Late news :Dept to be shed
The Commerce Ministry's Insurance Department will next April become an independent organisation after the Cabinet approved separating it from the ministry, according to its director-general Chantra Purnariksha.
Chantra said the department was preparing to become an independent organisation to be more flexible and operate insurance business effectively. The department will hold a public survey on December 21 to assess how people would like to see the department develop after the transformation, she said.
Halving NPLs Siam Commercial Bank expects its non-performing loans (NPLs) to reduce by half this year thanks to a new accounting measure, International Accounting Standard 39, said president and chief executive officer Jada Wattanasiritham. NPLs will reduce from 8 per cent, or Bt58 billion, to around 4 per cent of total loans by the end of the year when the bank introduces the new standard to comply with the Bank of Thailand's regulations, she said. She said the new standard would reduce the banking system's bad-debt percentage, although overall loan quality would be unchanged. The new NPL calculating method is used in several countries in the region. The central bank had scheduled implementation of the new standard to start in Thailand in the last quarter of this year.
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