The central bank is set to roll out 300 billion baht in soft loans as financial assistance for SMEs and individual business operators hit by the recent flooding in early March.
Commercial banks will be slapped with a higher interest rate if their loan issuances are not in compliance with the regulations.
The Bank of Thailand is set to issue 300 billion baht in soft loans to provide financial assistance for victims of the recent floods in accordance with an executive loan decree. The period of the loan program is five years.
Of the total amount, 210 billion baht is being funded by the central bank, while the rest will come from financial institutions’ contributions.
Bank of Thailand Assistant Governor for the Financial Markets Operations Group, Pongpen Ruengvirayudh expects the list of provinces designated as flood disaster zones to be announced by the Finance Ministry today. Financial institutions have been advised to notify the central bank of the loan amount they will require within two weeks of the announcement.
She said the funds will be transferred to the banks within three days of the central bank’s receiving of their requests and that they can begin offering the loans to individual clients in early March.
Eligible borrowers must be SME companies or individual business operators that were affected by the recent flooding. An SME borrower will be entitled to a maximum 30 million baht loan, while loans for individuals are limited to one million baht.
The Bank of Thailand will charge an annual interest rate of 0.01 percent from financial institutions, while the financial institutions are allowed to charge borrowers an interest rate of no more than three percent.
Commercial banks will be liable to paying an interest rate of ten percent as a penalty should they be found to be issuing loans that are not in compliance with the central bank’s regulations. They will also be solely responsible for any risks or liabilities involved in issuing such loans.
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2012年2月13日星期一
Libyan domestic fund to direct some investments abroad: official
DUBAI (Reuters) – A Libyan domestic investment fund with estimated assets of $1 billion could direct some of its investments abroad, especially to neighbouring Tunisia, the chief executive of the National Investment Company said.
“Although the fund is focused on domestic investment, our laws allow for foreign investment,” Basheer Ashour told Reuters over the telephone from Tripoli.
“We could make some investments in Tunisia,” he said.
He said the fund was planning to invest in what he described as “conservative tourism”, catering to a growing number of tourists looking to stay in hotels and resorts which observe Islamic rules, including banning alcohol.
“It’s a very early stage but there are discussions now,” he said, referring to the Tunisian investment.
Libyan Central Bank Governor Saddeq Omar Elkaber told Reuters last month the Libyan government had no plans to inject fresh cash into its foreign investments, including Italian bank UniCredit, as it needed the money for reconstruction efforts.
Ashour said he was leading a restructuring plan of the fund, established in 1986, that aims at increasing its investments locally and abroad. He said one project was to build a transport network of buses and taxis inside and between Libyan cities.
He said, however, that there are no immediate plans to increase the fund’s capital by tapping into government coffers.
“For foreign projects we’re thinking of seeking external financing, preferably through means of Islamic banking,” he said.
The U.N. Security Council’s sanctions had frozen $170 billion in Libyan assets, but a large sum was released in December when the council lifted the sanctions on the central bank’s $100 billion, mostly cash assets.
Ashour said he expected the National Investment Company’s capital to increase by up to 60 percent over the next two to three years.
“It’s possible that the size of the fund increases in the next two to three years to 1.5-2.0 billion Libyan dinars,” he said.
The fund has investments in the oil, real estate, banking and insurance sectors, including a 55 percent stake in the Sahara Insurance Co.
He said the fund had 200 million dinars in cash that would be mostly used to complete existing real estate projects in Libya, including hotels.
Libya’s main investment vehicles is the $65 billion Libyan Investment Authority.
Its acting chief executive told Reuters late last year the cash-heavy fund could be used to fund reconstruction projects after a nine-month civil war that ended the rule of dictator Muammar Gaddafi.
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“Although the fund is focused on domestic investment, our laws allow for foreign investment,” Basheer Ashour told Reuters over the telephone from Tripoli.
“We could make some investments in Tunisia,” he said.
He said the fund was planning to invest in what he described as “conservative tourism”, catering to a growing number of tourists looking to stay in hotels and resorts which observe Islamic rules, including banning alcohol.
“It’s a very early stage but there are discussions now,” he said, referring to the Tunisian investment.
Libyan Central Bank Governor Saddeq Omar Elkaber told Reuters last month the Libyan government had no plans to inject fresh cash into its foreign investments, including Italian bank UniCredit, as it needed the money for reconstruction efforts.
Ashour said he was leading a restructuring plan of the fund, established in 1986, that aims at increasing its investments locally and abroad. He said one project was to build a transport network of buses and taxis inside and between Libyan cities.
He said, however, that there are no immediate plans to increase the fund’s capital by tapping into government coffers.
“For foreign projects we’re thinking of seeking external financing, preferably through means of Islamic banking,” he said.
The U.N. Security Council’s sanctions had frozen $170 billion in Libyan assets, but a large sum was released in December when the council lifted the sanctions on the central bank’s $100 billion, mostly cash assets.
Ashour said he expected the National Investment Company’s capital to increase by up to 60 percent over the next two to three years.
“It’s possible that the size of the fund increases in the next two to three years to 1.5-2.0 billion Libyan dinars,” he said.
The fund has investments in the oil, real estate, banking and insurance sectors, including a 55 percent stake in the Sahara Insurance Co.
He said the fund had 200 million dinars in cash that would be mostly used to complete existing real estate projects in Libya, including hotels.
Libya’s main investment vehicles is the $65 billion Libyan Investment Authority.
Its acting chief executive told Reuters late last year the cash-heavy fund could be used to fund reconstruction projects after a nine-month civil war that ended the rule of dictator Muammar Gaddafi.
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2012年1月17日星期二
Thai-ASEAN News Network – Financial Market Unaffected by Ratings Cut in EU and News on Terrorist Attacks
The central bank governor is confident that the credit rating downgrades of nine European nations and the news of possible terrorist attacks in Thailand will not have a significant impact on the country’s financial market.
Bank of Thailand, or BOT, Governor Prasarn Trairatworakul said that the credit rating downgrades of nine European nations by the leading credit rating agency Standard & Poor’s was in line with the global financial market’s expectation.
Prasarn further said that the ratings downgrade will have not much impact on Thailand’s financial markets since Thai financial institutions have invested a small amount of money in the bonds of the nine European countries.
As for the news of possible terrorist attacks in Bangkok, he said the situation would likely ease up soon and that investor confidence has not been affected.
Prasarn admitted that the rising energy cost resulting from the government’s planned energy structure adjustment will lead to an increase in food prices and that will push the inflation rate upward.
He noted that it is normal for people to come out and oppose against the energy price hike as they have used cheap energy, which is among the cost-saving measures, for a long time.
The central bank governor also gave an update on the BOT’s plan to repay the Financial Institutions Development Fund’s debt, saying the central bank plans to request state-run banks to contribute to the Deposit Protection Fund like private commercial banks do.
However, Prasarn stated that Finance Minister Thirachai Bhuvanartnaranubala disagreed with the plan, fearing its impact on the competition of financial institutions.
The BOT governor added that the finance minister has planned to control the scope of doing business and the expansion of state banks’ assets such as the issuance of loans to prevent inequality in financial institutions.
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Bank of Thailand, or BOT, Governor Prasarn Trairatworakul said that the credit rating downgrades of nine European nations by the leading credit rating agency Standard & Poor’s was in line with the global financial market’s expectation.
Prasarn further said that the ratings downgrade will have not much impact on Thailand’s financial markets since Thai financial institutions have invested a small amount of money in the bonds of the nine European countries.
As for the news of possible terrorist attacks in Bangkok, he said the situation would likely ease up soon and that investor confidence has not been affected.
Prasarn admitted that the rising energy cost resulting from the government’s planned energy structure adjustment will lead to an increase in food prices and that will push the inflation rate upward.
He noted that it is normal for people to come out and oppose against the energy price hike as they have used cheap energy, which is among the cost-saving measures, for a long time.
The central bank governor also gave an update on the BOT’s plan to repay the Financial Institutions Development Fund’s debt, saying the central bank plans to request state-run banks to contribute to the Deposit Protection Fund like private commercial banks do.
However, Prasarn stated that Finance Minister Thirachai Bhuvanartnaranubala disagreed with the plan, fearing its impact on the competition of financial institutions.
The BOT governor added that the finance minister has planned to control the scope of doing business and the expansion of state banks’ assets such as the issuance of loans to prevent inequality in financial institutions.
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2012年1月13日星期五
O'Malley proposes extra $15 million to help build rental housing, create jobs
Gov. Martin O’Malley is proposing a $15 million increase in the state’s program to help build affordable rental housing, saying the bump would leverage $285 million in private investment and create 1,100 jobs in Maryland.
Surrounded by housing advocates, construction workers and local residents, O’Malley went to the site of a former public housing development in Annapolis to announce plans to double the state’s investment in loans to developers to help spur rental housing construction.
The governor said the increased spending would help address a shortage of affordable housing by providing gap financing for about 20 privately owned rental developments in the next fiscal year. But his emphasis was on the employment the money would bring.
“This announcement here today is about creating jobs,” O’Malley said at the site where the privately owned Obery Court complex is under construction with the help of existing state spending. “This is a time to go out in the market and try and put our people back to work.”
Senate Minority Leader E.J. Pipkin disagreed, saying the initiative “doesn’t make any sense.”
“We’re seeing more and more dollars going into things the private sector should be doing,” the Upper Shore Republican said.
The administration said it has maintained state spending on affordable housing programs at $15.5 million a year despite budget pressures. O’Malley is proposing to nearly double that to $30.5 million through what the administration is calling its “Rental Housing Works” initiative. The new state money would help offset the loss of federal stimulus funds, housing officials said.
The announcement comes at a time when the state is facing a $1.1 billion shortfall in its general fund budget — a gap that must by law be closed.
O’Malley said the additional housing money would be part of the capital budget. The extra spending would be financed through additional borrowing but would not push borrowing beyond Maryland’s debt guidelines, he said.
Like all of the governor’s budget proposals, the housing plan is subject to General Assembly approval. “I think the legislature will keep it intact,” O’Malley said.
State officials say there is a severe lack of affordable housing in Maryland, with the shortage expected to reach 127,000 units in 2015. Andy DeVilbiss, spokesman for the state Department of Housing and Community Development, said the Rental Housing Works program would use the $15 million for “shovel-ready” projects.
Housing Secretary Raymond A. Skinner said the money is typically used to provide gap financing to make up the difference between what a developer can raise through the private sector and the cost of the project. He said the state loan for an individual project is typically about $1 million to $1.5 million.
While Skinner said each $1 in state lending leverages $19 in private funding, the developer of Obery Court gave more a conservative estimate for that project.
Mark Dambly, president of Pennrose Properties, said the three phases of the project will cost about $39 million, about $8 million of which will come from the loan program. He said the project, the second phase of which is now under construction, will build 175 to 180 units and create 900 jobs.
The governor’s announcement drew praise from housing activists.
“This is a big deal for us,” said Trudy McFall, president of the Maryland Affordable Housing Coalition. “Federal resources are down. We were facing a very grim year ahead of being able to do just a handful of projects. Now this will allow us to do 20 new rental communities.”
McFall emphasized that the projects the new spending will spur are not public housing. “It’s housing that’s developed by the private sector. It’s owned and managed by the private sector,” she said. Typical monthly rents are about $500 to $700 for a two- or three-bedroom unit, McFall said.
michael.dresser@baltsun.com
Surrounded by housing advocates, construction workers and local residents, O’Malley went to the site of a former public housing development in Annapolis to announce plans to double the state’s investment in loans to developers to help spur rental housing construction.
The governor said the increased spending would help address a shortage of affordable housing by providing gap financing for about 20 privately owned rental developments in the next fiscal year. But his emphasis was on the employment the money would bring.
“This announcement here today is about creating jobs,” O’Malley said at the site where the privately owned Obery Court complex is under construction with the help of existing state spending. “This is a time to go out in the market and try and put our people back to work.”
Senate Minority Leader E.J. Pipkin disagreed, saying the initiative “doesn’t make any sense.”
“We’re seeing more and more dollars going into things the private sector should be doing,” the Upper Shore Republican said.
The administration said it has maintained state spending on affordable housing programs at $15.5 million a year despite budget pressures. O’Malley is proposing to nearly double that to $30.5 million through what the administration is calling its “Rental Housing Works” initiative. The new state money would help offset the loss of federal stimulus funds, housing officials said.
The announcement comes at a time when the state is facing a $1.1 billion shortfall in its general fund budget — a gap that must by law be closed.
O’Malley said the additional housing money would be part of the capital budget. The extra spending would be financed through additional borrowing but would not push borrowing beyond Maryland’s debt guidelines, he said.
Like all of the governor’s budget proposals, the housing plan is subject to General Assembly approval. “I think the legislature will keep it intact,” O’Malley said.
State officials say there is a severe lack of affordable housing in Maryland, with the shortage expected to reach 127,000 units in 2015. Andy DeVilbiss, spokesman for the state Department of Housing and Community Development, said the Rental Housing Works program would use the $15 million for “shovel-ready” projects.
Housing Secretary Raymond A. Skinner said the money is typically used to provide gap financing to make up the difference between what a developer can raise through the private sector and the cost of the project. He said the state loan for an individual project is typically about $1 million to $1.5 million.
While Skinner said each $1 in state lending leverages $19 in private funding, the developer of Obery Court gave more a conservative estimate for that project.
Mark Dambly, president of Pennrose Properties, said the three phases of the project will cost about $39 million, about $8 million of which will come from the loan program. He said the project, the second phase of which is now under construction, will build 175 to 180 units and create 900 jobs.
The governor’s announcement drew praise from housing activists.
“This is a big deal for us,” said Trudy McFall, president of the Maryland Affordable Housing Coalition. “Federal resources are down. We were facing a very grim year ahead of being able to do just a handful of projects. Now this will allow us to do 20 new rental communities.”
McFall emphasized that the projects the new spending will spur are not public housing. “It’s housing that’s developed by the private sector. It’s owned and managed by the private sector,” she said. Typical monthly rents are about $500 to $700 for a two- or three-bedroom unit, McFall said.
michael.dresser@baltsun.com
2012年1月2日星期一
Phillippine external debts on the rise
Manila (Philippine Daily Inquirer/ANN) – The Philippines’ outstanding debts to foreign creditors rose as of the end of September as both the government and corporate entities continued to tap the external markets for financing.
Data from the Bangko Sentral ng Pilipinas (BSP or Central Bank of the Philippines) showed that the country’s outstanding external debt amounted to US$62.4 billion by the end of the third quarter, up by 4.4 percent from $59.7 billion as of the same period in 2010.
The BSP said in a report that the increase was due to the fact that fresh loans tapped offshore exceeded the liabilities that were paid.
On a quarter-on-quarter basis, the latest amount of external debt was up by 1.6 percent from $61.4 billion.
Despite the increase in the absolute amount of liabilities, the BSP said the Philippines was able to improve on its capability to meet its obligations.
This is because the country’s resources grew faster than its liabilities.
For instance, the BSP said, the country’s external debt-to-GDP (gross domestic product) ratio improved to 28.4 percent by the end of September from 31.3 percent in the same period in 2010.
Moreover, the proportion of the external debt to the country’s export revenues and remittances likewise fell to 8.3 percent from 8.8 percent over the same period.
“Major external debt indicators remained at comfortable levels,” BSP Governor Amando Tetangco Jr. said in a statement.
He said the improving debt ratios of the Philippines should send a positive signal about the country’s improving credit-worthiness.
The Philippines, which is rated one to two notches below investment grade by major ratings agencies, is hoping for another rating upgrade in 2012.
Early this year, the Philippines enjoyed an upgrade of its credit rating by Moody’s from three to two notches below investment grade. Fitch raised the country’s rating from two to one notch below investment grade.
The BSP also cited the country’s growing reserves of foreign exchange, which it said further indicated its ability to service its obligations to foreign creditors.
The gross international reserves stood at $75.2 billion by end-September, which was 7.3 times the country’s foreign debts maturing within the short term.
The BSP said the country’s foreign exchange reserves have been more comfortable than the minimum indicated by international benchmark. According to this benchmark, reserves are comfortable if these are equal to its debts maturing within the short term.
Data from the Bangko Sentral ng Pilipinas (BSP or Central Bank of the Philippines) showed that the country’s outstanding external debt amounted to US$62.4 billion by the end of the third quarter, up by 4.4 percent from $59.7 billion as of the same period in 2010.
The BSP said in a report that the increase was due to the fact that fresh loans tapped offshore exceeded the liabilities that were paid.
On a quarter-on-quarter basis, the latest amount of external debt was up by 1.6 percent from $61.4 billion.
Despite the increase in the absolute amount of liabilities, the BSP said the Philippines was able to improve on its capability to meet its obligations.
This is because the country’s resources grew faster than its liabilities.
For instance, the BSP said, the country’s external debt-to-GDP (gross domestic product) ratio improved to 28.4 percent by the end of September from 31.3 percent in the same period in 2010.
Moreover, the proportion of the external debt to the country’s export revenues and remittances likewise fell to 8.3 percent from 8.8 percent over the same period.
“Major external debt indicators remained at comfortable levels,” BSP Governor Amando Tetangco Jr. said in a statement.
He said the improving debt ratios of the Philippines should send a positive signal about the country’s improving credit-worthiness.
The Philippines, which is rated one to two notches below investment grade by major ratings agencies, is hoping for another rating upgrade in 2012.
Early this year, the Philippines enjoyed an upgrade of its credit rating by Moody’s from three to two notches below investment grade. Fitch raised the country’s rating from two to one notch below investment grade.
The BSP also cited the country’s growing reserves of foreign exchange, which it said further indicated its ability to service its obligations to foreign creditors.
The gross international reserves stood at $75.2 billion by end-September, which was 7.3 times the country’s foreign debts maturing within the short term.
The BSP said the country’s foreign exchange reserves have been more comfortable than the minimum indicated by international benchmark. According to this benchmark, reserves are comfortable if these are equal to its debts maturing within the short term.
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