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Deposit insurance law wins cabinet approval in Thailand.
Byline: Wichit Chantanusornsiri
Dec. 1--The cabinet yesterday approved a draft law establishing a new deposit insurance agency, a key step toward the future development of the country's financial sector.
The new agency will be responsible for offering insurance coverage on bank deposits in the event of a bank collapse, and replaces the blanket guarantee offered by the central bank's Financial Institutions Development Fund since the 1997 crisis.
Coverage will initially start at 50 million baht for the first year after the act takes effect, and will be reduced to one million baht by the fourth year.
Sansanee Nakpong, a deputy government ...
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Source: HighBeam Research, Deposit insurance law wins cabinet approval in Thailand.