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Thai Bankers Association with Member Banks Responds to Cabinet Resolutions. Continue to support two measures to help rehabilitate commercial operators severely affected by COVID-19 to reduce the interest burden and have liquidity to continue doing business.
Mr. Phayong Sriwanich, Chairman of the Bankers Association of Thailand, revealed that according to the Cabinet (Cabinet) on March 23, 2021 measures were approved to help rehabilitate companies affected by the viral disease outbreak. Two COVID-19 measures are measures to support the granting of credit to commercial operators. (Recovery loans) and measures to support the transfer of assets to repay the debt AND give the right to buy back from the debtors (Debt settlement project)
Association of Thai Bankers and Member Banks Ready to support the implementation of such measures So that the commercial operator can continue to do business At a time when the economy is at risk from the effects of COVID-19 Which is expected to take a long time to recover.
The preparation of measures to help rehabilitate this time, the Ministry of Finance. And the Bank of Thailand (BOT) discussed closely and listened to the views of the private sector. To be able to cover the needs Government sector to take care of the economic recovery Concerns of financial institutions And capable of directly helping entrepreneurs Led to the preparation of 2 additional measures to help commercial operators as follows
Measure 1: Support measures for loans to entrepreneurs (recovery loans) cover both liquidity improvement and investment to return to normal activity (reactivate and restart) Asset support limit For hotels and businesses in areas severely affected by COVID-19 and wish to stop operating temporarily. In which the government sector has improved various conditions Provide potential entrepreneurs with access to more loans.
Measure 2 Measures to support the transfer of assets to settle debts AND give the right to buy back from debtors (Debt Settlement Project), which is a voluntary project Help hoteliers and companies in areas affected by COVID-19 Only severely What should be a potential business.But I still can’t recover in a short time. Allowing operators to temporarily stop their operations Transferring assets as collateral to the bank Receive the right to extend the repayment period of long-term debt. Expecting the economy to recover without losing business, which will have special credit supported by the government for the care of assets in the project.
This measure is governed by the systematic principle of non-performing asset management. To help the debtor to comply with the commercial status. While stabilizing financial institutions
The association and member banks Have the intention and willingness to take steps to assist commercial operators. Help maintain the Thai business sector to survive during the period of economic recovery. And resume business to boost the Thai economy with stability and sustainability in the future.
