PDMO to quickly find banks willing to give loans to fund Thai rice pledging scheme

[webfact]

PDMO to quickly find banks willing to give loans to fund rice pledging scheme

BANGKOK, 21 May 2014, (NNT) -The Public Debt Management Office (PDMO) has said it is currently searching for financial institutions willing to give loans to fund the rice pledging program.

Director of the Office, Jularat Suthethorn, said that the names of commercial banks interested in making loans to the Office would be made public at a later date, for fears of possible backlash from their customers and employees.

According to her, the loans would be divided into 2 parts, one to pay for the pending 100 billion baht owed to farmers who already pledged their stocks, and the other to pay for the scheme’s other debts, which is part of the program’s debt management that had been approved by the administration before it dissolved the Lower House.

The 100 billion baht worth of the older debts has already been paid, said the director, adding that the remaining debts of 20 billion baht will be paid as soon as the loan has been approved.


-- NNT 2014-05-21

[khwaibah]

Just had a want-to-be coup and whats remains of a Thai government continues to spread BS to the farmers.

[Civil War]

The 100 billion baht worth of the older debts has already been paid, said the director, adding that the remaining debts of 20 billion baht will be paid as soon as the loan has been approved.

The army should also issue a decree banning blatant lying to the public, or breaking the constitution by loaning money that has to be paid back by another government without EC permission... But most importantly, STOP LYING!!

We all know there is more than 20 Bn of debts left.

Edited May 21, 2014 by Civil War

[BigRick]

To bad this stuff is such a pain to get into another country I would love to send a container back to the states at these prices the margin of profit would be huge on the premium brands. Thailand still produces some of the highest quality rice in the world. We have been enjoying all the expensive stuff now that it is not so expensive.

[Langsuan Man]

Really this crap is still going on. Last report about a month ago was that the farmers had all been paid, now they are going around again with their hat in hand begging for money that was supposed to be paid already

And can we really trust this newest 20 million baht figure.

These periodic announcements make the Malaysian Government's reports on the missing plane look like gospel

[givenall]

Just had a want-to-be coup and whats remains of a Thai government continues to spread BS to the farmers.

What government, no one In charge for past 7 month and I am still not sure anyone is in charge, they just have bigger guns

Edited May 21, 2014 by givenall

[Robby nz]

The 100 billion baht worth of the older debts has already been paid, said the director, adding that the remaining debts of 20 billion baht will be paid as soon as the loan has been approved.

The army should also issue a decree banning blatant lying to the public, or breaking the constitution by loaning money that has to be paid back by another government without EC permission... But most importantly, STOP LYING!!

We all know there is more than 20 Bn of debts left.

Read again.

The 20 billion is OTHER debts not what is owed to the farmers.

Just what that consists of who knows but it could be things like :

rent of warehouse space,

cost of milling,

cost of transport,

fee of BAAC for handling the farmers payment.

commission to those auctioning the rice

commission to everyone else.

This is something that hasent been mentioned before but is obviously all part of the cost of running the scheme.

The OP says 100 billion of these costs have already been paid but there is no indication of what period of the scheme this covers.

It could well be the costs of just the last 6 months since the house was dissolved.

[Now or Never]

The military should shut down the rice pledging scam immediately

[Thaiisnotrequired]

"According to her, the loans would be divided into 2 parts, one to pay for the pending 100 billion baht owed to farmers who already pledged their stocks, and the other to pay for the scheme’s other debts, which is part of the program’s debt management that had been approved by the administration before it dissolved the Lower House."

I'd be very careful of the latter statement I placed in italics.

That is a fluffy rocket waiting with jets burning, and will explode any bank ready to offer finance. Another dimwitted new person arrives on the scene. What's new?

[Thaiisnotrequired]

The military should shut down the rice pledging scam immediately

It doesn't have the 'poweeer'...

[Robby nz]

Have a read in the other paper in the business section story "losses could hit 500 billion"

It would seem that Supas' replacements also know the truth.

[Bangmod]

So, liar, liar pants on fire.

Earlier they told the farmers were mostly paid, now they come up with a different story.

Army step in and help the farmers......

[rubl]

So, in the OP we have

"one to pay for the pending 100 billion baht owed to farmers who already pledged their stocks"

and

"The 100 billion baht worth of the older debts has already been paid,"

I wonder how to relate this with the 130 billion Baht the caretaker Yingluck government tried to borrow in December, the 20 billion borrowed from the Central Funds, or the 'billions' earned from the sale of rice stock?

[monkeycountry]

"Director of the Office, Jularat Suthethorn, said that the names of commercial banks interested in making loans to the Office would be made public at a later date, for fears of possible backlash from their customers and employees."

Perhaps they should add "shareholders" to that sentence.

I assume "a later date" means after the loan has been granted, so it is too late for any of the above mentioned groups to complain? I can understand why the government wants to drag everyone down with it, but I really hope the bank directors involved feel more responsible to their shareholders than to the government. Unfortunately in a few cases, the government is a major shareholder. Even so, I assume that the SEC has rules regarding bank directors and board members keeping secrets from their shareholders?

Either way, I hope once the employees find out that their bank is involved, which they will eventually, that they group up with the customers and request the entire bank board of directors replaced.

Edited May 21, 2014 by monkeycountry

[Baerboxer]

So, liar, liar pants on fire.

Earlier they told the farmers were mostly paid, now they come up with a different story.

Army step in and help the farmers......

Interesting. Now there is martial law maybe the real facts will leak out. Could that be why there are news reports of certain family members and ex government members relocating to near the border?

[rubl]

"Director of the Office, Jularat Suthethorn, said that the names of commercial banks interested in making loans to the Office would be made public at a later date, for fears of possible backlash from their customers and employees."

Perhaps they should add "shareholders" to that sentence.

I assume "a later date" means after the loan has been granted, so it is too late for any of the above mentioned groups to complain? I can understand why the government wants to drag everyone down with it, but I really hope the bank directors involved feel more responsible to their shareholders than to the government. Unfortunately in a few cases, the government is a major shareholder. Even so, I assume that the SEC has rules regarding bank directors and board members keeping secrets from their shareholders?

Either way, I hope once the employees find out that their bank is involved, which they will eventually, that they group up with the customers and request the entire bank board of directors replaced.

The ways things were going I would assume also the names of the commercial banks not interested would be withheld for fear of a possible backlash from those disagreeing with commercial banks being reluctant to lose money..

[Ulic]

The bank loan search story is getting really, really, old.

[tim armstrong]

Why should the banks lend money to a government that is not in government knowing that they have 'lost' the original funds. Mind you its small compared to the 1 trillion $US the US Treasury lost a few years ago.