SME Bank expects to commence loan release for informal debts in March

BANGKOK, 24 February 2010 (NNT) – Small and Medium Enterprise Development Bank of Thailand (SME Bank) voices its readiness in managing the informal debt problem, expecting to start releasing credits to victims of shark loans in March 2010.

President of SME Bank, Mr Soros Sakornvisava, said the bank has received a list of 35,380 registered debtors from the Comptroller General’s Department with the total debt value of 3,876 million THB.

The bank has categorized the debtors into 4 groups according to the amount of debt, namely those with a debt of 50,000-200,000 THB each, those with over 200,000 THB, those with less than 50,000 THB, and those who do not specify the debt amount. Their names will be immediately distributed to its branches nationwide.

Mr Soros added that the bank is in full support of the government’s informal debt refinancing scheme. The headquarters has already sent 10 teams of staff to major provinces such as Ubon Ratchathani, Udon Thani, Khon Kaen, Chon Buri, Nakhon Sawan, Phitsanulok, and Samut Prakan to help the local offices prepare the loan documents. He believed that loan approvals should start from March onwards.