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Thailand: Central bank reports on NPLs for September.
(From Thai Press Reports)
Section: Business News - The financial system's non-performing loans (NPLs) at the end of September fell to Bt576.9 billion, or 9.93 per cent of outstanding credit, The Nation reports.
The reduction outstripped Bank of Thailand forecasts.
The previous month's total was Bt583.9 billion, representing 10.32 per cent of outstanding lending.
According to the central bank's assistant governor, Samart Buranawatanachoke, the fall can be attributed to a measure aimed at speeding up the debt-restructuring process of banks by reducing the value of collateral backing for NPLs if the banks fail to restructure the debts within a certain period.
Earlier, Bank of Thailand Governor MR Pridiyathorn Devakula and Finance Minister Thanong Bidaya predicted that NPLs in financial institutions would fall below 10 per cent of outstanding loans by the end of the year and tumble to just 2 per cent in 2007.
The international credit rating agency, Standard & Poor's, recently expressed concern that NPLs in the Thai financial system remained high, despite the healthy financial position of banks.
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