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Thailand Revokes Guarantee for Creditors, but Deposits Will Still Be Protected.
Byline: Chatrudee Theparat
Nov. 5--Thailand closed another chapter on the 1997 economic crisis after the cabinet yesterday lifted the blanket state guarantee for creditors of local financial institutions.
Since 1997, the Financial Institutions Development Fund (FIDF), a unit of the Bank of Thailand, has given a blanket guarantee on deposits and liabilities of local banks and finance companies. The guarantee was adopted by the Chavalit Yongchaiyudh government in the midst of the crisis to shore up market confidence in the financial system.
With economic growth steady and the financial system now considered stable, the central bank had proposed ...
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Source: HighBeam Research, Thailand Revokes Guarantee for Creditors, but Deposits Will Still Be...