BANGKOK, 28 March 2018 (NNT) - Thailand's Deposit Protection Agency has assured the public of its solvency, following an announcement regarding the reduction of the deposit protection limit this August.

The protection limit will be reduced from 15 million baht to 10 million baht on August 11th this year. It will be further reduced to five million baht next year and one million the year after.

Chairman of the Board of the Deposit Protection Agency, Krisada Chinavicharana, assured people of the solvency of his agency. He noted that in 2017, the deposit protection fund grew by 18.19 percent, up from 18.04 percent from the previous year. In addition, the liquidity coverage ratio is currently at 180.11 percent.

The agency currently covers a total of 35 financial institutions with a combined 74.69 million clients. Up to 99.9 percent of these clients are individuals with deposits less than 15 million baht, while 98.21 percent have deposits less than one million baht. Therefore, a reduction in the deposit protection limit will have no effect on the majority of clients.

National News Bureau Of Thailand | Deposit Protection Agency affirms solvency of deposit protection fund