Bank deposit protection cut to THB1 million from August 11th

[Smithy]

Bank deposit protection cut to THB1 million from August 11th

So if you have more than THB1 million in a bank account its best to open up a few accounts and move your money around a bit . And if you have a Foreign Currency Deposit Account please remember " Protection will only be provided to accounts in the baht currency " .

https://www.nationthailand.com/in-focus/40004190

[steini]

It is per account holder not per account.

Thailand?s Deposit Protection Agency (DPA) said on Wednesday that from August 11 onwards, it will only provide protection for 1 million baht per account holder instead of 5 million baht.

[Smithy]

It is per account holder not per account.

Thailand?s Deposit Protection Agency (DPA) said on Wednesday that from August 11 onwards, it will only provide protection for 1 million baht per account holder instead of 5 million baht.

Yes , when I suggested " its best to open up a few accounts " I meant with other Banks . Yes ,  pointless opening another account with the same bank 

[olavhome]

It might be 1 mill pr bank.
So should doble check if a "problem" :-)
Anyway:
The same in europe:
In norway the guarante was nok 5 mill.
Some years ago it was changes to 1mill to "coordinate with EU" :-)

[Smithy]

After the Banking disasters In 2008 the G20 in 2011 pasted a banking resalution for governments not to bail-out banks but for users to bail-in . The lastest changes are just a folllow on from there!!

I have been investing in gold and plan to buy some more next week ( the wife seems happy ) 

That means Banks can carry on wth their spurious lending schemes and expect Us ( the  depositors ) to take the risk when the shit hits the fan 



https://www.cdic.ca/what-happens-in-a-failure/resolution-of-large-banks/resolution-tools-for-d-sibs/bail-in/bail-in-backgrounder/how-bail-in-works/

BTW ..There are some old Bankers that post on here that may know more about this than me 

[iammike]

It might be 1 mill pr bank.
So should doble check if a "problem" :-)
Anyway:
The same in europe:
In norway the guarante was nok 5 mill.
Some years ago it was changes to 1mill to "coordinate with EU" :-)

Yes it's 1 Million THB per account per bank

But please don't forget, 1 Million NOK (or 100.000 Euro) is still approx 3.x Million THB, so the guarantee there is still (approx) 3 times as much

[Smithy]

I have been investing in gold and plan to buy some more next week ( the wife seems happy ) 

I just got back from the Gold shop and the wife has a new 2 baht bracelet ( 57600 ) .....she's dripping in the stuff 

Whenever I has some spare cash and for birthdays I have been buying her gold as an investment .I've found the returns ( if sold )  is far better than the money sitting in a high interrest deposit account , yes I do understand that prices can go down as well as up, but as a long term investmet I think Gold its sound ( see graph below , gold prices for the last 5 years )



I know what some of you may be thinking  BUT she has assured me she will go and sell the Gold if ever i need some cach in a hurry    ....