More than 105 billion baht withdrawn from GSB accounts in 4 days

[webfact]

More than 105 billion baht withdrawn from GSB accounts in 4 days

BANGKOK, 21 February 2014 (NNT) – A total of nearly 105 billion baht was withdrawn from Government Savings Bank accounts between Feb 17-20.

The Government Savings Bank (GSB) has made known that its customers had been withdrawing money from their accounts since Monday. During the period Feb 17-20, only 44.8 billion baht was deposited into GSB accounts where as 105.7 billion baht was withdrawn.

The bank’s money outflow improved on Thursday February 20th as the gap between cash deposits and withdrawals was not as high as on the three previous days, representing a difference of 1.7 billion baht.

The largest amount of money withdrawn in one single day was on Tuesday, recorded at 38 billion baht.

The bank’s rapid outflow was triggered by its decision to lend money to the Bank for Agriculture and Agricultural Cooperatives (BAAC). The GSB later suspended the lending after suffering massive account closures and withdrawals.

-- NNT 2014-02-21

[ggold]

Where's kikoman, he claimed to have actually been paying money into GSB and icommunity who said we should also pay money into GSB, wonder what they have to say now?

[Katipo]

So a difference of approx -60 Billion Baht, or -2 Billion US$. That's a lot of cash.

[tonytigerbkk]

So a difference of approx -60 Billion Baht, or -2 Billion US$. That's a lot of cash.

Not really, Thaksin can steal that much on a weekend.

[TVGerry]

It goes to show how little faith people have on this soon to be deposed government's ability to cover their debts and obligations.

The idiot that approved the loan, good luck getting a new job. Oh wait, I see PTP party list MP in your future! Never mind.

[Scamper]

The irony is that in a couple of days, the 130 billion baht mark will be reached. The same money Pheu Thai wanted is now being withdrawn by the people. GBS is very close to collapse if this continues much longer. This company has been around for a hundred years. But Kittirat's gambit has managed to bring it to the brink of closure in less than a week.

[Prbkk]

The irony is that in a couple of days, the 130 billion baht mark will be reached. The same money Pheu Thai wanted is now being withdrawn by the people. GBS is very close to collapse if this continues much longer. This company has been around for a hundred years. But Kittirat's gambit has managed to bring it to the brink of closure in less than a week.

You are becoming more hysterical by the day. Closure? Absolute nonsense. Evil scaremongering and shameful

Edited February 21, 2014 by Prbkk

[ourmanflint]

Anybody know what this means as a percentage of GSB holdings? $3 Billion is an awful lot of money to lose in a couple of days.

[Sheryl]

posts insulting/baiting other TV members have been removed.

[pookiki]

The irony is that in a couple of days, the 130 billion baht mark will be reached. The same money Pheu Thai wanted is now being withdrawn by the people. GBS is very close to collapse if this continues much longer. This company has been around for a hundred years. But Kittirat's gambit has managed to bring it to the brink of closure in less than a week.

Well, look on the bright side. Suthep can have a parade and ask for donations and there will be enough money to pay off the rice farmers! He does want to help, right? BTW, what happened to the promised transparency in donations to the PDRC? Anyone issued a financial statement?

As an aside, I think it is hyperbole to say that the bank is near collapse.

[BlueNoseCodger]

Anybody know what this means as a percentage of GSB holdings? $3 Billion is an awful lot of money to lose in a couple of days.

GSB is state owned. $3 billion is symbolic more than anything.

They really really don't want the farmers to have money do they! I doubt small lines like the one in the photo are the real draw in money, that is corporate and rich Bangkok elite money being drawn out there.

[ggold]

Anybody know what this means as a percentage of GSB holdings? $3 Billion is an awful lot of money to lose in a couple of days.

GSB is state owned. $3 billion is symbolic more than anything.

They really really don't want the farmers to have money do they! I doubt small lines like the one in the photo are the real draw in money, that is corporate and rich Bangkok elite money being drawn out there.

$3 billion is symbolic more than anything

Symbolic of a failed governments attempt at getting money they don't have

[AlphMichaels]

As stated in a prior post today...., at the end of the day..., it is all about the money and not so much the politics.

Thailand has been flooded with cash from foreign interests over the last two+ years. The reason? Central government banks love to go after "riskier investments". Those in control..., here and elsewhere..., don't want to see a strong baht because investments in would dwindle. And those making withdrawals? May not be as bad as one would think. If it's out of the banks there's a strong chance it will end up spent and into the economy.

As ridiculous as it sounds this is what happens.

Edited February 21, 2014 by AlphMichaels

[Suriya4]

It's not me. I only close my account which only have 20,000 Baht in it.

[TVGerry]

Anybody know what this means as a percentage of GSB holdings? $3 Billion is an awful lot of money to lose in a couple of days.

GSB is state owned. $3 billion is symbolic more than anything.

They really really don't want the farmers to have money do they! I doubt small lines like the one in the photo are the real draw in money, that is corporate and rich Bangkok elite money being drawn out there.

LOL 3 billion is 'symbolic'. So symbolic that the government had to practically beg and borrow for the 4 billion to pay the farmers.

While I'm pretty sure the rich have withdrawn the money, have you seen the pictures of the tons of 'normal' people doing the bank run? So much so, they had to limit the cash going out to 10,000 baht per account.

It's pretty amusing that even up to now, there are fools out there who still want to blame the 'elite' for the crap that's happening. How about the people who just don't trust a bank that's foolish enough to lend money to a government that can't seem to settle its debts and obligations?

Edited February 21, 2014 by TVGerry

[crobe]

So a difference of approx -60 Billion Baht, or -2 Billion US$. That's a lot of cash.

GSBs liquidity (reserves that it can call in) is quoted around 200Bn baht, so this represents just under a third.

Cause for concern but probably no action as yet, but if the outflows hit 120-150Bn then action would have to be taken to shore up the banks capital.

It is not certain that the government in caretaker mode has the authority to a bailout, but the BoT probably has

Nevertheless it might be one more headache for any new administration to solve.

[BlueNoseCodger]

Anybody know what this means as a percentage of GSB holdings? $3 Billion is an awful lot of money to lose in a couple of days.

GSB is state owned. $3 billion is symbolic more than anything.

They really really don't want the farmers to have money do they! I doubt small lines like the one in the photo are the real draw in money, that is corporate and rich Bangkok elite money being drawn out there.

LOL 3 billion is 'symbolic'. So symbolic that the government had to practically beg and borrow for the 4 billion to pay the farmers.

While I'm pretty sure the rich have withdrawn the money, have you seen the pictures of the tons of 'normal' people doing the bank run? So much so, they had to limit the case going out to 10,000 baht.

It's pretty amusing that even up to now, there are fools out there who still want to blame the 'elite' for the crap that's happening. How about the people who just don't trust a bank that's foolish enough to lend money to a government that can't seem to settle its debts and obligations?

105 billion baht at 10,000 baht cash per person means 10.5 million people withdrew money. Which is physically impossible.

So yeh, it was the rich elite money going out in big chunks not little people and their 10k baht cash at the counter withdrawals.

As to $3 billion being symbolic more than anything, GSB assets are the bank leverage rate times the government assets, not their expenditure.

So it is symbolic not material.

Edited February 21, 2014 by BlueNoseCodger

[moonao]

GSB is fine.

When are they going to release the list of companies financially supporting the anti democratic protesters ?

Millions of Thais are waiting to put these companies out of business.

[TVGerry]

GSB is fine.

When are they going to release the list of companies financially supporting the anti democratic protesters ?

Millions of Thais are waiting to put these companies out of business.

LOL! Release it then! I mean really, why don't they just do it?

Chalerm and the DSI have been threatening to do that for weeks now. They don't seem to have the stones to carry out the threat for all their big talk and hot air!

[Why ask]

Quote: "The largest amount of money withdrawn in one single day was on Tuesday, recorded at 38 billion baht."

and that was by a little boy who attends Harrow school.

[kaldoverde]

As stated in a prior post today...., at the end of the day..., it is all about the money and not so much the politics.

Thailand has been flooded with cash from foreign interests over the last two+ years. The reason? Central government banks love to go after "riskier investments". Those in control..., here and elsewhere..., don't want to see a strong baht because investments in would dwindle. And those making withdrawals? May not be as bad as one would think. If it's out of the banks there's a strong chance it will end up spent and into the economy.

As ridiculous as it sounds this is what happens.

I think you may be underestimating the power of gold as a store of value in Thai culture. I think it's more likely that people will withdraw cash and start hoarding gold rather than spend it. We're likely to see empty gold shops again in the near future if they start a run on banks.

[BlueNoseCodger]

GSB is fine.

When are they going to release the list of companies financially supporting the anti democratic protesters ?

Millions of Thais are waiting to put these companies out of business.

LOL! Release it then! I mean really, why don't they just do it?

Chalerm and the DSI have been threatening to do that for weeks now. They don't seem to have the stones to carry out the threat for all their big talk and hot air!

Thirded, release it. The few names I've seen leaked didn't complain. The world didn't end because they were named. Lets have them all!

[belg]

i was with kasikorn for many many years... this year, the max intrest was 2.55% locked for 2 years... i withdrew everything except 100k, moved it all to a bank that gave me 3.5%

no regrets, i hope ... touching wood, but that is something i do many times per day

5555555555555

[GentlemanJim]

So a difference of approx -60 Billion Baht, or -2 Billion US$. That's a lot of cash.

But I am sure you know that under the fractional banking system which all central banks in the world operate, that $ 2 billion dollars cash is worth $20-50 billion dollars to the bank in debt that can be created in the form of fictitious loans and mortgages.

[TVGerry]

Anybody know what this means as a percentage of GSB holdings? $3 Billion is an awful lot of money to lose in a couple of days.

GSB is state owned. $3 billion is symbolic more than anything.

They really really don't want the farmers to have money do they! I doubt small lines like the one in the photo are the real draw in money, that is corporate and rich Bangkok elite money being drawn out there.

LOL 3 billion is 'symbolic'. So symbolic that the government had to practically beg and borrow for the 4 billion to pay the farmers.

While I'm pretty sure the rich have withdrawn the money, have you seen the pictures of the tons of 'normal' people doing the bank run? So much so, they had to limit the case going out to 10,000 baht.

It's pretty amusing that even up to now, there are fools out there who still want to blame the 'elite' for the crap that's happening. How about the people who just don't trust a bank that's foolish enough to lend money to a government that can't seem to settle its debts and obligations?

105 billion baht at 10,000 baht cash per person means 10.5 million people withdrew money. Which is physically impossible.

So yeh, it was the rich elite money going out in big chunks not little people and their 10k baht cash at the counter withdrawals.

As to $3 billion being symbolic more than anything, GSB assets are the bank leverage rate times the government assets, not their expenditure.

So it is symbolic not material.

Oh son, think outside the box! I said they could only give out 10,000 baht cash per person because the branches didn't have enough cash at hand. Those who withdrew more were given bank drafts.

Oh 3 billion is symbolic because government has so much more in assets! And that's the problem with this government and people with your kind of thinking. Let's waste the money because 3 billion is nothing when the country has so much more!

[Why ask]

SC Assett...opened today at B 3.04, now 3.10 ...WOW

SC Asset actually opened at 3:14 today.

Oh, gee...it lost 2 satang in the last 30 minutes of trade....the sky is falling in....

Have a look at the chart....someone bought an awful lot of stock in this company around the 10th Feb...and pushed the price up significantly. then dumped it on the 18th. Now back to where it was on the 10th.

Who could have done that and for what reason? I'jm sure SEC should have a look.

EC were reviewing the government's assessment on 11th, after the dissolve 2nd. Who moved before 11th on the 10th? Suck that!

[marstons]

So a difference of approx -60 Billion Baht, or -2 Billion US$. That's a lot of cash.

Not really, Thaksin can steal that much on a weekend.

Suthep could match him with a few more thousand rai of channots titles on national park land in Phuket, easy peasy no more rice pledge problems.

[culicine]

GSB is fine.

When are they going to release the list of companies financially supporting the anti democratic protesters ?

Millions of Thais are waiting to put these companies out of business.

LOL! Release it then! I mean really, why don't they just do it?

Chalerm and the DSI have been threatening to do that for weeks now. They don't seem to have the stones to carry out the threat for all their big talk and hot air!

Chalerms is gonna try and put alcoholic beverage companies out of business? Ain't gonna happen....and the millions of isan drinkers wouldn't like it either

[rogerdee123]

Anybody know what this means as a percentage of GSB holdings? $3 Billion is an awful lot of money to lose in a couple of days.

GSB is state owned. $3 billion is symbolic more than anything.

They really really don't want the farmers to have money do they! I doubt small lines like the one in the photo are the real draw in money, that is corporate and rich Bangkok elite money being drawn out there.

LOL 3 billion is 'symbolic'. So symbolic that the government had to practically beg and borrow for the 4 billion to pay the farmers.

While I'm pretty sure the rich have withdrawn the money, have you seen the pictures of the tons of 'normal' people doing the bank run? So much so, they had to limit the case going out to 10,000 baht.

It's pretty amusing that even up to now, there are fools out there who still want to blame the 'elite' for the crap that's happening. How about the people who just don't trust a bank that's foolish enough to lend money to a government that can't seem to settle its debts and obligations?

105 billion baht at 10,000 baht cash per person means 10.5 million people withdrew money. Which is physically impossible.

So yeh, it was the rich elite money going out in big chunks not little people and their 10k baht cash at the counter withdrawals.

As to $3 billion being symbolic more than anything, GSB assets are the bank leverage rate times the government assets, not their expenditure.

So it is symbolic not material.

$ 3 billion is $3 billon ... or 3000 x $1 million ...... or about 1500 baht for every man, woman and child in Thailand ........ if that's "symbolic" .... what kind or amount of money is reality in your eyes?

[Why ask]

http://www.youtube.com/watch?v=fTzXJMU1sLc

Transcript:

And in 2013 there was a marriage in Cambodia, and it came to pass that all the wine was drunk (Chalerm was at the party!)

The pappy of marionette said they have no more wine, and Pu said to her servants, Kittitwat and Somchapotfiller, go fill GSB with our money, and they did so.

And when the steward of the pots, (K. T.) it had indeed become wine.

And they all knew whence it had not become (as they chewed on bags of rice)

The servants (henchmen) did know, and applauded loudly in parliament, as they hit 4am with gep-tang.

They said unto her, we know /.. excellent.. no way to get caught .

And enquired: do you do children's tablets?

The servants asked for another one... whence became "2.2Billion for a Chinese investment in infrastructure."

Yet there was a carrot. Rice farmers, we'll pay you. But all around kne it was a carrot: WMF, UN,,,,, etc.

No need for much more.... it's perfectly clear

Edited February 21, 2014 by Why ask