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Published on October 8, 2007

During a debate on risk-aversion, Pisit Lee-ahtam, deputy finance minister in the Chuan Leekpai administration, and Narongchai Akrasanee, commerce minister in the Chavalit Yongchaiyudh government, showed diverse views.

Pisit preferred a strict approach while Narongchai leaned towards flexibility.

Pisit told the audience that Thailand would continue to face risk, as the US economy could fall into recession from the mortgage crisis there.

"We have to be cautious," he said.

However, Narongchai, who was in the audience, stood up to criticise the central bank-sponsored Financial Institutions Business Bill under consideration by the National Legislative Assembly.

The act would allow consumers to sue bankers, who could be subject to imprisonment. Narongchai said that was too harsh.

He said Pisit might prefer the cautionary approach because he once served the "Leekpai" government.

Leekpai in Thai means danger-aversion.

Pisit didn't seem to be amused. He retorted in a parliamentary debate style: "Can I exercise the right to rebut as my name was mentioned here?"

In a monotone, Pisit said Narongchai also served during the Chavalit government.

He didn't elaborate, but the financial crisis erupted in mid-1997 and toppled Chavalit's administration.

Chuan's government took over with the assignment to fix the crisis, stemming from lax supervision.

Now, it's understandable why Pisit apparently believes that over-cautious is under-cautious anyway.

Busdsk@nationgroup.com