Even Dr Olarn Chaipravat, the president of the Siam Commercial Bank, and Tarrin Nimmanahaeminda, then a Democrat MP in the opposition bloc, were led to believe that the reserves of US $ 38-$ 39 billion announced each month by the central bank were free reserves.
22.
However, the mistake BOT made was that, through a series of mishaps and capital outflow, it created liabilities with swap contracts, combined with the capital outflow, until the BOT's free reserves hit a rock bottom of $ 1.34 billion in July-August before Thailand was forced to seek a bailout from the International Monetary Fund.
23.
However, the mistake BOT made was that, through a series of mishaps and capital outflow, it created liabilities with swap contracts, combined with the capital outflow, until the BOT's free reserves hit a rock bottom of $ 1 . 34 billion in July-August before Thailand was forced to seek a bailout from the International Monetary Fund.
24.
Owned funds stand for paid up equity capital, preference shares which are compulsorily convertible into equity, free reserves, balance in share premium account and capital reserves representing surplus arising out of sale proceeds of asset, excluding reserves created by revaluation of asset, as reduced by accumulated loss balance, book value of intangible assets and deferred revenue expenditure, if any.
25.
William R . Berkley, the chief executive of W . R . Berkley Corp ., a small commercial insurance and reinsurance company in Greenwich, Conn ., said the White House proposal would be " an excellent solution " provided it let insurers set aside tax-free reserves to pay for the larger potential losses in the later years of the plan.
