9 state banks offer relief measures to clients Skip to main content

9 state banks offer relief measures to clients

9 state banks offer relief measures to clients

Nine state-owned banks are setting up relief measures for existing and potential clients who have been affected by the flooding.

Announced yesterday at a news conference attended by Finance Ministry permanent secretary Areepong Bhoocha-oom, the measures include debt moratoriums, interest-rate cuts and new loans for repair work.

Participating in the scheme are Krung Thai Bank, the Bank for Agriculture and Agricultural Cooperatives (BAAC), Government Savings Bank, Government Housing Bank, the Small and Medium Enterprise Development Bank of Thailand (SME Bank), Islamic Bank of Thailand, Export-Import Bank of Thailand, the Small Business Credit Guarantee Corporation and Secondary Mortgage Corp.

The BAAC will waive all debt obligations in case of loss of life. It also offers three-year debt rescheduling and a three-year moratorium on interest through 2013.

GS Bank will extend emergency loans of up to Bt300,000 at 3.25-per-cent interest for the first two years, as well as house-repair loans of up to Bt300,000.

GH Bank will offer a 2-per-cent interest rate on new loans to existing clients for five years.
SME Bank offers repair or working-capital loans up to Bt1 million for six years, with a two-year grace period. The interest rate in the following years is 8 per cent (2 per cent to be absorbed by the government).

Financial assistance will be waived from recipients' income tax. Meanwhile, donors will be able deduct from their taxable income 1.5 times the amount of donations to units registered with the Revenue Department between September 1 and December 31, 2011.

The Treasury Department will waive rentals for a year on partially damaged properties and for two years on entirely damaged properties.
...........
Ref: The Nation
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