Check out Thailand’s deposit protection measures after SVB (Silicon Valley Bank) collapses. Will depositors get their money back?
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After the incident, 3 US banks collapsed. Within a week, especially at SVB (Silicon Valley Bank), people can experience anxiety that has turned this bank run into a domino that Bill Ackman, a well-known US investor and hedge fund executive, has made a move. famous fund also mentions the concern if people panic in this phenomenon that
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“If all relevant agencies do not come to solve the problem in a timely manner Citizens may be in a psychological war and flock to withdraw money from commercial banks. Even that bank may not have any connection with SVB.”
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What happened to SVB raised concerns for the security of deposits. with financial institutions Even after the US Treasury Department confirmed that People depositing money at SVB Bank and Signature Bank, which have since been ordered to close. will have full access to their deposit. Since Monday, March 13, the Fed has launched a “Bank Term Funding Program” for deposit protection. and ensuring that there will be a continuous supply of cash and credit in the economy.
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Deposit Protection in ThailandThailand has a Deposit Protection Agency (DPA) established under Section 6 of the Deposit Protection Agency Act B.E. Deposit protection in financial institutions At present, there are 32 financial institutions under protection, strengthening the stability and stability of the financial institution system, working with financial institutions that are regulated according to the law on financial institutions and liquidation of financial institutions whose licenses have been revoked
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If the financial institution under coverage license revoked The Deposit Protection Agency or DPA (
www.dpa.or.th) will pay back deposits within 30 days, with a protection limit of 1 million baht per 1 depositor per 1 financial institution. At present, there are 2 ways to pay back money: PromptPay that is linked to your national ID number or check.
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The 32 financial institutions under protection must send money to the DPA in order to enter the savings fund twice a year, called the Deposit Protection Fund. without being deposited by the depositor
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