Finance ministry to ask cabinet approval to maintain bank deposit insurance coverage

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Deputy Prime Minister/Finance Minister Kittiratt Na Ranong said his ministry is proposing that the next Cabinet meeting consider drafting a royal decree to indefinitely expand the protection period of the bank deposit insurance coverage at Bt50 million per account in lieu of the uncertainty surrounding global financial markets.

The Deposit Protection Agency (DPA) was previously set to lower deposit coverage to only Bt1 million/account starting Aug 11.

Kittirat said any changes on protection during this period might affect depositors’ confidence, particularly under the current circumstances of the eurozone debt crisis.

The deposit insurance is also meant to prevent risks and legal uncertainties, as well as to comply with the current economic situation.