Bank of Thailand (BOT) tells consumers in Thailand to check the bank the have their savings in. From the 11 of August 2008 the government will guarantee as follows
The full amount of deposits shall be protected in the first year of enforcement, Bt100 million in the second year, Bt50 million in the third year, Bt10 million fourth year, and only Bt1 million from the fifth year onward.
BOT are urging people with bank accounts to check the bank on the stock market and see if they have any crises and if so withdraw money.
This can create a real problem for small banks if a rumor start spreading and people take out all the money. It was also not promote saving because people that does know about stocks and banks will be scared to put money in.
