Pheu Thai leaders deposit cash at GSB

Core members of the Pheu Thai Party led by former premier Somchai Wongsawat on Tuesday deposited about three million baht into the Government Savings Bank (GSB).

Those making deposits included caretaker Interior Minister and party leader Charupong Ruangsuwan, party election director Sompong Amornvivat, party spokesman Prompong Nopparit and party members Bhokin Polakul, Chusak Sirinin, Kanin Boonsuwan and Ruangkrai Leekijwattana.

The money was deposited in the GSB branch at Bangkok Tower on New Petchaburi Road.

Mr Somchai said his party members made the deposits with the intention of increasing the liquidity of the state-owned bank after a large number of people withdrew money from the institution on Monday.

The mass withdrawals came after GSB confirmed a five billion baht loan to Bank for Agriculture and Agricultural Cooperatives (BAAC) on Sunday.

GSB confirmed on Monday that it would suspend further lending to BAAC after 30-billion-baht was withdrawn by customers amid concerns the loan would be used to pay for the caretaker government's rice-pledging scheme.

Mr Somchai said he and his colleagues had deposited money with GSB because they wanted to help farmers suffering as a result of overdue rice payments, caused by the fact the caretaker government had limited authority to spend state money following the dissolution of the House of Representatives.

The former prime minister said he will urge more party members to deposit money in GSB at a meeting of former MPs later today.

Pheu Thai will also launch nationwide campaigns to encourage people to deposit money in GSB, he added.

Mr Somchai said he believed his party’s campaign will ensure that GSB has sufficient funds to provide loans to BAAC, so that it can make overdue rice payments.

He claimed that delays in rice payments were the fault of anti-government groups, including the People’s Democratic Reform Committee (PDRC), adding that he could guarantee on behalf of government that every farmer will get the money owed to them.

Jatuporn Prompan, co-leader of the United front for Democracy against Dictatorship (UDD), meanwhile called on red-shirts and all Thai people who love democracy to help deposit money in GSB, Asia Update satellite television station reported.

Mr Jatuporn said people would be helping make sure that GSB has enough liquidity to offer loans to the BAAC in order to pay rice farmers.

Share your thoughts

Discussion 1 : 19/02/2014 at 03:17 AM
They are just depositing the taxpayers money back in.
Discussion 2 : 18/02/2014 at 11:35 PM
Mr Somchai, every farmer will get the money owed to them WHEN??? Please be precise!!! At the time when the Baht will have lost 90 % of its value??? I guess you are busy printing money right now, and this will be the next deadly sin of the Pheu Thai Party.
Discussion 3 : 18/02/2014 at 09:02 PM
Three million deposited by core members. Wow what a big deal. A single foreigner has to deposit 800,000 to stay here in retirement. Therefore less than 4 retirees have invested more.
Discussion 4 : 18/02/2014 at 08:29 PM
Three million deposited against 20 BILLION withdrawn? That's just 'popcorn', compared to what's been taken out by worried investors! :-)
Discussion 5 : 18/02/2014 at 08:27 PM
Can someone explain why these folk cannot simply deposit their money directly with the BAAC? That after all is where the money is actually needed and disbursed to the farmers. Could it be because the BAAC is right up against the government guaranteed revolving credit line for the rice scheme and will not use its own deposits to fund it - thus more deposits at the BAAC does not help. Looks like the GSB scheme is a back door method to get round the governments own guarantee limit? If so no wonder the GSB depositors are worried, and the GSB board demanded a similar 'guarantee'
Discussion 6 : 18/02/2014 at 08:15 PM
Absolutely pathetic...The great fugitive ordering his minions to help this red bank......Let the Anti Corruption commission closely monitor where this money comes from....perhaps it is from the rice scam???
Discussion 7 : 18/02/2014 at 08:07 PM
So the PT party members have all this cash ?. Is the anti corruption committee going to investigate where they got it from ?

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