More than 105 billion baht withdrawn from GSB accounts in 4 days

[BlueNoseCodger]

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While I'm pretty sure the rich have withdrawn the money, have you seen the pictures of the tons of 'normal' people doing the bank run?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?

I said material not reality as you put it. The point about symbolic vs material, is that a material withdrawal affects a banks stability, whereas a symbolic withdrawal affects its image. GSB is state owned, so backed by the assets of the Thai government.

3000 * $1 million? It's probably more like 50 companies moving their cash-in-hand amounts. Individuals don't need to keep cash in a bank account, it serves no purpose to hold assets as cash in the bank and it's inefficient. Companies on the other hand hold their working capital in cash and that's a lot of cash.

I'm hoping they'll now release the names of the companies involved in Suthep's coup attempt so I can avoid them, and I'm expecting those companies were the ones moving the big money amounts.

[simple1]

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.

In 2012 GSB had a total of 1.53 trillion baht in deposits. On Monday when 30 billion baht was withdrawn it represented 1.6 percent of deposits held by the bank. BOT policy is banks must hold 6 percent in cash reserves (if that's the correct term) whereas it was reported GSB holds 20 percent.

Edited February 21, 2014 by simple1

[beautifulthailand99]

When I enquired with my missus as to the SCB guarantee (which used to be 1 mill baht) we were told that that no longer applied and there was no government guarantees on bank deposits. That set the alarm bells ringing a couple of months ago - it's all about trust and if that goes systemically then a la Cyprus a lot of folk get burned but at least in Cyprus it was those with over a 100,000 Euros that got rinsed. Used to follow the ins and outs of all this a few years back waiting for what seemed an imminent collapse to come and as it never happened and life's too short turned my attention elsewhere. That said I told the missus not to deposit anymore in Thailand for the time being as a precautionary measure. If Yingluck has broken this place as some suggest she has and Thailand gets hammered in the international markets then we may be in for a hell of a ride financially that will make the current upsets pale into insignificance.

I would say Thailand is a cautious hold or sell at the moment and certainly not a buy except for the bravest of hearts.

[SOTIRIOS]

....more money disappearing.......or what..???

....I hope someone is keeping tabs.....

...or will we have a bank closure next.....

[aimbc]

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.

How do you figured that? The nation has already gave the farmers 780 billion baht. And that more than any one prgram should take from public funds. There are many other needy citizens out there. What they don't want is money going to greedy corrupt polticians hands. Which is where most of the money is, I am sure of it. But the bottom line is that they should not borrow more to cover up the government's crime. Where in a functioning democracy can the government that stole from the people ask the people to support their crime.

[diehard60]

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.

So can suthep or for that matter any politician in the world, so dont just single out thaksin OK?

[zydeco]

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

How many shares on the last trade? Which direction. I know nothing about the Thai stock market, other than I wouldn't touch it with a ten foot pole. But in the US market makers manipulate stocks at the close and open all the time. If this stock is in trouble, I would be putting in a market order to sell in pre-trading--if they have that, here. What are options saying on the stock--if they trade on it.

[JesseFrank]

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.

Why you keep insisting on distributing red propaganda ?

SC Asset lost almost 2% from yesterday, of course as you can only invest 1 Baht with your English teacher salary that translates to 2 Satang, but is nevertheless 2% loss.

Furthermore SC Asset lost 45.7% of it shareprice over the last 12 months.

[hansnl]

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

Anyone know why AIS is targeted? As far as I know Thaksin has not had any shares in the company for many years. Suthep said himself in his "boycott AIS" speech, that Thaksin had sold all his shares long ago? Just curious.

Between selling shares on the market and "selling" shares to a "friend" there is a huge difference.

[almafudd]

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.

Money is money is money ... really doesn't matter who is withdrawing. Once GSB haven't got the cash to pay people withdrawing they are history!

[Mosha]

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.

Er indoors translating from the TV. Any one drawing more than 10K was given a cheque.

[bluie3]

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

I agree, evil evil scaremongering.

How are southern, poor Thai, able to withdraw such an amount? It seems they are really RICH - just an illusion as to being poor and why do they want the Thai farmers to not have the money owing to them? They hate the northern and the north eastern people so much they want them to suffer in sickening ways. Every step the government takes to get the money to those suffering they are blocked by the Father of Lies and Deceit. Who is this incarnation of evil intent - non other than the corrupt, bankrupt ((according to the assets and liabilities declared as a politician)) murderer - another DECISIVE day passed on Wednesday and where were the millions? another no-show!!!

How will it end for Thailand? Will the invisible hand reveal itself? Can millions and millions of ordinary, lovely people resume life - families eating, working, educating, sharing together again? Can the elites go to their homes and be a parent again? Free food, water, entertainment, money doesn't send a good message to these people who seem to be enraged over what????? just an illness of obsession with a Thai family - TS

Get a life and I look in a mirror when I say this. I LOVE THAILAND

[RickBradford]

Individuals don't need to keep cash in a bank account, it serves no purpose to hold assets as cash in the bank and it's inefficient.

Maybe the majority of Thai farmers don't have your keen grasp of financial affairs, and were happy to use GSB as an alternative to keeping their hard-earned money under the mattress.

Plenty of them in my local market town have announced they have taken their money out, causing others to follow suit, and I'd be surprised if any of them had more than 100K baht to their name.

[almafudd]

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

[almafudd]

I said material not reality as you put it. The point about symbolic vs material, is that a material withdrawal affects a banks stability, whereas a symbolic withdrawal affects its image. GSB is state owned, so backed by the assets of the Thai government.

3000 * $1 million? It's probably more like 50 companies moving their cash-in-hand amounts. Individuals don't need to keep cash in a bank account, it serves no purpose to hold assets as cash in the bank and it's inefficient. Companies on the other hand hold their working capital in cash and that's a lot of cash.

I'm hoping they'll now release the names of the companies involved in Suthep's coup attempt so I can avoid them, and I'm expecting those companies were the ones moving the big money amounts.

I'm sorry what gives you the impression that GSB is backed by state assets - it is owned by the Government but run TOTALLY independently from the Government. It has it's own board who operate the bank as they see fit. The Government DOES NOT run this bank and the bank can't sell Government assets to cover debits / cash shortfalls!

God you speak alot of crap...

[Mudcrab]

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.

What about a 2.2 trillion baht loan . Nothing symbolic about that - now we're playing with the big boys

[Mudcrab]

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

I agree, evil evil scaremongering.

How are southern, poor Thai, able to withdraw such an amount? It seems they are really RICH - just an illusion as to being poor and why do they want the Thai farmers to not have the money owing to them? They hate the northern and the north eastern people so much they want them to suffer in sickening ways. Every step the government takes to get the money to those suffering they are blocked by the Father of Lies and Deceit. Who is this incarnation of evil intent - non other than the corrupt, bankrupt ((according to the assets and liabilities declared as a politician)) murderer - another DECISIVE day passed on Wednesday and where were the millions? another no-show!!!

How will it end for Thailand? Will the invisible hand reveal itself? Can millions and millions of ordinary, lovely people resume life - families eating, working, educating, sharing together again? Can the elites go to their homes and be a parent again? Free food, water, entertainment, money doesn't send a good message to these people who seem to be enraged over what????? just an illness of obsession with a Thai family - TS

Get a life and I look in a mirror when I say this. I LOVE THAILAND

Err yes mate...keep taking the pills...we all love you...we really do.

[ramrod711]

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.

Elite or not, would you leave your money in a bank that has a policy you don't agree with? I won't even shop in a store that has policies i don't like.

[Baerboxer]

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.

You actually believe that the rich elite and corporations would chose the GSB as a bank to invest in the first place? Evidence, links please.

[looping]

Another fine mess!

Sent from my iPad using Thaivisa Connect Thailand mobile app

[AleG]

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.

You actually believe that the rich elite and corporations would chose the GSB as a bank to invest in the first place? Evidence, links please.

You may just as well ask Dracula to fetch you a glass of holy water....

[thailandbeachisland]

Are these people stupid to withdraw ? What is the risk with this bank ?

[Gweiloman]

Are these people stupid to withdraw ? What is the risk with this bank ?

Depends on their reasons for the withdrawal. If they are withdrawing as a sign of protest against the bank for lending money to BAAC, that's well within their rights and understandable. If they are withdrawing because they think the bank might go under, they are just being uninformed and ignorant.

The risk with this bank is for all intents and purposes, zero.

[casualbiker]

Are these people stupid to withdraw ? What is the risk with this bank ?

Depends on their reasons for the withdrawal. If they are withdrawing as a sign of protest against the bank for lending money to BAAC, that's well within their rights and understandable. If they are withdrawing because they think the bank might go under, they are just being uninformed and ignorant.

The risk with this bank is for all intents and purposes, zero.

Why zero?

Sent from my XT1032 using Thaivisa Connect Thailand mobile app

[Khonper]

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.

That goes for Suthep too

[englishoak]

"sigh" GSB has a long history,What is sad is this bank is sound and depositors have no reason to worry, luckily its not going anywhere with whats happened this week. 60B net drop is a fair amount but its not anywhere near enough to take it down...

Lets hope not as its not really got anything to do with the issues here its just a bank doing what it was asked to and a solid respected one at that.

[rametindallas]

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.

If this government can destroy the World's best/biggest rice industry in two years, destroying a single bank is child's play for them. Everything they have touched so far has turned to <deleted>.

[rametindallas]

Are these people stupid to withdraw ? What is the risk with this bank ?

It seems the money was withdrawn to show disapproval of the loan to the BAAC to be used to pay farmers. Those who withdrew the money want the government to fail so the bleeding of the Rice Scheme can stop. Yes, there is a lot of pain for the farmers, but that is already going to happen soon or later.

[Red Snake]

At least those who still have accounts at the banks will have less time waiting on line for service.

[thailandbeachisland]

Are these people stupid to withdraw ? What is the risk with this bank ?

Depends on their reasons for the withdrawal. If they are withdrawing as a sign of protest against the bank for lending money to BAAC, that's well within their rights and understandable. If they are withdrawing because they think the bank might go under, they are just being uninformed and ignorant.

The risk with this bank is for all intents and purposes, zero.

Thank you, I feel safer, but still I guess that I will prefer to spend for some luxuries again and not let the banks use my money by any way :-)

Is it easy to open a bank account somewhere more quiet as Singapore ? Can I just go there with a Thai bank cashier check and open an account ? Maybe some minimum amount to make sure that they won't deny ? If it is too complicated I guess that I will prefer to spend.