After the financial crisis the Thai government undertook several measures to correct problems in the financial system.
In December 1997, the authorities closed down 56 finance companies.
Depositors and creditors were, however, provided with government guarantees.
In March 1998, in line with the IMF conditionality, the BOT tightened regulations on asset classification, provisioning, and reporting, aiming to upgrade local financial institutions to international standards by the year 2000.
After the financial crisis the Thai government undertook several measures to correct problems in the financial system. In December 1997, the authorities closed down 56 finance companies. Depositors and creditors were, however, provided with government guarantees. In March 1998, in line with the IMF conditionality, the BOT tightened regulations on asset classification, provisioning, and reporting, aiming to upgrade local financial institutions to international standards by the year 2000.
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