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%.

BBC: Thailand economic recovery picks pace in fourth quarter

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.

CNN: Laying the blame for the Bank of Commerce troubles

" Bank of Thailand governor Chatumongkul Sonakul agrees: "Comprehensive and forceful steps are needed.

CNN: THE ASIAWEEK FINANCIAL 500