BOT seeks assistance for flood victims
Bank of Thailand issued a circulation to bank and non-bank institutions, seeking their cooperation in assisting individual and corporate flood victims financially.
In the circulation dispatched to commercial banks, credit card business operators, and personal loan providers under the central bank's supervision, Somboon Jitpentom, senior director for risk management, said the BOT asked all to consider the following two remedial measures to ease the flood impacts for their clients.
First, they should consider debt restructuring, to ensure of their clients' business continuity.
Second, non-bank institutions may lower the minimum debt repayment amount for flood victims, which is now set at 10 per cent of outstanding debts. Such relaxation could be implemented from now until June 30, 2012.
The BOT also asked those institutions which come up with any assistance measures to submit monthly reports, so that it can monitor the assistance.
