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I have seen comments in several posts in TV about “banks aren't guaranteeing deposits in excess of 1 million baht”

 

can someone explain or provide more information regarding this statement?

 

thanks for clarification 

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http://www.dpa.or.th/en/articles/view/protection-limit

Anyone keeping large sums of money in Thailand is nothing short of an idiot.

I believe this has been delayed.   It's deposit insurance. If they go bankrupt then you get a maximum of 1 million Baht back via the insurance scheme.   If you have a balance of 10

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1 hour ago, ukrules said:

Why have they been reducing this coverage in stages over the years is the real question here......?

YES!

 

Why would they reduce the protection coverage for foreign investors in Thai banks...? 

 

 

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7 hours ago, ukrules said:

I believe this has been delayed.

 

It's deposit insurance. If they go bankrupt then you get a maximum of 1 million Baht back via the insurance scheme.

 

If you have a balance of 10 million then you get 1 million, it's as simple as that.

 

Why have they been reducing this coverage in stages over the years is the real question here......?

Not much of a question, really

 

I went a few rounds with one of the broke <deleted> e-begging Youtubers over this a couple of years ago:

 

It all boils down to the strength of the country's banking system - strong banking systems, such as the U.S., in conjunctions with their central banks, will do what is necessary to ensure that their depositors and other market participants don't lose faith in the markets and that they continue to participate, with most knowing that their assets are ultimately safe if they don't make bone-headed plays

 

If that means setting the amount of FDIC deposit insurance above the usual USD 250K (about THB 7.9 million) to no limit, as was done in the wake of the 2008 instability, then it will be done; as well, if it means making a market in securities when other primary market makers can't or won't (such as was done earlier this year in U.S. Treasuries market when the Wu-Flu Panic grabbed too many people by the short-and-curlies), it will be done

 

The end result is that (much) sooner, as in the case of the Wu-Flu Panic, in which their were no financial system structural distortions to eliminate, or later, as in the case of the 2008 instability in which structural distortions had to be eliminated, the markets right themselves, some folks make money and some folks lose money, and life goes on

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5 hours ago, VBF said:

Presumably, it's 1 mil per institution ie 1 mil with SCB + 1 mil with Kasikorn etc.? If so possible to mitigate some risk that way.

 

Sorry for Thai people who have no choice, but really any foreigner who keeps lots of dosh in what is still, essentially a 3rd world banking system isn't very smart. Having seen the pitiful security, both personal and electronic practised in Thailand I don't think I'd keep any more than essential even if i did live there.

 

Especially seeing how easy it is today to transfer from a better-protected account Eg UK is  £85K per institution - approx 3,655,000 Baht. I presume the interest rates in Thailand are as pathetically low as other countries - I haven't bothered to look as it doesn't affect me.

But my dosh keeps the Mrs... Posh! 😞

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