAC. Quite how they intended on paying it back didn't come into the equation!

[smedly]

it will help, and it got a lot of airplay on no suthep media as well. All helps!!

as will the educated BKK thai elite who were in the background engaging them in intelligent debate.

Peeeppp sayeth the Suthep

peeeeep peeep peeeep peeeeeep !!! sayeth the flock

Since the GSB has cancelled the interbank loan, it can't possibly help. When are you going to rejoin reality?

Sent from somewhere in the Pacific

Sorry it is difficult to grasp.

The pic is of Government people putting money in a bank that WAS trying to help famers until PDRC scuppered it. Pic and vid also clearly showPDRC people whisling, booing and generally trying to prevent the money going to farmers.

might not affect you, but the imagery is spectacularly good for the Government.

this is how things work in the real world, picture paints 1,000 words etc.

I went to open an account this morning. Not a single protester in sight.

It's a northern branch, of course

The protesters really use every single dirty mean to undermine the government and the livelihoods of millions of people.

It's worth opening an account... and show some support and respect to the farmers.

Sent from my HTC One using Thaivisa Connect Thailand mobile app

may I remind you that it was the government that took the rice and didn't/couldn't pay for it, if I walked into Tesco and filled a shopping trolly and got to the checkout only to realise I had no money to pay but proceeded to wheel the trolly out the door - I'd be arrested and locked up

PTP took the rice on the basis they would get a 2.2billion baht off budget loan to pay for it - that is exactly what happened, the only problem was that the loan was not approved

So they took the rice with no means to pay for it, nothing to do with protests, this is all PTP and the people and the farmers know it

[MaxLee]

So now the GSB shows its true colors by really cooperating with the Pheu Thai goonies to set up some more under the table deals...

... more time to panic, more reason to get your money out now...

[bigbamboo]

These would be the same Pheu Thai executives who are supporting the current financial meltdown in Thailand?

Now I don't know about you but on current form I would avoid following their advice like the plague.

[bigbamboo]

Pheu Thai core members get booed at GSB bank

BANGKOK: -- A group of core members of the ruling Pheu Thai party got booed at the Government Savings Bank inside Bangkok Tower branch after they went to deposit cash amounted to three million baht to shore up the bank’s shaken liquidity from bank rush.

The executive members of the party went to open deposit accounts after they reached a decision to help the bank by opening deposit accounts.

The party’s advisor Somchai Wongsawat said the meeting of the party members agreed to request all its members to help deposit their money at the bank and also to encourage the people to put their money in the bank to help farmers to compensate the 30 billion baht cash which depositors withdrew yesterday.

The party was concerned that the bank rush to withdraw cash would affect the bank’s liquidity.

Coming to open bank accounts included Bhokin Polakul, Charupong Ruangsuwan, Sompong Amornvivat, Prompong Nopparit, Worawat Uah-apinyakul, Ruangkrai Leekitwatana, and Kanit Bunsuwan.

A total of 10 accounts with 3 million baht in cash were deposited.

During the opening of bank accounts by the Pheu Thai party’s executives, news was quickly spread, prompting many people to get angry and came with whistles to blow and shout at them in front of the tower building.

However, there was no violence and all Pheu Thai members then left under the protection of their guards.

Source: http://englishnews.thaipbs.or.th/pheu-thai-core-members-get-booed-gsb-bank/

-- Thai PBS 2014-02-19

Now if only Thaksin had showed up and deposited that 30 billion he had returned to him PT really would have had a story.....!!!

Edited February 19, 2014 by bigbamboo