BAAC workers' union disagrees with political sector’s call to double Rice Farmer Fund to 40 billion baht



BANGKOK, 14 May 2014 (NNT) – The Bank for Agriculture and Agricultural Cooperatives (BAAC)’s state enterprise union and employee association have expressed their disagreement with a call by the political sector to double the Rice Farmer Fund to 40 billion baht, as they cast doubts over the Commerce Ministry’s ability to sell stockpiled rice in time before the year’s end.

Both workers’ associations claimed that should the Ministry fail to settle the loan owed to the Finance Ministry within the deadline, the BAAC customers would lose confidence in the BAAC.

They also disagree with the idea of hiking the benchmark rate, viewing that the BAAC would be responsible for the burden ensued from the move if the Commerce Ministry is unable to honor the loan deal.

The two agencies also pointed out that the Rice Farmers Fund had been expanding, though at a slow rate.

The Local Administrative Organization’s contribution to the fund has failed to meet the target.

More than 80% of the Rice Farmers Fund comprises customers’ donations, savings, and village funds, the groups claimed, saying the majority of the fund’s supporters aim to raise a little income from the fund’s interest which yields 0.63% in return.

-- NNT 2014-05-14

Thaisinomics, let's double what we don't have.

Is your calculator working Somchai ?

Oh my brain hurts

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Thaisinomics, let's double what we don't have.

Is your calculator working Somchai ?

Oh my brain hurts

Meanwhile the good Thai people who have made deposits in this bank over decades, in retirement accounts, believed it was a good long-term investment for their retirement.

Seems nothing escaped the pt quest for greed.

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Thaisinomics, let's double what we don't have.

Is your calculator working Somchai ?

Oh my brain hurts

Meanwhile the good Thai people who have made deposits in this bank over decades, in retirement accounts, believed it was a good long-term investment for their retirement, now watch in horror.

Seems nothing escapes pt greed.

How much money has been set aside for the good farmers in the south?

They certainly had the funds to build their new HQ... I'd love to see the environmental impact report on this one, or any other tower built in Thailand.

Perhaps it isn't a bad idea to let PTP double the fund.....as soon as they show they can pay for the last election.

In the mean time the BAAC has this 700++ billion nonrevolving fund guaranteed by the Yingluck administration. It would seem that sales of the rice mountain only very slowly gives the money to pay remaining debts to others and repay 20 billion from the Emergency Funds. That means slowly the non-revolving fund is growing as even interest seems not to be paid by the government.

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Thaisinomics, let's double what we don't have.

Is your calculator working Somchai ?

Oh my brain hurts

Meanwhile the good Thai people who have made deposits in this bank over decades, in retirement accounts, believed it was a good long-term investment for their retirement.

Seems nothing escaped the pt quest for greed.

<1% when inflation must exceed 5% IMHO. Makes sense, huh?

The whole concept is sickening: buy something expensive, let it degrade and perish and let government folks handle its "sale" at what, 1/3 the purchase price?

All with money the country doesn't have...

How much money has been set aside for the good farmers in the south?

Suthep is having a collection in Bangkok this very moment.

Sent from my iPad using Thaivisa Connect Thailand

scorecard post # 3

Meanwhile the good Thai people who have made deposits in this bank over decades, in retirement accounts, believed it was a good long-term investment for their retirement.

Seems nothing escaped the pt quest for greed.

In reality it is a P.T.P. refinement of Robert Maxwell's plundering of the Mirror Group pension fund which destroyed the retirement plans of the employees who had paid their dues and lost it all

scorecard post # 3

Meanwhile the good Thai people who have made deposits in this bank over decades, in retirement accounts, believed it was a good long-term investment for their retirement.

Seems nothing escaped the pt quest for greed.

In reality it is a P.T.P. refinement of Robert Maxwell's plundering of the Mirror Group pension fund which destroyed the retirement plans of the employees who had paid their dues and lost it all

That's a very good comparison. Left to their own devices PTP would plunder an increasingly large % as their greed and belief they are untouchable fuel one another.

A few years of a Shin dynastic dictatorship would have the same effect as Maxwell only for a whole country and several generations (apart from the clan and its cronies of course).

Double or quits. Thaksin's favourite strategy.