Cabinet approves bank deposit guarantees till 2011

bangkokpost.com — In an attempt to shore up bank depositors confidence amid the global financial crisis, which originated in the US and spread to Europe, the cabinet on Tuesday gave the green light to extend full guarantees for bank deposits by another two years until August 10, 2011, Finance Minister Suchart Thada-Thamrongvech said. Tuesday's cabinet decision is in response to the worldwide credit crunch which has left countries with a shortage of funds and at least some panicked investors, who fear that their money will not be safe in banks. In August this year, Thailand approved the guaranteeing of all banking deposits for one year, or until August 2009, and a decreasing proportion of deposits for three years thereafter, with a maximum of Bt1 million per customer per account from 2012 onwards.

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