InfoQuest (July 21, 2021) -- According to Mr. Anupap Kuvinichkul, Senior Director, Banking Supervision Department 2, Bank of Thailand, the new Asset Warehouse project has received 959 million baht of funds, a bailout to about 14 business operators.
"Financial institutions have approved operators to join the Asset Warehouse project, and are currently waiting for specific tax measures to facilitate debt payment. More financial institutions will submit applications to participate in the project after the introduction of the measures," said Anupap.
The Ministry of Finance and the Bank of Thailand have adopted financial measures to boost the recovery of SME operators. The Bank of Thailand has approved 72,391.7 million baht credit to help 23,687 SME operators, with an average of 3.1 million baht per person.
Operators generally use loans to revive their business; with 44.5% of small enterprises whose original fund use did not exceed 5 million bahtand 67.6% in service and business sectors receiving loans. More than 68.5% of the operators who obtained loans were debtors from other provinces.
According to Ms.Suwannee Jesadasak, Senior Director Financial Institutions Policy and Supervision Department 2, Bank of Thailand, the Revenue Department may issue relevant regulations on tax measures for transferring securities assets to repay debts this week. Operators in many sectors are negotiating to join the project, with those in the immovable sector accounting for the majority.
The two-year project starting from April 10, 2021,can be extended for another year if the current situation has not improved, and the time for disposing of assets and paying off debts can be extended for another 5 years. The Bank of Thailand will formulate relevant measures when necessary.
"The flexible relief measures can address uncertainties. The Bank of Thailand is also considering measures to help the affected debtors in the long run,” added Ms. Suwannee.
Source: InfoQuest, by Thpl/Kasamaporn KittiSamphan/ Ratchada Kongkhuntien, translated by Xinhua Silk Road
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