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Thailand: Banks join hand to address household debts

The Bank of Thailand (BoT) have signed a cooperation agreement with 16 commercial banks, Thai Bankers Association and Sukhumvit Asset Management Company to solve household debts without guarantee.
Thailand: Banks join hand to address household debts ảnh 1Thai banks join hand to address household debts (Source: http://englishnews.thaipbs.or.th)
Bangkok (VNA) - The Bank of Thailand (BoT) havesigned a cooperation agreement with 16 commercial banks, Thai BankersAssociation and Sukhumvit Asset Management Company to solve household debts withoutguarantee.

Debtors who have stablesalaries, incurred debts for the use of credit cards, have debts from quickcash services for more than three months or are indebted to at least twofinancial institutions with a debt of up to two million baht are eligible toapply for help through refinancing.

Debtors will becharged a maximum of 7 percent interest rate and they can repay their debts inseven years.

BoT Governor VeerathaiSantiprabhob estimated that about 150,000 debtors will enter the refinancingprogramme.

Details about theprogramme were announced, and debtors who are interested to join the programmecan contact the Sukhumvit Asset Management Company as of June 1.

Household debtsaccounted for up to 79.9 percent of Thailand’s GDP last year.-VNA
VNA
#Bank of Thailand#commercial banks#Association and Sukhumvit Asset Management Company#household debts
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