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Thai State Banks Begin Transferring Assets to Debt Workout Agency.
Byline: Parista Yuthamanop
Oct. 1--Operations of the state-owned Thai Asset Management Corp are expected to formally begin today, when state banks will begin transfer of assets to the debt workout agency.
TAMC president Lt Yodchai Chusri said some 400 billion baht worth of assets had originally been targeted in the first transfer lot from state banks.
But the actual amount of debt would come below original estimates, owing to progress made in debt restructuring and some cases being brought into the court system.
Assets from private banks will begin transfer after Oct 8, with some 400 multi-creditor cases expected to be transferred by the end of the month, Lt Yodchai said.
In November, some 4,000 to 5,000 retail borrower cases worth around 200 billion baht would be transferred.
"Overall, we expect some 78 percent of total assets to be transferred to the TAMC by the end of the year," Lt Yodchai said. Total assets estimated to go to the TAMC are around one trillion baht, with over 80 percent from state banks.
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