" Bank of Thailand governor Chatumongkul Sonakul agrees: "Comprehensive and forceful steps are needed.
It was the day after the Bank of Thailand had floated the baht.
Many have been negotiating under a programme arranged by the Bank of Thailand, with specific timetables for talks.
Late last year he sacked Ekamol Kiriwat as SEC secretary-general and Bank of Thailand deputy governor for alleged insider trading.
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But Surachai Prakbamroong, director of the Bank of Thailand's Bank Examination and Analysis Department, believes that the Bank of Commerce's problems are overblown.
He spoke with Asiaweek in late July, when the central Bank of Thailand governor quit and Chavalit fired a highly respected Finance Ministry official.
On Friday, the Bank of Thailand slashed its growth forecast for the current financial year to 2.6%, down from an initial projection of 4.1% growth.
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The Bank of Thailand has already warned that its 3.25% policy rate is too low, and most investors have priced in further rises by year-end.
"We intend to adhere to the restructuring plan which was approved by the Ministry of Finance and the Bank of Thailand earlier this year, " he says.
The Bank of Thailand will probably have to buy up most of the new Finance One shares through the fund set up to rehabilitate finance companies.
For its part, Thailand's central bank, the Bank of Thailand, cut interest rates in October last year, bringing down its key rate to 2.75% from 3%.
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Bank Indonesia is more pragmatic than the Bank of Thailand, widening the rupiah's exchange rate trading band to 8% and ensuring more flexibility in monetary policy.
The Bank of Thailand releases information about foreign-currency reserves, but it has not revealed how much of those have been committed to purchase baht in the future.
He reportedly threatened to quit this week unless the Bank of Thailand Bill now being considered by the cabinet ensured the independence of the BOT as has been promised.
The Bank of Commerce had lent huge amounts backed by inadequate or no collateral, according to a report by the Bank of Thailand, the central bank, which was leaked to opposition legislators in early May.
With his backroom savvy, copious network and tidy bank balance, he is also a master of Thailand's old-style politicking.
Other potential buyers of Thailand's fifth-largest bank by assets are in the background, the people said.
Money has been withdrawn from the bank account of a Suffolk man who went missing in Thailand earlier this month.
When Thailand slipped in the Bank's ratings of good government, Mr Kaufmann recalls, the prime minister had to go on the radio to explain himself.
Even Thailand's central bank is forecasting a contraction of 6-7% for 1998 as a whole.
Taiwan's central bank has been considering lending to the central banks of Indonesia and Thailand.
Before the crisis in Thailand, Bangkok Bank had set aside 3% of its loan portfolio to cover losses.
But since taking over the BOT in April 1998, when Thailand and its central bank were at the epicenter of a global economic earthquake, Chatumongkol, 55, can claim some credit for progress.
U.S. midsize investment bank Jefferies recently formed equities joint ventures with local partners in Thailand and Indonesia, while Nomura started coverage of Thai equities late last year.
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