IMF's mission team visited FSCT, the representatives from the private sector.
          A mission Team from International Monetary Fund (IMF) visit Thailand for the 2018 Article IV consultation during March 7-20, 2018. The 4 delegates from IMF and 2 delegates from Bank of Thailand (BOT), completely 6 individuals, met with FSCT as the representatives from the private sector on March 16. The purpose of this visit is to discuss recent economic and financial developments in Thailand. Furthermore, FSCT also provided them additional information on SACCOs' Regulation Structure, Financial Structure Model for Safe and Sound System of SACCOs, Balance Sheet Position of the total SACCOs Network in Thailand, recent regulations and upcoming regulations. A part of mentioned information can be seen hereunder.
       Recent Regulations
1. Interest on deposits cannot be offered higher than 4.50% per annum
2. Loans + deposits to other coop must be not higher than 10% of the Share Capital + Reserve of the lending coop.
3. Financial reports must submitted to CPD office monthly e.g. Investment report, lending report, top 50 depositors, top 20 borrowers, liquidity position, liquidity asset report.
4. Associate members can be only the family of regular members. Juristic person cannot be coop member.
5. Loans to associate member must be not higher than his/her Share capital.
6. Financial statement which does not comply with the Coop Accounting Regulation cannot be proposed to AGM and used for Profit allocation.

       Upcoming Regulations
1. Loans (from banks and other coops) to Owner equity <= 1.5
2. Dividend <= 80% of (the Net profit - Compulsory reserve)
3. Liquidity Asset Retention >= 6% of (Deposits + Loans)
4. Other investment prescribed by the BNCD <= 20% of (Share capital + Compulsory reserve)

       We wish to welcome and meet with the delegates from IMF again in the near future. Since the meeting is so much useful and interesting.

 


 

 

 
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The Federation of Savings and Credit Cooperatives of Thailand Limited (FSCT)
199 Moo 2, Nakhon in Road, Bang Si Thong Subdistrict, Bang Kruai District, Nonthaburi Province, 11130
Tel: (+66) 2496 1199 Fax: (+66) 2496 1177 , (+66) 2496 1188  E-mail:
contact@fsct.com