(2) Retail Deposit Protection
The government announced the abolishment of its guarantee for creditors of financial institutions since November 16,2003. This was done to support the development of long-term domestic financial market and in line with the phasing out of the blanket guarantee. In place of the blanket guarantee will be the Deposit Insurance Agency (DIA). Act that will cap the level of government guarantee to no greater than 1 million baht per individual depositor account per bank. Although the level of protection has decreased, the scheme still covers around 98.6 percent of the total number of retail deposit accounts in Thailand, but with the added benefit of curtailing moral hazard and strengthening market discipline.