BAAC settles more than 50% of informal debts

BANGKOK, 9 June 2010 (NNT) – The Bank of Agriculture and Agricultural Cooperatives (BAAC) thus far have been successful in negotiating and clearing informal loans for more than 50% of about 600,000 cases registered with the bank.

BAAC Assistant Manager, Boonthai Kaewkhuntee, announced that the bank has been able to successfully negotiate and settle 58.47% or 355,797 cases from a total of 608,468 cases as of 7 June 2010. The full obligation that the bank must negotiate totals 64 billion THB.

Of the successful cases, 350,704 debtors with total obligations of 42.266 billion THB want to borrow from the BAAC, and 120,581 cases with total obligations of 8.427 billion THB have been approved. Other cases are pending consideration and analysis.

For those with obligations less than 50,000 THB, the BAAC has already processed the debts from 31 May 2010 for 170,321 debtors, with total obligations of 6.413 billion THB.

Mr Boonthai added that the BAAC would revamp the careers of those registered in the scheme to adjust their ways of life in accordance with the Sufficiency Economy theory. He said the BAAC would cooperate with 261 learning centers across the country to do so.