Cabinet aproves Asset Management amendment bill
The Cabinet Tuesday approved a bill for amendment of the BE 2551 (2008) Royal Decree defining Asset Management Corporation, to provide more authority to purchase and restructuring debts of state agencies and non-bank financial institutions.
Nattaporn Jatusripitak, an adviser at the Office of the Prime Minister, said the amendment aimed to have Asset Management Corp, whose earlier authority was employed from 1998 after the Asian financial crisis, to have more authority to cope with the current situation.
After the amendment, Asset Management Corp will be able to purchase, accept transfers of or be hired to manage impaired assets of state agencies and non-bank financial institutions including credit cards, personal loans, nano-finance, pico-finance, hire-purchase and leasing.
According to the Finance Ministry, Asset Management Corporation was earlier authorised only to purchase and accept transfers of impaired assets of financial institutions or assets of defunct or licence-revoked financial institutions, or be hired to manage impaired assets of financial institutions or assets of financial institutions.