I remember 1997 as the first year since I started working that no bonus was paid. I was not alone, though. Most companies suddenly became poor as the baht was devalued 100 per cent against the dollar the value of their foreign currencies-denominated debts doubled. The debt default rate was huge, leading to several financial institutions suffering 60 per cent non-performing loans. Employees at nearly all companies were faced with either pay cuts or being laid off. Many were unable to make their mortgage payments and lost their homes. Fifty-six finance companies were shuttered, while several banks needed bailing out with injections of government funds.