รายงานประจำปี 2553 by pdmo pdmo

”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– PUBLIC DEBT MANAGEMENT OFFICE Annual Report 2010

√“¬ß“πª√–®”ªï 2553

“√®“°ºŸâÕ”π«¬°“√ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– MESSAGE FROM THE DIRECTOR-GENERAL PUBLIC DEBT MANAGEMENT

„πªï 2553 ∑’Ëºà“π¡“‡ªìπªï∑’Ë¡’§«“¡∑â“∑“¬Õ¬à“ß¡“°µàÕ¿“√°‘®À≈—°¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ( ∫π.) „π°“√æ—≤π“µ≈“¥µ√“ “√Àπ’È „Àâ‡ªìπ·À≈àß √–¥¡∑ÿπ∑’Ë¬—Ëß¬◊π¢Õßª√–‡∑»·≈–∫√‘À“√®—¥°“√Àπ’È “∏“√≥–‡™‘ß√ÿ°„Àâ¡’ª√– ‘∑∏‘¿“æ During the year 2010, the Public Debt Management Office (PDMO) faced two challenges as we endeavored to accomplish our missions: developing the domestic bond market into Thailandís sustainable source of fund, and pro-active public debt management.

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º¡®”‰¥â«à“„π™à«ßµâπªï 2553 ¿“æ—≤πåœ ‰¥â ª√–¡“≥°“√Õ—µ√“°“√¢¬“¬µ—«¢Õß‡»√…∞°‘® (Gross Domestic Product : GDP) ‰«â‡æ’¬ß√âÕ¬≈– 3.5 - 4.5 ‡æ√“–‡ªìπ™à«ß∑’Ë‡»√…∞°‘®∑—Èß‚≈°‡√‘Ë¡øóôπµ—«®“°«‘°ƒµ ‡»√…∞°‘®¢Õß À√—∞ ·≈–„π¢≥–∑’Ë√—∞∫“≈¡’°“√ÕÕ° æ√–√“™°”Àπ¥©ÿ°‡©‘π‡æ◊ËÕ°√–µÿâπ‡»√…∞°‘® ´÷Ëß àßº≈ „Àâª√–¡“≥°“√Àπ’È “∏“√≥–µàÕ GDP ª√—∫µ—« Ÿß¢÷Èπ ∂÷ß√âÕ¬≈– 60 ´÷Ëß®–‡ªìπ√–¥—∫‡¥’¬«°—∫™à«ßªï 2540 ∑’Ë ‡°‘¥«‘°ƒµµâ¡¬”°ÿâß µ√ßπ’È‡Õß∑’Ëº¡§‘¥«à“ ∫π. ‰¥âæ≈‘°«‘°ƒµ„Àâ‡ªìπ ‚Õ°“ „π°“√‡√àßæ—≤π“µ≈“¥µ√“ “√Àπ’È„πª√–‡∑» ‚¥¬°“√ÕÕ°æ—π∏∫—µ√ Benchmark Õ¬à“ß‡ªìπ√–∫∫ ‡æ◊ËÕ √â“ßÕ—µ√“¥Õ°‡∫’È¬Õâ“ßÕ‘ß„Àâ·°à√—∞«‘ “À°‘®·≈– ‡Õ°™π∑’Ë¡’‡ ∂’¬√¿“æ µ≈Õ¥®πÕÕ°µ√“ “√Àπ’È™π‘¥ „À¡à Ê ‡™à π æ— π ∏∫— µ √Õ“¬ÿ 30 ªï æ— π ∏∫— µ √Õ— µ √“ ¥Õ°‡∫’È¬≈Õ¬µ—« æ—π∏∫—µ√ÕÕ¡∑√—æ¬å·∫∫¢—Èπ∫—π‰¥ ´÷Ëß‡§√◊ËÕß¡◊Õ‡À≈à“π’ÈπÕ°®“°®–∑”„Àâ ∫π. “¡“√∂ √–¥¡∑ÿπ‡æ◊ËÕ°Ÿâ«‘°ƒµ™“µ‘‚¥¬‰¡àæ÷Ëßæ“Õß§å°√√–À«à“ß ª√–‡∑»·≈â « ¬— ß ‡ªì π °“√¢¬“¬∞“ππ— ° ≈ß∑ÿ π ¢Õß µ√“ “√Àπ’È√—∞∫“≈„Àâ°«â“ß¢«“ßÕ’°¥â«¬ µ—«Õ¬à“ß‡™àπ

I remember that at the beginning of the year 2010, the Office of the National Economic and Social Development Board (NESDB) forecast a mere 3.5%-4.5% growth rate for the Growth Domestic Product (GDP), due mainly to the slow economic recovery after the US financial crisis. Moreover, when the Royal Thai Government issued the Economic Stimulus Package decree, the estimate of the public debt : GDP ratio rose to 60% -- the same level as in the 1997 Asian financial crisis. It was then that we at PDMO turned crisis into opportunity by accelerating the development of Thailandûs domestic bond market. We did this in two ways. Firstly, we issued the Benchmark Bonds systematically to provide the market with a stable and reliable reference yield curve. Secondly, we developed and issued new products to the domestic bond market, e.g. the 30-year Government Bond, the Floating Rate Bond (FRB), and the Step-up Savings Bond. Not only did these new products enable PDMO

æ—π∏∫—µ√ÕÕ¡∑√—æ¬å·∫∫¢—Èπ∫—π‰¥¡’ª√–™“™π´◊ÈÕ√«¡ °«à“ 240,000 ∫—≠™’ æ—π∏∫—µ√Õ“¬ÿ 30 ªï °Á‰¥â√—∫§«“¡ π„®®“°π—°≈ß∑ÿπ√–¬–¬“« ‡™àπ ∫√‘…—∑ª√–°—π™’«‘µ ·≈–ª√–°—π —ß§¡´÷Ëß‡ªìπÀπà«¬ß“π∑’Ë¥Ÿ·≈‡ß‘πÕÕ¡¢Õß §π∑—È ß ª√–‡∑» „π¢≥–∑’Ë æ— π ∏∫— µ √Õ— µ √“¥Õ°‡∫’È ¬ ≈Õ¬µ—«°ÁµÕ∫‚®∑¬åπ—°≈ß∑ÿπ ∂“∫—π∑’ËµâÕß°“√§«“¡ ¬◊ ¥ À¬ÿà π „π°“√≈ß∑ÿ π ¥— ß π—È π „π·ßà ¢ Õß°“√æ— ≤ π“ µ≈“¥µ√“ “√Àπ’È „ Àâ ‡ ªì π ·À≈à ß √–¥¡∑ÿ π ∑’Ë ¬—Ë ß ¬◊ π ¢Õßª√–‡∑» ∫π.‰¥âæ≈‘°«‘°ƒµ„Àâ‡ªìπ‚Õ°“ Õ¬à“ß ·∑â®√‘ß §«“¡∑â“∑“¬ª√–°“√∑’Ë 2 §◊Õ °“√∫√‘À“√Àπ’È “∏“√≥–‡™‘ ß √ÿ ° ´÷Ë ß √«¡∂÷ ß °“√¥Ÿ · ≈¥â “ πµâ π ∑ÿ π ·≈–§«“¡‡ ’Ë¬ß¢Õß Portfolio µ≈Õ¥®π°“√∫√‘À“√ °“√‡∫‘ ° ®à “ ¬„π°“√≈ß∑ÿ π ¢Õßª√–‡∑» ‡æ◊Ë Õ „Àâ À π’È “∏“√≥–Õ¬Ÿà„π√–¥—∫∑’Ë‡À¡“– ¡ ´÷Ëß„πªï 2553 ‡ªìπªï ∑’Ë æ «°‡√“∑ÿ ° §π∑”ß“πÕ¬à “ ßÀπ— ° ‡æ◊Ë Õ „Àâ ß ∫≈ß∑ÿ π ¢Õßª√–‡∑»‰ª∂÷ ß ®ÿ ¥ À¡“¬ª≈“¬∑“ß„Àâ ‡ √Á « ∑’Ë ÿ ¥ „π°“√‡√àßøóôπøŸ‡»√…∞°‘® √â“ßÕ“™’æ ·≈–¬°√–¥—∫ ‚§√ß √â“ßæ◊Èπ∞“π ®π„π∑’Ë ÿ¥ ‡»√…∞°‘®‰∑¬ “¡“√∂

to meet the Governmentûs net financing requirement during crisis time without relying on the help of international organizations, but they also helped PDMO to broaden its investor base in the government bond market: the Step-up Savings Bond had over 240,000 accounts of retail clients, the 30-year Government Bond was well received by long-term investors such as insurance companies and the Social Security Office, which took care of the savings of Thais, and the FRB met institutional investorsû need of flexibility in investment. Consequently, as part of our mission in developing the domestic bond market into Thailandûs sustainable source of fund, PDMO truly turned crisis into unprecedented opportunity. The second challenge was pro-active public debt management, which included the cost of fund surveillance and risk management of the Governmentûs Debt Portfolio, as well as the management of the countryûs disbursement for investment projects.

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øóôπµ—«‰¥âÕ¬à“ßπà“Õ—»®√√¬å∑’Ë√âÕ¬≈– 7.8 ´÷Ëß Ÿß°«à“∑’Ë ª√–¡“≥°“√‰«â∂÷ß‡∑à“µ—« ·≈–∑’Ë ”§—≠¬‘Ëß √–¥—∫Àπ’È “∏“√≥–µàÕ GDP ∑’Ë‡§¬ª√–¡“≥°“√‰«â«à“®– Ÿß∂÷ß √âÕ¬≈– 60 °≈—∫Õ¬Ÿà∑’Ë√âÕ¬≈– 42 ‡∑à“π—Èπ ´÷Ëß ∫π. ¡’§«“¡¿Ÿ¡‘„®‡ªìπÕ¬à“ß¬‘Ëß∑’Ë‰¥â¡’∫∑∫“∑ ”§—≠„π°“√ ™à«¬°Ÿâ«‘°ƒµ¢Õß™“µ‘ ÿ¥∑â“¬π’È æ«°‡√“™“« ∫π. ∑’Ë¡’∫ÿ§≈“°√‡æ’¬ß √à«¡ 200 §π ¡’§«“¡¡ÿàß¡—Ëπ∑’Ë®–∫√‘À“√Àπ’È‡™‘ß√ÿ°·≈– ‡ªìπ¡◊ÕÕ“™’æ„π°“√∫√‘À“√Àπ’È “∏“√≥–‡æ◊ËÕæ—≤π“ ‡»√…∞°‘®·≈– —ß§¡¢Õßª√–‡∑»∑’Ë¬—Ëß¬◊π

We did all of the above to keep the public debt at the appropriate and sustainable level. We at PDMO worked tirelessly in 2010 to make sure that the countryûs investment budget reach its goal in a timely manner in order to speed up economic recovery, to create more jobs, and to further strengthen Thailandûs infrastructure. Our hard work proved more than worthwhile. Thailandûs economy recovered miraculously. GDP growth rate was at 7.8%, which doubled the forecast figure. More importantly, the public debt : GDP ratio, previously estimated at 60%, came down staggeringly to 42%. PDMO is proud and honored to have had this important role in helping to save our country from the economic crisis. Lastly, with the personnel of just above 200 in total, we at PDMO are determined to be a professional in managing public debt, with the goal of fostering Thailandûs sustainable economic and social development in years to come.

π“¬®—°√°ƒ»Æ‘‘Ï æ“√“æ—π∏°ÿ≈

Chakkrit Parapuntakul

ºŸâÕ”π«¬°“√ ”π—°ß“π ∫√‘À“√Àπ’È “∏“√≥–

Director - General Public Debt Management Office

“√∫—≠ Contents

“√®“°ºŸâÕ”π«¬°“√ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– Message from The Director-general public debt management

ª√–«—µ‘§«“¡‡ªìπ¡“¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– Background DEBT Management office

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‚§√ß √â“ß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ®”π«π¢â“√“™°“√ ≥ 30 °—π¬“¬π 2553 §≥–ºŸâ∫√‘À“√¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– º≈°“√ªØ‘∫—µ‘√“™°“√¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ë ¬ÿ∑∏»“ µ√å∑’Ë 1 °“√∫√‘À“√®—¥°“√Àπ’È “∏“√≥–„π‡™‘ß√ÿ° Strategy 1: Pro-active Debt Management

ë ¬ÿ∑∏»“ µ√å∑’Ë 2 æ—≤π“µ≈“¥µ√“ “√Àπ’È „Àâ‡ªìπ‡ “À≈—°∑“ß°“√‡ß‘π ‡æ◊ËÕ‡ √‘¡ √â“ß §«“¡·¢Áß·°√àß¢Õß√–∫∫°“√‡ß‘π Strategy 2: Develop Domestic Bond Market to be a sustainable source of funding for the stability of Thailand’s financial system

ë ¬ÿ∑∏»“ µ√å∑’Ë 3 æ—≤π“Õß§å°√„Àâ‡¢â¡·¢Áß·≈–¡’ª√– ‘∑∏‘¿“æ¥â“π‡∑§‚π‚≈¬’ “√ π‡∑» Strategy 3: Organisation Development through the Strengthening and Improving Efficiency of Information Technology

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ß∫°“√‡ß‘π¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ∫∑§«“¡«‘™“°“√¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ë °Õß∑ÿπ∫√‘À“√‡ß‘π°Ÿâ‡æ◊ËÕ°“√ª√—∫‚§√ß √â“ßÀπ’È “∏“√≥–·≈–æ—≤π“µ≈“¥µ√“ “√Àπ’È „πª√–‡∑» Public Debt Restructuring and Domestic Bond Market Development Fund (PDDF)

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ë °“√®—¥∑”ß∫ ¡¥ÿ≈ 5 ªï ∫∑§«“¡æ‘‡»…¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ë °“√®—¥Õ—π¥—∫§«“¡πà“‡™◊ËÕ (Credit Scoring) ‡§√◊ËÕß¡◊Õ™’È§«“¡‡ ’Ë¬ß∑“ß‡§√¥‘µ¢ÕßºŸâ°Ÿâ ë ·∫∫Õ¬à“ß§«“¡ ”‡√Á®„π°“√∫√‘À“√∑√—æ¬“°√∫ÿ§§≈ ª√–®”ªï 2553 √“ß«—≈™¡‡™¬¥â“π°“√æ—≤π“√–∫∫∫√‘À“√º≈°“√ªØ‘∫—µ‘ß“π (Performance Management Systems) ¢âÕ¡Ÿ≈Àπ’È “∏“√≥–¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– °‘®°√√¡¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–ª√–®”ªï 2553 ∑”‡π’¬∫ºŸâ∫√‘À“√¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–

PUBLIC DEBT MANAGEMENT OFFICE

ª√–«— µ § ‘ «“¡‡ªì π ¡“ ¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– BACKGROUND DEBT MANAGEMENT OFFICE

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ª√–«—µ‘§«“¡‡ªìπ¡“ ¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– BACKGROUND DEBT MANAGEMENT OFFICE

”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ( ∫π.) ®—¥µ—Èß ¢÷Èπµ“¡¡µ‘§≥–√—∞¡πµ√’ ‡¡◊ËÕ«—π∑’Ë 1 µÿ≈“§¡ 2542 ‚¥¬„π√–¬–·√° ¡’ ∂“π–‡ªìπÀπà«¬ß“π„π —ß°—¥ ”π—°ß“πª≈—¥°√–∑√«ß°“√§≈—ß °àÕπ®–‰¥â√—∫°“√¬° √–¥—∫‡ªìπ à«π√“™°“√„π√–¥—∫°√¡ —ß°—¥°√–∑√«ß °“√§≈—ß ‚¥¬ ¡∫Ÿ√≥åµ“¡æ√–√“™∫—≠≠—µ‘ª√—∫ª√ÿß °√–∑√«ß ∑∫«ß °√¡ æ.». 2545 ‚¥¬‰¥â√«¡ß“π¢Õß 2 Àπà«¬ß“π‡¢â“¥â«¬°—π ‰¥â·°à ”π—°ß“π‡»√…∞°‘® °“√§≈—ß„π à«π¢Õß°Õßπ‚¬∫“¬‡ß‘π°Ÿâ °Õßπ‚¬∫“¬ ‡ß‘π°Ÿâµ≈“¥‡ß‘π∑ÿπ °Õß‚§√ß°“√≈ß∑ÿπ‡æ◊ËÕ —ß§¡ »Ÿπ¬å ¢âÕ¡Ÿ≈∑’Ëª√÷°…“‰∑¬ ·≈–°√¡∫—≠™’°≈“ß„π à«πß“π Àπ’È “∏“√≥–·≈–‡ß‘ π §ß§≈— ß ·≈–°≈ÿà ¡ «‘ ‡ §√“–Àå Àπ’È “∏“√≥–·≈–‡ß‘ π §ß§≈— ß °“√√«¡ß“π¢Õß 2 Àπà«¬ß“π ¢â“ßµâπ‡¢â“‰«â¥â«¬°—π°Á‡æ◊ËÕ √â“ß§«“¡ ‡ªìπ‡Õ°¿“æ„π°“√∫√‘À“√®—¥°“√ Àπ’È “∏“√≥–¢Õß

The Public Debt Management Office (PDMO) was established on 1st October 1999. The PDMO Department (CGD) Establishing PDMO as a specialized entity overseeing public debt management operations was necessary in order to borrow and manage public debt in a more swift and efficient manner.

ª√–‡∑» ‚¥¬¡’Àπâ“∑’Ë§«“¡√—∫º‘¥™Õ∫„π°“√∫√‘À“√ ®—¥°“√Àπ’È¢Õßª√–‡∑»‡∫Á¥‡ √Á® ‡æ’¬ßÀπà«¬ß“π‡¥’¬« ∑—È ß π’È ‡æ◊Ë Õ „Àâ ° “√¥”‡π‘ π °“√‡ªì π ‰ªÕ¬à “ ß¡’ √ –∫∫ ¡’ª√– ‘∑∏‘¿“æ·≈– “¡“√∂§«∫§ÿ¡¥Ÿ·≈ °“√°àÕÀπ’È ‚¥¬√«¡‡æ◊Ë Õ „Àâ ¿ “√–Àπ’È “∏“√≥–Õ¬Ÿà „ π√–¥— ∫ ∑’Ë Õ¥§≈âÕß°—∫∞“π–°“√‡ß‘π°“√§≈—ß¢Õßª√–‡∑» ·≈– „πªïß∫ª√–¡“≥ æ.». 2551 ∫π. ‰¥â∑∫∑«π∫∑∫“∑ ·≈–ª√—∫ª√ÿß°“√·∫àß à«π√“™°“√¿“¬„π ‡æ◊ËÕ√Õß√—∫ °√–∫«π°“√ ·≈–·π«∑“ß°“√¥”‡π‘πß“π ‚¥¬¬÷¥ À≈— ° ‡°≥±å „ Àâ ºŸâ √— ∫ ∫√‘ ° “√µâ Õ ß‰¥â √— ∫ §«“¡ –¥«° √«¥‡√Á«·≈–§«“¡æ÷ßæÕ„® ´÷Ëß Õ¥§≈âÕß°—∫∑‘»∑“ß °“√ªØ‘∫—µ‘√“™°“√·π«„À¡à

«‘ —¬∑—»πå ‡ªìπ¡◊ÕÕ“™’æ„π°“√∫√‘À“√Àπ’È “∏“√≥– ‡æ◊ËÕ °“√æ—≤π“ª√–‡∑»Õ¬à“ß¬—Ëß¬◊π

§à“π‘¬¡ ‚ª√àß„ «‘π¬— ¥’ ¡’‡§√¥‘µ ¢—∫‡§≈◊ÕË π‡»√…∞°‘®·≈– —ß§¡

Vision

A professional in public debt management, with the goal of fostering Thailandûs sustainable economic and social development. Values

Transparency Discipline Trustworthiness Driving Social and Economic Development

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æ— π ∏°‘ ® µ“¡°ÆÀ¡“¬/¿“√°‘ ® À≈— ° ¢Õß Àπà«¬ß“π ∫√‘À“√Àπ’È “∏“√≥–µ“¡°ÆÀ¡“¬«à“¥â«¬°“√ ∫√‘ À “√Àπ’È “∏“√≥–‚¥¬°“√«“ß·ºπ°”°— ∫ ·≈– ¥”‡π‘π°“√°àÕÀπ’È §È”ª√–°—π ·≈–ª√—∫‚§√ß √â“ßÀπ’È ¢Õß√—∞∫“≈ Àπà«¬ß“π„π°”°—∫¥Ÿ·≈¢Õß√—∞ Õß§å°√ ª°§√Õß à«π∑âÕß∂‘Ëπ ·≈–√—∞«‘ “À°‘® ´÷Ëß√«¡∑—Èß°“√ ™”√–Àπ’È¢Õß√—∞∫“≈ ·≈–°“√µ‘¥µ“¡·≈–ª√–‡¡‘π º≈°“√¥”‡π‘πß“π ‡æ◊ËÕ„Àâ°“√∫√‘À“√Àπ’È “∏“√≥– ‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ ·≈–‡ √‘¡ √â“ß§«“¡ ¬—Ëß¬◊π∑“ß°“√§≈—ß·≈–°“√æ—≤π“‡»√…∞°‘®

ª√–‡¥Áπ¬ÿ∑∏»“ µ√å ë ∫√‘À“√®—¥°“√Àπ’È “∏“√≥–„π‡™‘ß√ÿ° ë æ—≤π“µ≈“¥µ√“ “√Àπ’„È Àâ‡ªìπ‡ “À≈—°∑“ß°“√‡ß‘π ‡æ◊ËÕ‡ √‘¡ √â“ß§«“¡·¢Áß·°√àß¢Õß√–∫∫°“√‡ß‘π ë æ—≤π“Õß§å°√„Àâ‡¢â¡·¢Áß·≈–¡’ª√– ‘∑∏‘¿“æ

Mission

Formulate sound public debt management policies and strategies as well as conduct, monitor and evaluate public debt management operations under the relevant legal framework and guidelines. Strategy

ë Pro-actively Manage Public Debt. ë Develop Domestic Bond Market to be a sustainable source of funding for the stability of Thailandûs financial system. ë Foster Strong and Effective Organization.

‡ªÑ“ª√– ß§å

Objectives

1. ·ºπ°“√∫√‘ À “√Àπ’È “∏“√≥– ¡’ § «“¡™— ¥ ‡®π Õ¥§≈â Õ ß°— ∫ ∑‘ » ∑“ß°“√æ— ≤ π“ª√–‡∑»µ“¡ π‚¬∫“¬√—∞∫“≈ 2. °“√∫√‘À“√Àπ’È “∏“√≥–„Àâ¡’µâπ∑ÿπ∑’Ë‡À¡“– ¡ ·≈–Õ¬Ÿà¿“¬„µâ°√Õ∫§«“¡‡ ’Ë¬ß∑’Ë¬Õ¡√—∫‰¥â 3. ™”√–Àπ’È„Àâ∂Ÿ°µâÕß §√∫∂â«π·≈–µ√ßµ“¡°”Àπ¥ ‡«≈“ºŸâ√—∫∫√‘°“√·≈–ºŸâ¡’ à«π‰¥â 4. ºŸ√â ∫— ∫√‘°“√·≈–ºŸ¡â ’ «à π‰¥â «à π‡ ’¬¡’§«“¡æ÷ßæÕ„® 5. ·À≈àß√–¥¡∑ÿπ∑’Ë¬—Ëß¬◊π„πª√–‡∑» 6. ¡’°“√ÕÕ°æ—π∏∫—µ√√—∞∫“≈Õ¬à“ß ¡Ë”‡ ¡Õ ‡æ◊ËÕ √â“ßÕ—µ√“¥Õ°‡∫’È¬Õâ“ßÕ‘ß ·≈– ¿“æ§≈àÕß„π µ≈“¥√Õß 7. ¡’°“√æ—≤π“º≈‘µ¿—≥±å∑’ËÀ≈“°À≈“¬‡æ◊ËÕ√Õß√—∫ §«“¡µâÕß°“√¢Õßπ—°≈ß∑ÿπ 8. ¡’√–∫∫¢âÕ¡Ÿ≈·≈–‡∑§‚π‚≈¬’ “√ π‡∑»∑’Ë∑—π ¡—¬ ·≈– √â“ß§«“¡‡™◊ËÕ¡‚¬ß„π°“√∑”ß“π 9. ¡’√–∫∫°“√∫√‘À“√ß“π·≈–√–∫∫∑√—æ¬“°√∫ÿ§§≈ ∑’Ë¡’ª√– ‘∑∏‘¿“æ 10. ∫ÿ§≈“°√¡’§«“¡√Ÿâ §«“¡ “¡“√∂ ¡’§«“¡‡ªìπ ¡◊ÕÕ“™’æ 11. ¡’ ∂“π∑’Ë„π°“√¥”‡π‘πß“π ∑’Ë‡À¡“– ¡°—∫ ¿“æ ¢ÕßÕß§å°√·≈–∫ÿ§≈“°√

1. Public Debt Management Plan is clear and consistent with the direction of the Government Development Policy. 2. Optimise cost of funding under acceptable risk level. 3. Accurate and timely debt repayment. 4. Maintain Stakeholdersû satisfaction. 5. Sustainable Domestic Source of Funding. 6. Regular Benchmark Bond Issuance for the purpose of reliable Government Band Yield Curve and enhanced liquidity in the Secondary Market. 7. Develop New Products and to serve investorûs need. 8. Effective Data and Information System. 9. Effective workflow and Human Resource Management. 10. Highly Capable and Professional Personnel. 11. Modern and stimulating Workplace.

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°≈¬ÿ∑∏å

Strategic Implementation Plan

1. ∫√‘À“√®—¥°“√Àπ’È “∏“√≥–„π‡™‘ß√ÿ° 2. „Àâ§”ª√÷°…“·π–π”∑“ß¥â“π¢âÕ¡Ÿ≈·≈–«‘™“°“√ √«¡∂÷ß°“√ª√–™“ —¡æ—π∏å √â“ß§«“¡‡¢â“„®¥â“π Àπ’È “∏“√≥–„π‡™‘ß√ÿ° 3. æ— ≤ π“ß“π«‘ ®— ¬ ·≈–«‘ ™ “°“√‡æ◊Ë Õ π— ∫ πÿ π °“√ ∫√‘À“√®—¥°“√Àπ’È “∏“√≥– 4. æ—≤π“‚§√ß √â“ßæ◊Èπ∞“πµ≈“¥µ√“ “√Àπ’È 5. æ—≤π“º≈‘µ¿—≥±åµ√“ “√Àπ’„È Àâ¡§’ «“¡À≈“°À≈“¬ ¡’π«—µ°√√¡∑“ß°“√‡ß‘π∑’Ë„™â„πµ≈“¥ “°≈ ·≈– Õ¥§≈âÕß°—∫§«“¡µâÕß°“√¢Õßπ—°≈ß∑ÿπ 6. æ—≤π“√–∫∫¢âÕ¡Ÿ≈·≈–‡∑§‚π‚≈¬’ “√ π‡∑» 7. æ—≤π“√–∫∫∫√‘À“√ß“π·≈–√–∫∫∑√—æ¬“°√∫ÿ§§≈ 8. æ—≤π“∫ÿ§≈“°√„Àâ¡’§«“¡√Ÿâ §«“¡ “¡“√∂ ·≈– ¡’§«“¡‡ªìπ¡◊ÕÕ“™’æ

1. Pro-actively Manage Public Debt. 2. Promote understanding and Provide consultation on pro-active public debt management strategies. 3. Develop research in public debt management. 4. Develop Domestic Bond Market Infrastructure. 5. Develop new diversified products that both deepen the development of Thailandûs domestic bond market and serve needs of investors. 6. Enhance Data and Information System. 7. Enhance Workflow and Human Resource Management System. 8. Enhance personnelû capabilities and professionalism.

‚§√ß √â“ß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ºŸâÕ”π«¬°“√ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ºŸâ‡™’Ë¬«™“≠‡©æ“–¥â“πÀπ’È “∏“√≥–·≈–‡ß‘π§ß§≈—ß ∑’Ëª√÷°…“¥â“πÀπ’È “∏“√≥– √ÕßºŸâÕ”π«¬°“√ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ”π—°π‚¬∫“¬ ·≈–·ºπ

”π—°∫√‘À“√ °“√™”√–Àπ’È

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”π—° ®—¥°“√Àπ’È 1

”π—°æ—≤π“µ≈“¥ µ√“ “√Àπ’È

à«ππ‚¬∫“¬ ·≈–·ºπ

ºŸâ‡™’Ë¬«™“≠‡©æ“–¥â“π ∫√‘À“√°“√™”√–Àπ’È

ΩÉ“¬∫√‘À“√ß“π ∑—Ë«‰ª

ºŸâ‡™’Ë¬«™“≠ ‡©æ“–¥â“π ‚§√ß°“√‡ß‘π°Ÿâ

à«πæ—≤π“µ≈“¥ µ√“ “√Àπ’È√—∞∫“≈

à«π§«“¡√à«¡¡◊Õ √–À«à“ßª√–‡∑»

à«π∫√‘À“√°“√™”√– Àπ’È„πª√–‡∑»

ΩÉ“¬ §≈—ß

à«π«‘‡§√“–Àå·ºπ °“√∫√‘À“√§«“¡‡ ’Ë¬ß

à«π∫√‘À“√°“√™”√– Àπ’Èµà“ßª√–‡∑»

ΩÉ“¬ æ— ¥ÿ

à«π«‘®—¬π‚¬∫“¬ Àπ’È “∏“√≥–

à«π∫√‘À“√ ‡ß‘π°Õß∑ÿπ

ΩÉ“¬ °“√‡®â“Àπâ“∑’Ë

ΩÉ“¬ ª√–™“ —¡æ—π∏å

à«π®—¥°“√‡ß‘π°Ÿâ √—∞∫“≈ 1

à«π®—¥°“√‡ß‘π°Ÿâ √—∞∫“≈ 2

à«π®—¥°“√‡ß‘π°Ÿâ √—∞∫“≈ 3

à«π®—¥°“√‡ß‘π°Ÿâ Àπà«¬ß“πÕ◊Ëπ

à«π∫√‘À“√°Õß∑ÿπ ·≈–æ—≤π“‚§√ß √â“ß æ◊Èπ∞“π

à«ππ‚¬∫“¬ µ≈“¥µ√“ “√Àπ’È √–À«à“ßª√–‡∑»

14 15

°≈ÿà¡µ√«® Õ∫¿“¬„π

√ÕßºŸâÕ”π«¬°“√ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– °≈ÿ¡à æ—≤π“√–∫∫ ∫√‘À“√

”π—° ®—¥°“√Àπ’È 2

”π—°∫√‘À“√ °“√√–¥¡∑ÿπ‚§√ß°“√ ≈ß∑ÿπ¿“§√—∞

»Ÿπ¬å‡∑§‚π‚≈¬’ “√ π‡∑»

à«π∫√‘À“√®—¥°“√ ‡ß‘π°Ÿâµà“ßª√–‡∑» √—∞«‘ “À°‘®

ºŸâ‡™’Ë¬«™“≠ ‡©æ“–¥â“π∫√‘À“√ Àπ’È “∏“√≥– ·≈–¿“√–ºŸ°æ—π

à«π«‘‡§√“–Àå π‚¬∫“¬·≈–·ºπ “√ π‡∑»

à«π∫√‘À“√®—¥°“√ ‡ß‘π°Ÿâ„πª√–‡∑» √—∞«‘ “À°‘®

à«ππ‚¬∫“¬ ·≈–·ºπ°“√√–¥¡∑ÿπ

à«π‡ß‘π°Ÿâµ≈“¥‡ß‘π∑ÿπ µà“ßª√–‡∑»·≈–°“√®—¥ Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ

à«π«‘‡§√“–Àå·≈– ®—¥°“√‡ß‘π∑ÿπ ‚§√ß°“√ 1

à«π∫√‘À“√®—¥°“√‡ß‘π „Àâ°ŸâµàÕ·≈–°“√™”√–Àπ’È √—∞«‘ “À°‘®

à«π«‘‡§√“–Àå·≈– ®—¥°“√‡ß‘π∑ÿπ ‚§√ß°“√ 2

°≈à¡ÿ °ÆÀ¡“¬

à«π∫√‘À“√ √–∫∫¢âÕ¡Ÿ≈ “√ π‡∑»

»Ÿπ¬å¢âÕ¡Ÿ≈ ∑’Ëª√÷°…“‰∑¬ À¡“¬‡Àµÿ : ªØ‘∫—µ‘ß“π®√‘ß

®”π«π¢â“√“™°“√ ≥ 30 °—π¬“¬π 2553

ª√–‡¿∑µ”·Àπàß

√–¥—∫µ”·Àπàß

∫√‘À“√

Ÿß µâπ Ÿß µâπ ∑√ß§ÿ≥«ÿ≤‘ ‡™’Ë¬«™“≠ ™”π“≠°“√æ‘‡»… ™”π“≠°“√ ªØ‘∫—µ‘°“√ ™”π“≠ß“π

Õ”π«¬°“√ «‘™“°“√

∑—Ë«‰ª √«¡

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√«¡

1 2 4 1 1 1 3 13 16 2 44

1 1 1 12 34 36 3 88

1 2 5 2 1 2 15 47 52 5 132

À¡“¬‡Àµÿ : ¢âÕ¡Ÿ≈ ≥ 30 °—π¬“¬π 2553 ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–¡’∫ÿ§≈“°√∑—Èß ‘Èπ 213 §π ª√–°Õ∫¥â«¬ ¢â“√“™°“√ 132 §π æπ—°ß“π√“™°“√ 8 §π ·≈–≈Ÿ°®â“ß™—Ë«§√“« 73 §π

16 17

§≥–ºŸ ∫ â √‘ À “√ ¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– PUBLIC DEBT MANAGEMENT OFFICE

§≥–ºŸâ∫√‘À“√

1. π“¬®—°√°ƒ»Ø‘Ï æ“√“æ—π∏°ÿ≈ ºŸâÕ”π«¬°“√ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–

2. π“¬ª√–«‘™ “√°‘®ª√’™“ ∑’Ëª√÷°…“¥â“πÀπ’È “∏“√≥–

3. π“¬ ÿ«‘™≠ ‚√®π«“π‘™ √ÕßºŸâÕ”π«¬°“√ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–

4. π“¬∑«’ ‰Õ»Ÿ√¬åæ‘»“≈»‘√‘ √ÕßºŸâÕ”π«¬°“√ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–

5. π“ßª√–¿“¥“ “√πÿ ‘µ ºŸâ‡™’Ë¬«™“≠‡©æ“–¥â“πÀπ’È “∏“√≥–·≈–‡ß‘π§ß§≈—ß

18 19

§≥–ºŸâ∫√‘À“√ ”π—°®—¥°“√Àπ’È 1

1. π“ß≈«“¥«√√≥ ∏π‘µµ‘√“¿√≥å ºŸâÕ”π«¬°“√

2. π“¬≥√ß§å ·°â«‡»«µæ—π∏ÿå ºŸâ‡™’Ë¬«™“≠‡©æ“–¥â“π‡ß‘π°Ÿâ‚§√ß°“√

3. π“ß “«√«’«√√≥ ∏“¥“¿“§¬å ºŸâÕ”π«¬°“√ à«π®—¥°“√‡ß‘π°ŸâÀπà«¬ß“πÕ◊Ëπ

4. π“ß “«¬Õ¥‡¬“«¡“≈¬å ÿ§π∏æ—π∏ÿå ºŸâÕ”π«¬°“√ à«π®—¥°“√‡ß‘π°Ÿâ√—∞∫“≈ 2

5. π“¬∂“«√ ‡ √’ª√–¬Ÿ√ ºŸâÕ”π«¬°“√ à«π®—¥°“√‡ß‘π°Ÿâ√—∞∫“≈ 1

6. π“¬¬ÿ∑∏æß»å ‡Õ’Ë¬¡·®âß ªØ‘∫—µ‘Àπâ“∑’ËºŸâÕ”π«¬°“√ à«π®—¥°“√‡ß‘π°Ÿâ√—∞∫“≈ 3

§≥–ºŸâ∫√‘À“√ ”π—°®—¥°“√Àπ’È 2

1. π“ß “«»‘√ “ °—πµåæ‘∑¬“ ºŸâÕ”π«¬°“√

2. π“ß ÿ≥’ ‡Õ° ¡∑√“‡¡…∞å ºŸâÕ”π«¬°“√ à«π∫√‘À“√®—¥°“√‡ß‘π°Ÿâµà“ßª√–‡∑»√—∞«‘ “À°‘®

3. π“ß “«‡∫≠®¡“»† ‡√◊ÕßÕ”π“® ºŸâÕ”π«¬°“√ à«π∫√‘À“√®—¥°“√‡ß‘π°Ÿâ„πª√–‡∑»√—∞«‘ “À°‘®

4. π“ß™π—π¿√≥å æ‘»‘…∞«“π‘™ ºŸâÕ”π«¬°“√ à«π‡ß‘π°Ÿâµ≈“¥‡ß‘π∑ÿπµà“ßª√–‡∑»·≈–°“√®—¥√–¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ

5. π“ßªí≥±“√’¬å† »√’·°â«æ—π∏å ºŸâÕ”π«¬°“√ à«π∫√‘À“√®—¥°“√‡ß‘π„Àâ°ŸâµàÕ·≈–°“√™”√–Àπ’È√—∞«‘ “À°‘®

20 21

§≥–ºŸâ∫√‘À“√ ”π—°π‚¬∫“¬·≈–·ºπ

1. π“¬∏“¥“ æƒ≤‘∏“¥“ ºŸâÕ”π«¬°“√

2. π“¬‡Õ°√“™ ‡¢◊ËÕπ¢—π∏å ∂‘µ¬å ºŸâÕ”π«¬°“√ à«ππ‚¬∫“¬·≈–·ºπ

3. π“ß “« ‘√‘¿“ —µ¬“ππ∑å ºŸâÕ”π«¬°“√ à«π§«“¡√à«¡¡◊Õ√–À«à“ßª√–‡∑»

4. π“¬∞‘µ‘‡∑æ ‘∑∏‘¬» ºŸâÕ”π«¬°“√ à«π«‘‡§√“–Àå·ºπ°“√∫√‘À“√§«“¡‡ ’Ë¬ß

5. π“ß “«√“π’†Õ‘∞√—µπå ªØ‘∫—µ‘Àπâ“∑’ËºŸâÕ”π«¬°“√ à«π«‘®—¬π‚¬∫“¬Àπ’È “∏“√≥–

§≥–ºŸâ∫√‘À“√ ”π—°æ—≤π“µ≈“¥µ√“ “√Àπ’È

1. π“¬«‘ ÿ∑∏‘Ï ®—π¡≥’ ºŸâÕ”π«¬°“√

2. π“ß “«æ‘¡æå‡æÁ≠ ≈—¥æ≈’ ºŸâÕ”π«¬°“√ à«πæ—≤π“µ≈“¥µ√“ “√Àπ’È√—∞∫“≈

3. π“¬≥—∞°“√ ∫ÿ≠»√’ ºŸâÕ”π«¬°“√ à«π∫√‘À“√°Õß∑ÿπ·≈–æ—≤π“‚§√ß √â“ßæ◊Èπ∞“π

4. π“ß©—µ√¡≥’† ‘π ‘√‘ ªØ‘∫—µ‘Àπâ“∑’ËºŸâÕ”π«¬°“√ à«ππ‚¬∫“¬µ≈“¥µ√“ “√Àπ’È√–À«à“ßª√–‡∑»

22 23

§≥–ºŸâ∫√‘À“√ ”π—°°“√∫√‘À“√°“√™”√–Àπ’È

1. π“¬‡Õ¥ «‘∫Ÿ≈¬å‡®√‘≠ ºŸâÕ”π«¬°“√

2. π“ß ÿ¿‘≠≠“ »√’·°â« ºŸâÕ”π«¬°“√ à«π∫√‘À“√°“√™”√–Àπ’È„πª√–‡∑»

3. π“ß “«™‘¥™‰¡ ‰¡µ√’ ºŸâÕ”π«¬°“√ à«π∫√‘À“√°“√™”√–Àπ’Èµà“ßª√–‡∑»

4. π“ßæ√æ‘¡≈ ∫ÿππ“§ ªØ‘∫—µ‘Àπâ“∑’ËºŸâÕ”π«¬°“√ à«π∫√‘À“√‡ß‘π°Õß∑ÿπ

§≥–ºŸâ∫√‘À“√ ”π—°∫√‘À“√°“√√–¥¡∑ÿπ‚§√ß°“√≈ß∑ÿπ¿“§√—∞

1. π“¬∏’√—™¬å Õ—µπ«“π‘™ ºŸâÕ”π«¬°“√

2. π“ß®‘π¥“√—µπå «‘√‘¬–∑«’°ÿ≈ ºŸâ‡™’Ë¬«™“≠‡©æ“–¥â“π∫√‘À“√Àπ’È “∏“√≥–·≈–¿“√–ºŸ°æ—π

3. π“ß “«Õ√ÿ≥«√√≥ ¬¡®‘π¥“ ºŸâÕ”π«¬°“√ à«π«‘‡§√“–Àå·≈–®—¥°“√‡ß‘π∑ÿπ‚§√ß°“√ 2

4. π“ß “«Õ—≠®π“ «ß»å «à“ß ºŸâÕ”π«¬°“√ à«π«‘‡§√“–Àå·≈–®—¥°“√‡ß‘π∑ÿπ‚§√ß°“√ 1

5. π“ßÕπß§åπ“Ø ‚¡√“ ÿ¢ ºŸâÕ”π«¬°“√»Ÿπ¬å¢âÕ¡Ÿ≈∑’Ëª√÷°…“‰∑¬

6. π“ß “«Õÿª¡“ „®Àß…å ºŸâÕ”π«¬°“√ à«ππ‚¬∫“¬·≈–·ºπ°“√√–¥¡∑ÿπ

24 25

§≥–ºŸâ∫√‘À“√ ”π—°ß“π‡≈¢“πÿ°“√°√¡

1. π“¬∏’√≈—°…å · ß π‘∑ ‡≈¢“πÿ°“√°√¡

2. π“ß “«‡∑’¬¡®—π∑√å ª√–‡ √‘∞º≈ À—«Àπâ“ΩÉ“¬§≈—ß

3. π“ß “« ÿæ√√≥æ‘¡æå ∫ÿ≠∑‘æ¬å À—«Àπâ“ΩÉ“¬∫√‘À“√ß“π∑—Ë«‰ª

4. π“ß‡ “«√ ’«√√≥å À—«Àπâ“ΩÉ“¬æ— ¥ÿ

5. π“ß√ÿàß√–«’ √ÿ°‡¢µ À—«Àπâ“ΩÉ“¬°“√‡®â“Àπâ“∑’Ë

§≥–ºŸâ∫√‘À“√ »Ÿπ¬å‡∑§‚π‚≈¬’ “√ π‡∑»

1. π“ß “««√“¿√≥å ªí≠≠»‘√‘ ºŸâÕ”π«¬°“√»Ÿπ¬å‡∑§‚π‚≈¬’ “√ π‡∑»

2. π“¬«»‘π ™Ÿ®‘µ√“√¡¬å ºŸâÕ”π«¬°“√ à«π∫√‘À“√√–∫∫¢âÕ¡Ÿ≈ “√ π‡∑»

3. π“¬§√√™‘µ æ–≈—ß ªØ‘∫—µ‘Àπâ“∑’ËºŸâÕ”π«¬°“√ à«π«‘‡§√“–Àåπ‚¬∫“¬·≈–·ºπ “√ π‡∑»

§≥–ºŸâ∫√‘À“√ °≈ÿà¡æ—≤π“√–∫∫∫√‘À“√

1. π“ß “«æ√∑‘æ¬å æ—π‡≈‘»¬Õ¥¬‘Ëß 1

ºŸâÕ”π«¬°“√°≈ÿà¡æ—≤π“√–∫∫∫√‘À“√

26 27

§≥–ºŸâ∫√‘À“√ °≈ÿà¡µ√«® Õ∫¿“¬„π

1. π“ß “«‚ ¿‘¥“ »√’∂¡¬“ 1

ªØ‘∫—µ‘Àπâ“∑’ËºŸâÕ”π«¬°“√°≈ÿà¡µ√«® Õ∫¿“¬„π

28 29

§≥–ºŸâ∫√‘À“√ °≈ÿ¡à °ÆÀ¡“¬

1. π“¬∏’√‡¥™ ≈‘¢‘µµ√–°Ÿ≈«ß»å 1

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º≈°“√ªØ‘ ∫ µ — √ ‘ “™°“√ ¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– PUBLIC DEBT MANAGEMENT OFFICE

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¬ÿ∑∏»“ µ√å∑’Ë 1 °“√∫√‘À“√®—¥°“√Àπ’È “∏“√≥–„π‡™‘ß√ÿ° Strategy 1: Pro-active Debt Management

°“√∫√‘À“√Àπ’ È “∏“√≥–ª√–®”ªïß∫ª√–¡“≥ °“√∫√‘À“√®—¥°“√Àπ’È “∏“√≥–„π¿“æ√«¡ „πªïß∫ª√–¡“≥ 2553 ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ( ∫π.) ‰¥â¥”‡π‘π°“√µ“¡¿“√°‘®∑’Ë ”§—≠ „πÀ≈“¬¥â“π‚¥¬πÕ°®“°®–®—¥À“‡ß‘π°Ÿâ„Àâ Õ¥§≈âÕß °—∫§«“¡µâÕß°“√¢Õß√—∞∫“≈ ·≈–√—∞«‘ “À°‘®·≈â« ∫π. ¬—ß‰¥â®—¥À“‡ß‘π°Ÿâ‡æ◊ËÕ„™â π—∫ πÿπ°“√¥”‡π‘π¡“µ√°“√ øóôπøŸ‡»√…∞°‘®µ“¡π‚¬∫“¬¢Õß√—∞∫“≈¿“¬„µâ·ºπ ªØ‘∫—µ‘°“√‰∑¬‡¢â¡·¢Áß 2555 ∑—Èßπ’È ¿“√°‘®¥—ß°≈à“« ®”‡ªì π µâ Õ ß¥”‡π‘ π °“√§«∫§Ÿà ‰ ª°— ∫ °“√∫√‘ À “√·≈– ®— ¥ °“√Àπ’È “∏“√≥–„Àâ Õ ¬Ÿà „ π√–¥— ∫ ∑’Ë ¡’ ‡ ∂’ ¬ √¿“æ ¿“¬„µâ ° √Õ∫§«“¡¬—Ë ß ¬◊ π ∑“ß°“√§≈— ß ¢Õßª√–‡∑» ‡æ◊ËÕ„Àâ “¡“√∂®—¥À“·À≈àß‡ß‘π°Ÿâ ·≈–∫√‘À“√µâπ∑ÿπ °“√°Ÿ‡â ß‘π„Àâ‡À¡“– ¡°—∫ ¿“«°“√≥å¢Õßµ≈“¥°“√‡ß‘π ·≈–Õ¬Ÿà¿“¬„µâ°√Õ∫§«“¡‡ ’Ë¬ß∑’Ë‡À¡“– ¡ ”À√—∫ °“√¥”‡π‘π°“√„πªïß∫ª√–¡“≥ 2553 ∫π. ‰¥â®—¥À“ ‡ß‘π°Ÿâ„Àâ°—∫√—∞∫“≈‡æ◊ËÕ„™â„π«—µ∂ÿª√– ß§å ”§—≠ ‡™àπ °“√°Ÿâ‡ß‘π‡æ◊ËÕ™¥‡™¬°“√¢“¥¥ÿ≈ß∫ª√–¡“≥·≈–°√≥’ √“¬®à“¬ Ÿß°«à“√“¬‰¥â °“√°Ÿâ‡ß‘πµ“¡æ√–√“™°”Àπ¥ „Àâ Õ”π“®°√–∑√«ß°“√§≈— ß °Ÿâ ‡ ß‘ π ‡æ◊Ë Õ øóô π øŸ · ≈– ‡ √‘¡ √â“ß§«“¡¡—Ëπ§ß∑“ß‡»√…∞°‘® æ.». 2552 ‡æ◊ËÕ π— ∫ πÿ π ‚§√ß°“√≈ß∑ÿ π ¿“¬„µâ · ºπªØ‘ ∫— µ‘ ° “√ ‰∑¬‡¢â ¡ ·¢Á ß 2555 √«¡∂÷ ß °“√®— ¥ À“‡ß‘ π °Ÿâ „ Àâ °— ∫ √—∞«‘ “À°‘®‡æ◊ËÕ¥”‡π‘π‚§√ß°“√≈ß∑ÿπ ·≈–„™â®à“¬µ“¡ ·ºπ°“√¥”‡π‘πß“π¢Õß√—∞«‘ “À°‘® „π°“√π’È ∫π.

Public Debt Management in the fiscal year (FY) 2010

Overview of Public Debt Management

In FY 2010, the Public Debt Management Office (PDMO) has successfully obtained the necessary funding for the government and State Owned Enterprises (SOEs) including the funding to support the Stimulus Package II or the so-called Thai Khem Kaeng, while maintaining the debt level within the fiscal sustainability framework. PDMO has provided the sufficient sources of fund to the government and SOEs with the appropriated costs within the appropriated risk framework ... the financial market environment. The borrowings for this year included the funding for government budget deficit, government stimulus packages, SOEsû investment projects

‰¥â¥”‡π‘π°“√∫√‘À“√Àπ’È “∏“√≥–‡™‘ß√ÿ°¥â«¬«‘∏’°“√ ∑’Ë‡À¡“– ¡ ¿“¬„µâ¿“«–µ≈“¥°“√‡ß‘π∑’Ë‡Õ◊ÈÕÕ”π«¬ ∑—Èß°“√™”√–Àπ’È§◊π°àÕπ∂÷ß°”Àπ¥™”√– °“√¢¬“¬ √–¬–‡«≈“‡ß‘π°Ÿâ ´÷Ëß∑”„Àâ “¡“√∂≈¥¬Õ¥Àπ’È§ß§â“ß‰¥â 78,449.01 ≈â“π∫“∑ ·≈–≈¥¿“√–¥Õ°‡∫’È¬‰¥â 1,754.33 ≈â “ π∫“∑ ‚¥¬√“¬≈–‡Õ’ ¬ ¥°“√∫√‘ À “√®— ¥ °“√Àπ’È “∏“√≥–„πªïß∫ª√–¡“≥ 2553 ¡’¥—ßπ’È

and other operations. To manage the public debt pro-actively, PDMO has implemented various debt management strategies such as prepayment, refinance and rollover. As a result, the public debt reduced by 78,449.01 million Baht and the interest burden by 1,754.33 million Baht. Details of the public debt management in FY 2010 are outlined as follows:

µ“√“ß∑’Ë 1 °“√∫√‘À“√®—¥°“√Àπ’È “∏“√≥– ¿“¬„πªïß∫ª√–¡“≥ 2553 Table 1: Public debt management in FY 2010 Àπà«¬ : ≈â“π∫“∑ / Unit : Million Baht

Àπà«¬ß“π Organisations

- √—∞∫“≈ / Government - √—∞«‘ “À°‘® / SOEs √«¡ / Total

°“√°àÕÀπ’È„À¡à New Borrowing 523,225.66 124,824.49 648,050.15

°“√∫√‘À“√®—¥°“√Àπ’È “∏“√≥–„πª√–‡∑» 2.1 °“√°Ÿâ‡ß‘π„À¡à : 1) °“√°Ÿâ‡ß‘π„À¡à¢Õß√—∞∫“≈ ∫π. ‰¥â®—¥À“‡ß‘π°Ÿâ‡æ◊ËÕ√Õß√—∫°“√ „™â®à“¬¢Õß√—∞∫“≈ ·≈–‡æ◊ËÕ‡ªìπ·À≈àß‡ß‘π∑ÿπ ”À√—∫ „™â¥”‡π‘π°“√µ“¡·ºπªØ‘∫—µ‘°“√‰∑¬‡¢â¡·¢Áß 2555 ‚¥¬¡’√“¬≈–‡Õ’¬¥ ¥—ßπ’È ë °Ÿâ ‡ ß‘ π ‡ æ◊Ë Õ ™ ¥ ‡ ™ ¬ ° “ √ ¢ “ ¥ ¥ÿ ≈ ß∫ª√–¡“≥·≈–°√≥’√“¬®à“¬ Ÿß°«à“√“¬‰¥â ®”π«π 232,575.46 ≈â “ π∫“∑ ‚¥¬ÕÕ°æ— π ∏∫— µ √√— ∞ ∫“≈ «ß‡ß‘ π √«¡ 232,572.00 ≈â “ π∫“∑ ·≈–æ— π ∏∫— µ √ ÕÕ¡∑√—æ¬å «ß‡ß‘π 3.46 ≈â“π∫“∑

º≈°“√¥”‡π‘πß“π Items °“√∫√‘À“√Àπ’È Debt Management 534,171.02 273,092.18 771,263.20

√«¡ Total 1,057,396.68 361,916.67 1,419,313.35

Domestic Debt Management

2.1 New Borrowing: 1) Government New Borrowing PDMO acquired necessary funds to finance the government expenditure and support the Stimulus Package II. The details of the governmentûs new domestic borrowings in FY 2010 are as follows: ë Borrowed 232,575.46 million Baht to finance budget deficit and revenue shortfall by issuing 232,572 million Baht of the government loan bonds and 3.46 million Baht of government saving bonds.

ë °Ÿâ‡ß‘πµ“¡æ√–√“™°”Àπ¥„ÀâÕ”π“® °√–∑√«ß°“√§≈—ß°Ÿâ‡ß‘π‡æ◊ËÕøóôπøŸ·≈–‡ √‘¡ √â“ß§«“¡ ¡—Ëπ§ß∑“ß‡»√…∞°‘® æ.». 2552 ‚¥¬°“√∑” —≠≠“ °Ÿâ‡ß‘π·∫∫ Term - Loan ®“° ∂“∫—π°“√‡ß‘π ‡æ◊ËÕ π—∫ πÿπ·ºπªØ‘∫—µ‘°“√‰∑¬‡¢â¡·¢Áß 2555 ®”π«π 260,000 ≈â“π∫“∑ 2) °“√°Ÿâ‡ß‘π„À¡à¢Õß√—∞«‘ “À°‘® ∫π. ‰¥âæ‘®“√≥“®—¥À“‡ß‘π°Ÿâ„Àâ°—∫ √—∞«‘ “À°‘®®“°·À≈àß‡ß‘π°Ÿâ∑’Ë¡’‡ß◊ËÕπ‰¢ ·≈–µâπ∑ÿπ ∑’Ë‡À¡“– ¡‡æ◊ËÕ„Àâ√—∞«‘ “À°‘®¡’·À≈àß‡ß‘π∑ÿπ‡æ’¬ßæÕ µàÕ°“√„™â®à“¬µ≈Õ¥®π°“√¥”‡π‘π‚§√ß°“√/·ºπß“π ‰¥â Õ ¬à “ ßµà Õ ‡π◊Ë Õ ß ‚¥¬„πªï ß ∫ª√–¡“≥ 2553 √—∞«‘ “À°‘®‰¥â≈ßπ“¡ºŸ°æ—π°“√°Ÿ‡â ß‘π ‡æ◊ÕË «—µ∂ÿª√– ß§å µà“ßÊ ‰¥â·°à (1) ‡ß‘π°Ÿâ„πª√–‡∑»∑¥·∑π‡ß‘π°Ÿâ®“° µà“ßª√–‡∑» (2) ‡ß‘π°Ÿâ‡ß‘π∫“∑ ¡∑∫‚§√ß°“√‡ß‘π°Ÿâ„π ª√–‡∑» (3) ‡ß‘π°Ÿâ‡æ◊ËÕ≈ß∑ÿπ ·≈– (4) ‡ß‘π°Ÿâ‡æ◊ËÕ¥”‡π‘π °‘®°“√∑—Ë«‰ª ·≈–Õ◊ËπÊ √«¡ 77,590.40 ≈â“π∫“∑ ‚¥¬ ¡’°“√°Ÿâ‡ß‘π∑’Ë ”§—≠ ‡™àπ °“√°Ÿâ‡ß‘π‡æ◊ËÕ¥”‡π‘π‚§√ß°“√ ≈ß∑ÿπµà“ßÊ ¢Õß°“√‰øøÑ“π§√À≈«ß °“√‰øøÑ“ à«π ¿Ÿ¡‘¿“§ °“√ª√–ª“ à«π¿Ÿ¡‘¿“§ ‚§√ß°“√∑“ßæ‘‡»… “¬∫“ßæ≈’- ÿ¢ «— ¥‘Ï°—∫∂ππ«ß·À«πÕÿµ “À°√√¡ ‚§√ß°“√√–∫∫√∂‰øøÑ“„πæ◊Èπ∑’Ë°√ÿß‡∑æ¡À“π§√·≈– ª√‘¡≥±≈ ™à«ß∫“ß´◊ËÕ-µ≈‘Ëß™—π ·≈–‚§√ß°“√°àÕ √â“ß √–∫∫¢π àß∑“ß√∂‰ø‡™◊ËÕ¡∑à“Õ“°“»¬“π ÿ«√√≥¿Ÿ¡‘ ‡ªìπµâπ 2.2 °“√∫√‘À“√Àπ’È : 1) °“√∫√‘À“√Àπ’È√—∞∫“≈ 1.1) °“√ Roll-over µ—Î«‡ß‘π§≈—ß‡æ◊ËÕ ∫√‘À“√¥ÿ≈‡ß‘π ¥ «ß‡ß‘π 80,000 ≈â“π∫“∑ ·≈–µ—«Î ‡ß‘π§≈—ß ‡æ◊Ë Õ ™¥‡™¬°“√¢“¥¥ÿ ≈ ß∫ª√–¡“≥∑’Ë – ¡¡“„π ™à « ßªï ß ∫ª√–¡“≥ 2542 - 2552 «ß‡ß‘ π 76,746 ≈â“π∫“∑ ∑—Èßπ’È „π à«π¢Õßµ—Î«‡ß‘π§≈—ß‡æ◊ËÕ™¥‡™¬

ë Borrowed 260,000 million Baht under the Emergency Decree to support the Stimulus Package II by signing the Term Loans with the financial institutions. 2) SOEs New Borrowing PDMO acquired necessary sources of funding with appropriated cost and conditions to SOEs for their continuous project implementations. In FY 2010, SOEs have signed the loan contracts of 77,590.40 million Baht for various purposes, i.e. (1) domestic borrowing to substitute foreign borrowing (2) local cost financing (3) project investments and (4) operational and other expenses. The major projects are the infrastructure investments by Metropolitan Electricity Authority, Provincial Electricity Authority and Provincial Waterworks Authority, Bangplee Suksawad Expressway and the Outer Ring Expressway, the Bang-sue - Talingchan Mass Transit and the Suvarnabhumi Airport Link. 2.2 Debt Management 1) Government Debt Management 1.1) Rollover T-bill that borrowed for cash management in the amount of 80,000 million Baht and T-bill that borrowed for budget deficit during FY 1999-2009 in the amount of 76,746 million Baht. PDMO has converted the budget deficit T-bill to long-term bonds in the amount of 124,254 million Baht. As a result, the outstanding T-bill amount at the end of FY 2010 was equalled to 156,746 million Baht. 1.2) Rollover the matured P/Ns by issued the new P/Ns in the amount of 25,000 billion Baht.

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°“√¢“¥¥ÿ≈ß∫ª√–¡“≥∑’ Ë – ¡¡“„π™à«ßªïß∫ª√–¡“≥ 2542 - 2552 ‰¥â¥”‡π‘π°“√ª√—∫‚§√ß √â“ßÀπ’È‚¥¬ ·ª≈ß‡ªì π æ— π ∏∫— µ √√–¬–¬“« ®”π«π 124,254 ≈â “ π∫“∑ ∑—È ß π’È ®“°°“√¥”‡π‘ π °“√ Roll-over µ—Î«‡ß‘π§≈—ß∑”„Àâ ≥ ‘Èπªïß∫ª√–¡“≥ 2553 ¡’µ—Î« ‡ß‘π§≈—ßÀ¡ÿπ‡«’¬π„πµ≈“¥ ®”π«π 156,746 ≈â“π∫“∑ 1.2) °“√ Roll-over µ—Î« —≠≠“„™â‡ß‘π ∑’Ë§√∫°”Àπ¥‰∂à∂Õπ «ß‡ß‘π√«¡ 25,000 ≈â“π∫“∑ ‚¥¬ÕÕ°µ—Î « — ≠ ≠“„™â ‡ ß‘ π ‡æ◊Ë Õ °“√∫√‘ À “√Àπ’È °— ∫ ∂“∫—π°“√‡ß‘π 1.3) °“√„™â ß ∫ª√–¡“≥™”√–Àπ’È §ß‡À≈◊Õ¢Õßªïß∫ª√–¡“≥ 2553 ‰∂à∂Õπæ—π∏∫—µ√ ÕÕ¡∑√— æ ¬å æ‘ ‡ »…·≈–µ—Î « — ≠ ≠“„™â ‡ ß‘ π «ß‡ß‘ π √«¡ 17,000 ≈â“π∫“∑ ·≈–„™â‡ß‘π§ß§≈—ß‰∂à∂Õπµ—Î« —≠≠“ „™â‡ß‘π°àÕπ§√∫°”Àπ¥ «ß‡ß‘π√«¡ 42,000 ≈â“π∫“∑ ∑—È ß π’È ´÷Ë ß À“°√«¡°— ∫ °“√„™â ß ∫ª√–¡“≥™”√–Àπ’È §ß‡À≈◊Õ¢Õßªïß∫ª√–¡“≥ 2553 ‰∂à∂Õπµ—Î« —≠≠“ „™â‡ß‘π°àÕπ§√∫°”Àπ¥ «ß‡ß‘π√«¡ 18,500 ≈â“π∫“∑ ∫π. “¡“√∂≈¥¬Õ¥Àπ’È§ß§â“ß‰¥â√«¡ 77,500 ≈â“π ∫“∑ ·≈–≈¥¿“√–¥Õ°‡∫’È¬‰¥â√«¡ 1,592.74 ≈â“π∫“∑ 1.4) °“√ Roll-over æ—π∏∫—µ√ FIDF1 ∑’Ë§√∫°”Àπ¥‰∂à∂Õπ ®”π«π 69,440 ≈â“π∫“∑ ‚¥¬ °Ÿâ‡ß‘π√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π ®”π«π 26,843.61 ≈â “ π∫“∑ ·≈–°Ÿâ ‡ ß‘ π √–¬–¬“«®“° ∂“∫— π °“√‡ß‘ π ®”π«π 14,440 ≈â“π∫“∑ ¡∑∫°—∫‡ß‘π∑¥√Õß®à“¬ ®“°∫—≠™’‡ß‘πΩ“°°√–∑√«ß°“√§≈—ß ®”π«π 28,156.39 ≈â “ π∫“∑ ‡æ◊Ë Õ ™”√–§◊ π Àπ’È ∑’Ë § √∫°”Àπ¥ ®“°π—È π ∑¬Õ¬ÕÕ°æ—π∏∫—µ√√—∞∫“≈‡æ◊ËÕ°“√ª√—∫‚§√ß √â“ßÀπ’È «ß‡ß‘π 55,000 ≈â“π∫“∑ ¡“™”√–§◊π‡ß‘π°Ÿâ√–¬– —Èπ ·≈–‡ß‘π®“°∫—≠™’‡ß‘πΩ“°°√–∑√«ß°“√§≈—ß

1.3) Repaid the matured saving bonds and P/Ns in the amount of 17,000 million Baht and prepaid P/Ns in the amount of 18,500 million Baht. The 42,000 million Baht T-bill was also issued to prepay P/Ns. As a result, the amount of the outstanding debt and interest payment were reduced by 77,500 million Baht and 1,592.74 million Baht, respectively. 1.4) Rollover the matured FIDF 1 bond in the amount of 69,440 million Baht by repaying the bond with the short-term bridge finance (26,843.61 million Baht), long-term borrowing from financial institutions (14,440 million Baht) and the advanced money from Ministry of Financeûs deposit account (28,156.39 million Baht). Later on, Ministry of Finance issued the restructuring bond in the amount of 55,000 million Baht to repay the short-term bridge finance and to pay back the advanced money in the deposit account.

1.5) °“√ Roll-over æ—π∏∫—µ√ FIDF3 ∑’Ë§√∫°”Àπ¥‰∂à∂Õπ ®”π«π 69,731.02 ≈â“π∫“∑ ‚¥¬ÕÕ°µ—Î« —≠≠“„™â‡ß‘π «ß‡ß‘π 21,731.02 ≈â“π∫“∑ °Ÿâ‡ß‘π√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π ®”π«π 32,430 ≈â “ π∫“∑ ·≈–ÕÕ°æ— π ∏∫— µ √√— ∞ ∫“≈‡æ◊Ë Õ °“√ª√— ∫ ‚§√ß √â“ßÀπ’È «ß‡ß‘π 8,000 ≈â“π∫“∑ ¡∑∫°—∫‡ß‘π ∑¥√Õß®à“¬®“°∫—≠™’‡ß‘πΩ“°°√–∑√«ß°“√§≈—ß ®”π«π 7,570 ≈â“π∫“∑ ‡æ◊ËÕ™”√–§◊πÀπ’È∑’Ë§√∫°”Àπ¥ ‚¥¬ „πªïß∫ª√–¡“≥ 2554 ®–∑¬Õ¬ÕÕ°æ—π∏∫—µ√√—∞∫“≈ ‡æ◊ËÕ°“√ª√—∫‚§√ß √â“ßÀπ’È¡“™”√–§◊π‡ß‘π°Ÿâ√–¬– —Èπ ·≈–‡ß‘π®“°∫—≠™’‡ß‘πΩ“°°√–∑√«ß°“√§≈—ßµàÕ‰ª 1.6) °“√ÕÕ°æ— π ∏∫— µ √ÕÕ¡∑√— æ ¬å ‰∑¬‡¢â¡·¢Áß «ß‡ß‘π 82,230.29 ≈â“π∫“∑ ‡æ◊ËÕª√—∫ ‚§√ß √â“ßÀπ’È∑’Ë°Ÿâ®“° ∂“∫—π°“√‡ß‘π„πªïß∫ª√–¡“≥ 2552 ®”π«π 30,000 ≈â“π∫“∑ ·≈–„πªïß∫ª√–¡“≥ 2553 ®”π«π 52,230.29 ≈â“π∫“∑ 2) °“√∫√‘À“√Àπ’È√—∞«‘ “À°‘® ∫π. ‰¥â‡ πÕ·π–·π«∑“ß°“√∫√‘À“√ Àπ’È “∏“√≥–·≈–°“√∫√‘ À “√§«“¡‡ ’Ë ¬ ß¢ÕßÀπ’È “∏“√≥–·°à√—∞«‘ “À°‘® ‚¥¬°“√„™â‡§√◊ËÕß¡◊Õ∑“ß°“√ ‡ß‘π∑’Ë‡À¡“– ¡ Õ¥§≈âÕß°—∫ ∂“π–∑“ß°“√‡ß‘π¢Õß √—∞«‘ “À°‘® ·≈–¿“«–µ≈“¥°“√‡ß‘π„π·µà≈–™à«ß‡«≈“ ‡æ◊Ë Õ „Àâ √— ∞ «‘ “À°‘ ® “¡“√∂∫√‘ À “√®— ¥ °“√Àπ’È ‰ ¥â Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–‡°‘¥ª√–‚¬™πå Ÿß ÿ¥ ´÷Ëß„π ªïß∫ª√–¡“≥ 2553 √—∞«‘ “À°‘®‰¥â∫√‘À“√Àπ’È‚¥¬ °“√ Roll-over °“√ Refinance ·≈–°“√∑” Swap Arrangement Àπ’È‡ß‘π°Ÿâ «ß‡ß‘π√«¡ 212,395.1 ≈â“π∫“∑ ∑—Èßπ’È ®“°°“√¥”‡π‘π°“√∫√‘À“√Àπ’È„πª√–‡∑»¢Õß √— ∞ «‘ “À°‘ ® ∑”„Àâ “¡“√∂≈¥¬Õ¥Àπ’È § ß§â “ ß‰¥â 72,863.51 ≈â“π∫“∑ √«¡∑—Èß≈¥¿“√–·≈–ª√–À¬—¥ ¥Õ°‡∫’È¬‰¥â 161.58 ≈â“π∫“∑

1.5) Rollover the matured FIDF 3 bond in the amount of 69,731.02 million Baht by repaying the bond with the P/N issuance (21,731.02 million Baht), short-term bridge finance (32,430 million Baht), restructuring bond issuance (8,000 million Baht) and the advanced money from Ministry of Financeûs deposit account (7,570 million Baht). In FY 2011, Ministry of Finance would issue the restructuring bond to repay the short-term bridge finance and to pay back the advanced money in the deposit account. 1.6) Issued the TKK saving bonds in the amount of 82,230.29 million Baht to restructure the debts that borrowed from financial institutions in FY 2009 (30,000 million Baht) and FY 2010 (52,230.29 million Baht). 2) SOEs Debt Management PDMO has advised the SOEs to use the appropriated financial instruments that matched their portfolio and the financial market conditions on their debt and risk managements. In FY 2010, SOEs managed their debts through the rollover, refinance and swap arrangements in the total amount of 212,395.17 million Baht. As a result, the debt outstanding and interest repayment were reduced by 72,863.51 million Baht and 161.58 million Baht, respectively.

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°“√∫√‘À“√®—¥°“√Àπ’È “∏“√≥–µà“ßª√–‡∑» 3.1 °“√°Ÿâ‡ß‘π„À¡à : °√–∑√«ß°“√§≈—ß‰¥â„Àâ§«“¡‡ÀÁπ™Õ∫·π«∑“ß √Ÿª·∫∫ ·≈–‡ß◊ËÕπ‰¢°“√°Ÿâ‡ß‘π®“°µà“ßª√–‡∑» ´÷Ëß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–√à«¡°—∫ à«π√“™°“√ ·≈–√—∞«‘ “À°‘®æ‘®“√≥“ ‚¥¬‰¥â≈ßπ“¡ºŸ°æ—π°“√°Ÿ‡â ß‘π «ß‡ß‘π√«¡ 38,376.72 ≈â“π∫“∑ “¡“√∂·∫àß‰¥â ¥—ßπ’È 1) √—∞∫“≈°Ÿ‚â ¥¬µ√ß ë ‚§√ß°“√°à Õ √â “ ß –æ“π¢â “ ¡ ·¡àπÈ”‡®â“æ√–¬“∫√‘‡«≥∂ππππ∑∫ÿ√’ 1 ¢Õß°√¡ ∑“ßÀ≈«ß™π∫∑ °√–∑√«ß°“√§≈— ß ≈ßπ“¡ºŸ ° æ— π °“√°Ÿâ‡ß‘π°—∫√—∞∫“≈≠’ËªÿÉπºà“πÕß§å°“√§«“¡√à«¡¡◊Õ √–À«à“ßª√–‡∑»¢Õß≠’ËªÿÉπ «ß‡ß‘π 2,653.05 ≈â“π∫“∑ À√◊Õ‡∑’¬∫‡∑à“ 7,307 ≈â“π‡¬π ë ‚§√ß°“√°à Õ √â“ß∑“ß “¬À≈—° „Àâ‡ªìπ 4 ™àÕß®√“®√ (√–¬–∑’Ë 2) ¢Õß°√¡∑“ßÀ≈«ß °√–∑√«ß°“√§≈— ß ≈ßπ“¡ºŸ ° æ— π °“√°Ÿ‡â ß‘π°—∫∏π“§“√‚≈° «ß‡ß‘π 2,573.87 ≈â“π∫“∑ À√◊Õ ‡∑’ ¬ ∫‡∑à “ 79.30 ≈â “ π‡À√’ ¬ ≠ À√— ∞ ·≈–∏π“§“√ æ—≤π“‡Õ‡™’¬ «ß‡ß‘π 2,502.47 ≈â“π∫“∑ À√◊Õ‡∑’¬∫‡∑à“ 77.16 ≈â“π‡À√’¬≠ À√—∞ 2) √—∞∫“≈§È”ª√–°—π ë ‚§√ß°“√√∂‰øøÑ “ “¬ ’ ¡à « ß ∫“ß„À≠à-√“…Æ√å∫Ÿ√≥– ™à«ß∫“ß„À≠à-∫“ß´◊ËÕ ¢Õß°“√√∂‰øøÑ“¢π àß¡«≈™π·Ààßª√–‡∑»‰∑¬ °√–∑√«ß°“√§≈—ß≈ßπ“¡ºŸ°æ—π°“√ °Ÿâ ‡ ß‘ π °— ∫ √— ∞ ∫“≈≠’Ë ªÿÉ π ºà “ πÕß§å ° “√§«“¡√à « ¡¡◊ Õ √–À«à“ßª√–‡∑»¢Õß≠’ËªÿÉπ «ß‡ß‘π 6,041.34 ≈â“π∫“∑ À√◊Õ‡∑’¬∫‡∑à“ 16,639 ≈â“π‡¬π

External Debt Management

3.1 New Borrowing PDMO together with the government agencies and SOEs have signed the loan agreements in the total amount of 38,376.72 million Baht, the details are as followed: 1) Government Direct Borrowing ë Chao Phraya River Crossing Bridge at Nonthaburi 1 Road Construction Project, Department of Rural Roads Ministry of Finance has signed the loan agreement with the Government of Japan through the Japan International Cooperation Agency (JICA) in the amount of 2,653.05 million Baht or equivalent to 7,307 million Yen. ë Greater Mekong Sub-region Highway Expansion Project, Department of Highways Ministry of Finance has signed the loan agreement with the World Bank in the amount of 2,573.87 million Baht or equivalent to 79.30 million USD and with the Asian Development Bank (ADB) in the amount of 2,502.47 million Baht or equivalent to 77.16 million USD. 2) Government Guaranteed ë Mass Transit System (Purple Line) Project, Mass Rapid Transit Authority of Thailand Ministry of Finance has signed the loan agreement with the Government of Japan through JICA in the amount of 6,041.34 million Baht or equivalent to 16,639 million Yen.

ë ‚§√ß°“√ª√—∫ª√ÿß°‘®°“√ª√–ª“ ·ºπÀ≈—° §√—Èß∑’Ë 8 ¢Õß°“√ª√–ª“π§√À≈«ß °√–∑√«ß°“√§≈— ß ≈ßπ“¡ºŸ ° æ— π °“√°Ÿâ‡ß‘π°—∫√—∞∫“≈≠’ËªÿÉπºà“πÕß§å°“√§«“¡√à«¡¡◊Õ √–À«à“ßª√–‡∑»¢Õß≠’ËªÿÉπ «ß‡ß‘π 1,685.18 ≈â“π∫“∑ À√◊Õ‡∑’¬∫‡∑à“ 4,462 ≈â“π‡¬π 3) √—∞∫“≈„Àâ°ŸâµàÕ ë ‚§√ß°“√√–∫∫√∂‰ø™“π‡¡◊ Õ ß ( “¬ ’·¥ß) √—ß ‘µ™à«ß∫“ß´◊ËÕ-√—ß ‘µ °√–∑√«ß°“√§≈— ß ≈ßπ“¡ — ≠ ≠“ „Àâ°Ÿâ·°à°“√√∂‰ø·Ààßª√–‡∑»‰∑¬ «ß‡ß‘π 22,920.81 ≈â“π∫“∑ À√◊Õ‡∑’¬∫‡∑à“ 63,018 ≈â“π‡¬π 3.2 °“√∫√‘À“√Àπ’È „π™à«ßªïß∫ª√–¡“≥ 2553 ‰¡à¡’°“√¥”‡π‘π °“√∫√‘À“√Àπ’µÈ “à ßª√–‡∑» Õ¬à“ß‰√°Á¥’ ∫π. Õ¬Ÿ√à –À«à“ß °“√»÷ ° …“·≈–æ‘ ® “√≥“‡§√◊Ë Õ ß¡◊ Õ ∑“ß°“√‡ß‘ π ·≈– æ‘ ® “√≥“™à « ß‡«≈“∑’Ë µ ≈“¥°“√‡ß‘ π ·≈–µ≈“¥ Õ—µ√“·≈°‡ª≈’Ë¬π‡Õ◊ÈÕÕ”π«¬„Àâ¥”‡π‘π°“√∫√‘À“√Àπ’È µà“ßª√–‡∑»„Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥

ë 8 th Bangkok Water Supply Improvement Project, Metropolitan Waterworks Authority Ministry of Finance has signed the loan agreement with the Government of Japan through JICA in the amount of 1,685.18 million Baht or equivalent to 4,462 million Yen. 3) Government On-lending ë Mass Transit System in Bangkok Project (Red Line), State Railway Authority Ministry of Finance has signed the on-lending agreement with the State Railway Authority in the amount of 22,920.81 million Baht or equivalent to 63,018 million Yen. 3.2 Debt Management There was no external debt management in FY 2010. However, PDMO currently studies and considers appropriated financial instruments and timing to maximise the cost efficiency of external debt management.

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¬ÿ∑∏»“ µ√å∑’Ë 2 æ—≤π“µ≈“¥µ√“ “√Àπ’È „Àâ‡ªìπ‡ “À≈—°∑“ß°“√‡ß‘π ‡æ◊ËÕ‡ √‘¡ √â“ß§«“¡·¢Áß·°√àß¢Õß√–∫∫°“√‡ß‘π Strategy 2: Develop Domestic Bond Market to be a sustainable source of funding for the stability of Thailand’s financial system

°√–∑√«ß°“√§≈— ß ‚¥¬ ”π— ° ß“π∫√‘ À “√Àπ’È “∏“√≥– ( ∫π.) ‡ªìπ‡ “À≈—° ”§—≠„π°“√æ—≤π“ µ≈“¥µ√“ “√Àπ’È‰∑¬Õ¬à“ßµàÕ‡π◊ËÕß ‡π◊ËÕß®“°µ≈“¥ µ√“ “√Àπ’È ∂◊ Õ ‡ªì π ·À≈à ß √–¥¡∑ÿ π À≈— ° ¢Õß√— ∞ ∫“≈ √—∞«‘ “À°‘® ·≈–¿“§‡Õ°™π ®÷ß¡’§«“¡®”‡ªìπÕ¬à“ß¬‘Ëß ∑’Ë ® –µâ Õ ßæ— ≤ π“µ≈“¥µ√“ “√Àπ’È ‰ ∑¬„Àâ ‡ ªì π ·À≈à ß √–¥¡∑ÿπ„Àâ·¢Áß·°√àß ¡’‡ ∂’¬√¿“æ ·≈– “¡“√∂ √Õß√— ∫ °“√√–¥¡∑ÿ π ∑—È ß ¢Õß¿“§√— ∞ ·≈–‡Õ°™π∫π µâπ∑ÿπ∑’Ë‡À¡“– ¡‡æ◊ËÕ„Àâ‡°‘¥°“√æ—≤π“ª√–‡∑»Õ¬à“ß ¬—Ëß¬◊π ∫π. ®÷ß‰¥â°”Àπ¥¬ÿ∑∏»“ µ√å°“√æ—≤π“ µ≈“¥µ√“ “√Àπ’È „ Àâ ‡ ªì π ‡ “À≈— ° ∑“ß°“√‡ß‘ π ¢Õß ª√–‡∑» ‡ªìπ 1 „π 3 ¬ÿ∑∏»“ µ√å¢ÕßÕß§å°√ „πªï 2553 µ≈“¥µ√“ “√Àπ’È ¡’ ¡Ÿ ≈ §à “ Ÿ ß ∂÷ ß √âÕ¬≈– 65 ¢Õß GDP ´÷Ëß‡ªìπº≈ ”‡√Á®®“°§«“¡ ¡ÿà ß ¡—Ë π ¢Õß ∫π. ´÷Ë ß °≈¬ÿ ∑ ∏å ° “√¥”‡π‘ π ß“π„πªï ß∫ª√–¡“≥ æ.». 2553 π—Èπ ¡ÿàß‡πâπ„π 3 ¥â“π §◊Õ 1. ÕÕ°æ— π ∏∫— µ √ Benchmark Õ¬à “ ß ¡Ë” ‡ ¡Õ 2. æ—≤π“‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π„À¡àÊ ·≈– 3. ∫√‘À“√ ®—¥°“√Àπ’È„π‡™‘ß√ÿ° ´÷Ëß¡“µ√°“√/‚§√ß°“√∑’Ë ”§—≠ „πªï 2553 ‰¥â·°à

Bond market has long been the most vital source of funding for the government and now becoming a major alternative funding source for private sector. Therefore, PDMO has been taking an active role in developing domestic bond market. The accomplishment of our mission is evidenced in the remarkable size of Thai bond market which is accounted for 65% of GDP in 2010 . Our three main strategies in establishing a liquid and sizable bond market in 2010 are 1. Regular issuance of benchmark bond 2. New product development and 3. Active debt management. Within these three main strategies, we successfully accomplished the following project/ measures.

°“√ÕÕ°æ—π∏∫—µ√√—∞∫“≈ (Benchmark Bond) ∫π. ÕÕ°æ—π∏∫—µ√√—∞∫“≈ (Benchmark Bond) √ÿàπÕ“¬ÿ 5 7 10 15 20 ·≈– 30 ªï ‚¥¬∑”°“√‡æ‘Ë¡ «ß‡ß‘π®“°æ—π∏∫—µ√‡¥‘¡∑’Ë¡’„πµ≈“¥ (Re-open) „π√ÿàπ Õ“¬ÿ 10 ªï à«π√ÿàπ 5 7 15 20 30 ªï ‡ªìπ°“√ÕÕ°„À¡à πÕ°®“°π—È π ∫π. ¬— ß ¥”‡π‘ π °“√ÕÕ°æ— π ∏∫— µ √ √—∞∫“≈√ÿàπÕ◊ËπÊ ‰¥â·°à √ÿàπÕ“¬ÿ 8 12 ·≈– 13 ªï (Re-open „π√ÿàπÕ“¬ÿ 12 ªï à«π√ÿàπ 8 ·≈– 13 ªï ‡ªìπ°“√ÕÕ°„À¡à) ¥â « ¬ ‚¥¬¡’ √ “¬≈–‡Õ’ ¬ ¥ª√‘ ¡ “≥°“√°Ÿâ ‡ ß‘ π ¥â « ¬ æ—π∏∫—µ√√—∞∫“≈¥—ßµ“√“ß∑’Ë 1

The issuance of benchmark bond.

Not only re-open the 10-yrs benchmark bond and issue a new 5 7 10 15 20 and 30 bond, we also add the new tenor of benchmark bond i.e. 8 12 and 13 yrs. The summary of government bonds issued in 2010 is shown in table 1. This accomplishment led to :

µ“√“ß∑’Ë 1 : ª√‘¡“≥°“√°Ÿâ‡ß‘π¥â«¬æ—π∏∫—µ√√—∞∫“≈„πªïß∫ª√–¡“≥ æ.». 2553 Table 1 : Benchmark Bond Issuance Amount in FY 2010 (by tenor)

‡§√◊ËÕß¡◊Õ Instrument

æ—π∏∫—µ√√—∞∫“≈ Benchmark Bond

æ—π∏∫—µ√√—∞∫“≈√ÿàπÕ◊ËπÊ Non-Benchmark Bond √«¡æ—π∏∫—µ√√—∞∫“≈∑’ËÕÕ°„À¡à „πªïß∫ª√–¡“≥ æ.». 2553 Total Newly Issuance Amount in FY2010

√ÿπà Õ“¬ÿ Tenor 5 ªï 7 ªï 10 ªï 15 ªï 20 ªï 30 ªï 8 ªï 12 ªï 13 ªï

«ß‡ß‘πÕÕ°„À¡à (≈â“π∫“∑) Issued Amount in FY2010 (MB) 121,572 55,000 71,254 47,000 50,000 20,000 12,000 9,000 8,000

¬Õ¥§ß§â“ß (≈â“π∫“∑) Total Outstanding Amount (MB) 121,572 55,000 99,994 47,000 50,000 20,000 12,000 69,000 8,000 393,826

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º≈°“√ÕÕ°æ—π∏∫—µ√√—∞∫“≈ - µ≈“°·√° æ—π∏∫—µ√√ÿàπÕ“¬ÿ 5 ·≈– 10 ªï ¡’ Bid Coverage Ratio (BCR) ∑’Ë 2.6 ·≈– 1.8 ´÷Ëß‡ªìπ√–¥—∫∑’Ë Ÿß¢÷Èπ®“°ªï°àÕπÀπâ“ · ¥ß„Àâ ‡ÀÁ π ∂÷ ß °“√ª√–¡Ÿ ≈ ∑’Ë À π“·πà π „π¢≥–∑’Ë «ß‡ß‘π√«¡¬—ß§ß Ÿß„°≈â‡§’¬ß°—∫ªï°àÕπÀπâ“ - µ≈“¥√Õß æ—π∏∫—µ√√ÿàπÕ“¬ÿ 5 ·≈– 10 ªï ¡’¡Ÿ≈§à“°“√´◊ÈÕ¢“¬ Ÿß ÿ¥‡ªìπÕ—π¥—∫ 1 ·≈– 4 Õ’°∑—Èß¬—ß¡’ ¿“æ§≈àÕßÕ¬Ÿà„π√–¥—∫∑’Ë¥’ —ß‡°µ ‰¥â®“° Turnover ratio Õ¬Ÿà∑’Ë 4.2 ·≈– 1.4 ‡∑à“ µ“¡≈”¥—∫ ·≈–¡’ —¥ à«π´◊ÈÕ¢“¬Õ¬Ÿà∑’Ë√âÕ¬≈– 25.5 ·≈– 8.3 ¢Õß¬Õ¥°“√´◊ÈÕ¢“¬æ—π∏∫—µ√ √—∞∫“≈„πµ≈“¥√Õß (µ“√“ß∑’Ë 2)

- Higher Bid Coverage Ratio (BCR) of 5-yrs and 10-yrs benchmark bond to 2.6 and 1.8 in 2010, respectively. - 5-yrs benchmark bond has highest trading volume and 10-yrs benchmark bond is the 4th . Moreover, the turnover ratio of both benchmark bond is at 4.2 and 1.4, respectively. The key success indicators are shown in table 2

µ“√“ß∑’Ë 2 : ‡ª√’¬∫‡∑’¬∫¥—™π’™’È«—¥§«“¡ ”‡√Á®¢Õß°“√ÕÕ°æ—π∏∫—µ√ Benchmark ¢Õß√—∞∫“≈„πµ≈“¥·√° ·≈–µ≈“¥√Õß Table 2 : Comparing Issuance Size and Market Feedbacks from FY2007 to FY 2010 (Primary and Secondary Market)

†

ªïß∫ª√–¡“≥ ªïß∫ª√–¡“≥ æ.». 2550 æ.». 2551 FY2007 FY2008 LB154B LB175A LB133A LB183B (Õ“¬ÿ 7 ªï) (Õ“¬ÿ 10 ªï) (Õ“¬ÿ 5 ªï) (Õ“¬ÿ 10 ªï)

ªïß∫ª√–¡“≥ ªïß∫ª√–¡“≥ æ.». 2552 æ.». 2553 FY2009 FY2010 LB145B LB183B LB155A LB196A (Õ“¬ÿ 5 ªï) (Õ“¬ÿ 10 ªï) (Õ“¬ÿ 5 ªï) (Õ“¬ÿ 10 ªï)

¥—™π’™’È«—¥„πµ≈“¥·√° Primary market Indicators BCR 1.6 1.6 2.2 1.7 2.0 1.6 2.6 1.8 «ß‡ß‘πª√–¡Ÿ≈ 5,000-6,000 5,000-6,000 10,000-15,000 5,000-10,000 10,000-15,000 10,000-12,000 10,000-13,000 8,000-15,000 „π·µà≈–§√—Èß (≈â“π∫“∑) Issuance Size per Auction (MB) «ß‡ß‘π√«¡ (≈â“π∫“∑) 43,830 43,830 99,000 52,632 121,035 86,632 101,572 99,994 Total Issuance Amount ¥—™π’™’È«—¥ ¿“æ§≈àÕß„πµ≈“¥√Õß Secondary Market Indicators ≈”¥—∫§«“¡π‘¬¡„πµ≈“¥√Õß 5 7 1 2 1 2 1 4 Ranking Turnover Ratio (‡∑à“) 1.7 1.5 3.1 2.5 2.4 2.2 4.2 1.4 —¥ à«π°“√´◊ÈÕ¢“¬æ—π∏∫—µ√ 6.9% 5.7% 27.3% 11.8% 20.3% 16.1% 25.5% 8.3% „πµ≈“¥√Õß Share of Trade in Secondary market ª√‘¡“≥´◊ÈÕ¢“¬„πµ≈“¥√Õß 81,190 66,173 305,194 131,790 288,897 188,634 429,592 139,978 (≈â“π∫“∑) Trade Volume (MB) «ß‡ß‘π‡©≈’Ë¬µàÕ√ÿàπ (≈â“π∫“∑) 42,308 50,256 56,848 62,975 Average Size per Series (MB)

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2. °“√ÕÕ°æ—π∏∫—µ√√—∞∫“≈ª√–‡¿∑Õ—µ√“¥Õ°‡∫’È¬ ≈Õ¬µ—« (Floating Rate Bond : FRB) ∫π. ‰¥â ¥”‡π‘ π °“√ÕÕ°æ— π ∏∫— µ √√— ∞ ∫“≈ ª√–‡¿∑Õ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—« (Floating Rate Bond : FRB) „πªïß∫ª√–¡“≥ æ.». 2553 ®”π«π 6 √ÿàπ «ß‡ß‘π√«¡ 47,000 ≈â“π∫“∑ ‚¥¬‡ªìπ√ÿàπÕ“¬ÿ 4 ªï ´÷Ëß Õ¥§≈âÕß°—∫«ß®√¥Õ°‡∫’È¬¢Õßª√–‡∑»‰∑¬´÷ËßÕ¬Ÿà∑’Ë ª√–¡“≥ 4-5 ªï (∑’Ë¡“: ∏ª∑.) ·≈–„™âÕ—µ√“¥Õ°‡∫’È¬ Õâ“ßÕ‘ß√–¬– —Èπ°“√°Ÿâ¬◊¡√–À«à“ß∏π“§“√¢Õßµ≈“¥ °√ÿß‡∑æ √ÿàπÕ“¬ÿ 6 ‡¥◊Õπ (6-month BIBOR) ‡ªìπÕ—µ√“ ¥Õ°‡∫’¬È Õâ“ßÕ‘ß ´÷ßË °“√ÕÕ° FRB „πªïß∫ª√–¡“≥ æ.». 2553 ‰¥â√—∫°“√µÕ∫√—∫Õ¬à“ß¥’®“°π—°≈ß∑ÿπ —ß‡°µ‰¥â ®“° BCR ∑’Ë¡“°°«à“ 1.50 „π∑ÿ°§√—Èß°“√ª√–¡Ÿ≈ ·≈– BCR ‡©≈’Ë¬∑’Ë Ÿß∂÷ß 2.32 ‡∑à“ ‚¥¬º≈°“√ÕÕ° FRB ‡ªìπ¥—ßµ“√“ß∑’Ë 3

The issuance of Floating Rate Bond

: FRB

The 4-year FRB, using 6-month BIBOR as a reference rate, is successfully issued 6 times in 2010. This is evidenced in a BCR over 1.50 in every auction and the average BCR is 2.32. The summary of FRB issuance in 2010 is shown in table 3

µ“√“ß∑’Ë 3 : º≈°“√ÕÕ°æ—π∏∫—µ√√—∞∫“≈ª√–‡¿∑Õ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—«ª√–®”ªïß∫ª√–¡“≥ æ.». 2553 Table 3 : Results of FRB Issuance

™◊ÕË √ÿπà Symbol

«ß‡ß‘π (≈â“π∫“∑) Size (MB)

LB13NA LB141A LB144A LB145C LB147A LB149A √«¡ Total

6,000 8,000 8,000 8,000 9,000 8,000 47,000

3. °“√ÕÕ°æ— π ∏∫— µ √ÕÕ¡∑√— æ ¬å ‰∑¬‡¢â ¡ ·¢Á ß „πªïß∫ª√–¡“≥ æ.». 2553 ®“°°“√∑’Ë ∫π. ÕÕ°æ—π∏∫—µ√ÕÕ¡∑√—æ¬å‰∑¬ ‡¢â¡·¢Áß Õ—µ√“¥Õ°‡∫’È¬·∫∫¢—Èπ∫—π‰¥ ‡ªìπ§√—Èß·√°„π ªïß∫ª√–¡“≥ æ.». 2552 ‚¥¬ÕÕ°‡ªìπ√ÿàπÕ“¬ÿ 5 ªï ·≈–®”Àπà“¬ºà“π∏π“§“√æ“≥‘™¬å¢π“¥„À≠à®”π«π 7 ∏π“§“√ (®”π«π “¢“√«¡∑—È ß ‘È π 4,871 ·Àà ß ) º≈°“√®”Àπà“¬ª√“°Ø«à“‰¥â√—∫°“√µÕ∫√—∫Õ¬à“ß¥’¬‘Ëß ®“°ª√–™“™π√“¬¬àÕ¬ ¡’ª√–™“™π∑—Ë«ª√–‡∑»„Àâ §«“¡ π„®´◊ÈÕæ—π∏∫—µ√¥—ß°≈à“«Õ¬à“ß¡“°®π∑”„Àâ “¡“√∂¢“¬æ—π∏∫—µ√‰¥â§√∫‡µÁ¡«ß‡ß‘π 80,000 ≈â“π∫“∑ ¥— ß π—È π „πªï ß ∫ª√–¡“≥ æ.». 2553 ∑’Ë √— ∞ ∫“≈¬— ß §ß¡’§«“¡µâÕß°“√√–¥¡∑ÿπ ŸßÕ¬à“ßµàÕ‡π◊ËÕß ∫π. ®÷ß‰¥â¥”‡π‘π°“√ÕÕ°æ—π∏∫—µ√ÕÕ¡∑√—æ¬å‰∑¬‡¢â¡·¢Áß Õ—µ√“¥Õ°‡∫’¬È ·∫∫¢—πÈ ∫—π‰¥Õ’°§√—ßÈ ‚¥¬ÕÕ°‡ªìπ√ÿπà Õ“¬ÿ 6 ªï ·≈–®”Àπà“¬ºà“π∏π“§“√æ“≥‘™¬å¢π“¥„À≠à ‡æ‘Ë¡‡µ‘¡®“° 7 ∏π“§“√ ‡ªìπ 12 ∏π“§“√ (®”π«π “¢“√«¡∑—Èß ‘Èπ 6,176 ·Ààß) ‚¥¬„πªï∑’Ë 1-2 ¡’Õ—µ√“

Õ—µ√“µÕ∫·∑π‡©≈’Ë¬ (√âÕ¬≈–µàÕªï) Average Accepted Yield (%) 1.35 1.38 1.39 1.39 1.64 1.85 1.51

Bid Coverage Ratio (‡∑à“)

2.50 2.58 1.70 2.04 2.04 3.16 2.32

The issuance of 80 billion baht

saving bond

The successful issuance of 2009 step-up saving bond had proved a remarkable demand of retail sector. Therefore, to fulfill large amount of government needed for funding, PDMO has decided to issue another 80 billion baht step-up saving bond in 2010. By having 5 more commercial banks participated as a dealer, the distribution channel is increased from 4871 outlet in 2009 to 6176 outlet in 2010. This ease retail investor in gaining access to the distribution channels throughout the country. As to the feature, the interest for the 1st and the 2nd year is 3%, the 3rd and the 4th is 4%, the 5th year is 5% and the last year is 6%. We also give priority to senior citizen (age over 60) and limit the maximum purchase per investor at 1 million baht. As a result, we successfully issued 82.23 billion baht step-up saving bond in 2010.

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¥Õ°‡∫’È¬√âÕ¬≈– 3 ªï∑’Ë 3-4 ¡’Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 4 ªï∑’Ë 5 ¡’Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 5 ·≈–ªï∑’Ë 6 ¡’Õ—µ√“ ¥Õ°‡∫’È¬√âÕ¬≈– 6 ·≈–„Àâ ‘∑∏‘ºŸâ∑’Ë¡’Õ“¬ÿ 60 ªï¢÷Èπ‰ª ´◊ÈÕæ—π∏∫—µ√°àÕπ ·≈–®”°—¥«ß‡ß‘π¢—Èπ Ÿß∑’Ë 1 ≈â“π∫“∑ ‚¥¬º≈°“√ÕÕ°æ—π∏∫—µ√¥—ß°≈à“«„πªïß∫ª√–¡“≥ æ.». 2553 ª√“°Ø«à“‰¥â√—∫°“√µÕ∫√—∫∑’Ë¥’¬‘Ëß®“° ª√–™“™π∑—Ë«ª√–‡∑»Õ’°§√—Èß “¡“√∂¢“¬æ—π∏∫—µ√‰¥â „π«ß‡ß‘π∑’Ë Ÿß°«à“„πªïß∫ª√–¡“≥ æ.». 2552 §◊Õ Ÿß∂÷ß 82,230 ≈â“π∫“∑ 4. °“√«“ß√–∫∫°“√≈ß∑ÿπ¢Õß°Õß∑ÿπ∫√‘À“√‡ß‘π°Ÿâ ‡æ◊Ë Õ ª√— ∫ ‚§√ß √â “ ßÀπ’È “∏“√≥–·≈–æ— ≤ π“µ≈“¥ µ√“ “√Àπ’È „πª√–‡∑» „πªïß∫ª√–¡“≥ æ.». 2555 °√–∑√«ß°“√§≈—ß ®–µâÕß∑”°“√ª√—∫‚§√ß √â“ßÀπ’È∑’Ë¡’¢π“¥„À≠à°«à“ 50,000 ≈â“π∫“∑ ®”π«π 2 √ÿàπ¥â«¬°—π ∫π. ®÷ß‰¥â ¥”‡π‘ π °“√«“ß√–∫∫°“√≈ß∑ÿ π ¢Õß°Õß∑ÿ π ∫√‘ À “√ ‡ß‘ π °Ÿâ ‡ æ◊Ë Õ ª√— ∫ ‚§√ß √â “ ßÀπ’È “∏“√≥–·≈–æ— ≤ π“ µ≈“¥µ√“ “√Àπ’È„πª√–‡∑» (°.ª.æ.) ‡æ◊ËÕ∑”Àπâ“∑’Ë „π°“√∫√‘ À “√‡ß‘ π ∑’Ë ‰ ¥â √— ∫ ®“°°“√°Ÿâ ‡ ß‘ π ‡æ◊Ë Õ ª√— ∫ ‚§√ß √â“ßÀπ’È≈à«ßÀπâ“ (pre-funding) ¢Õßæ—π∏∫—µ√∑’Ë ÕÕ°‡æ◊ËÕ°Õß∑ÿπ FIDF ´÷Ëß®–‡ªìπ°≈‰° ”§—≠¢Õß ∫π. „π°“√≈¥§«“¡‡ ’Ë¬ß„π°“√√–¥¡∑ÿπ®”π«π ¡“°‡æ◊ËÕª√—∫‚§√ß √â“ßÀπ’È¿“¬„π«—π‡¥’¬« ·≈–™à«¬ ≈¥µâπ∑ÿπ„π°“√°Ÿâ‡ß‘π¢Õß√—∞∫“≈

The setting up of the Public

debt restructuring and Domestic bond market development Fund (PDDF)

In 2012, PDMO will have to refinance two matured debt which matured amount is over 50 trillion baht on the same day. Therefore, PDMO has working continuously to set up PDDF, an investment arm that will play an important roles in limiting the risk of liquidity shortage and ensuring the costeffectiveness of public debt management.

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∫π. ®÷ ß ‰¥â ¥”‡π‘ π °“√¬°√à “ ß√–‡∫’ ¬ ∫ §≥–°√√¡°“√°Õß∑ÿπœ «à“¥â«¬ À≈—°‡°≥±å «‘∏’°“√ ·≈–‡ß◊ËÕπ‰¢„π°“√≈ß∑ÿπ ·≈–°“√∑”∏ÿ√°√√¡ªÑÕß°—π §«“¡‡ ’Ë ¬ ß ‡æ◊Ë Õ „Àâ ° “√¥”‡π‘ π °“√≈ß∑ÿ π ·≈–°“√ ∫√‘À“√§«“¡‡ ’Ë¬ß®“°°“√≈ß∑ÿπ¢Õß°Õß∑ÿπ¡’§«“¡ ™—¥‡®π √Õ∫§Õ∫ ·≈–‡ªìπ‰ªµ“¡°√Õ∫∑’Ë°ÆÀ¡“¬ °”Àπ¥ ‚¥¬‰¥â»÷°…“¡“µ√∞“π°“√®—¥°“√°“√≈ß∑ÿπ ·≈–‡∑’ ¬ ∫‡§’ ¬ ß°— ∫ Àπà « ¬ß“π∑’Ë ¡’ «— µ ∂ÿ ª √– ß§å · ≈– π‚¬∫“¬°“√≈ß∑ÿ π „°≈â ‡ §’ ¬ ß°— ∫ °Õß∑ÿ π ‡æ◊Ë Õ „Àâ √à “ ß √–‡∫’¬∫œ ‡°’Ë¬«°—∫°“√≈ß∑ÿπ¢Õß°Õß∑ÿπ¡’§«“¡‡ªìπ ¡“µ√∞“π·≈– “¡“√∂„™â„π°“√¥”‡π‘πß“π‰¥âÕ¬à“ß¡’ ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ ‚¥¬°Õß∑ÿπ‰¥â°”Àπ¥ „Àâ¡’ —¥ à«π°“√≈ß∑ÿπ„πÀ≈—°∑√—æ¬å∑’Ë¡’§«“¡¡—Ëπ§ß Ÿß (µ√“ “√Àπ’È √— ∞ ∫“≈‰∑¬·≈–µ√“ “√Àπ’È √— ∞ ∫“≈ µà“ßª√–‡∑» ∂“∫—π°“√‡ß‘π√–À«à“ßª√–‡∑» À√◊Õ ∂“∫— π °“√‡ß‘ π ¢Õß√— ∞ ∫“≈µà “ ßª√–‡∑»∑’Ë ¡’ Õ— π ¥— ∫ §«“¡πà“‡™◊ËÕ∂◊Õ Ÿß ÿ¥ °“√∑”∏ÿ√°√√¡ Reverse Repo) ‰¡àπâÕ¬°«à“√âÕ¬≈– 60 ·≈–À≈—°∑√—æ¬åÕ◊Ëπ (µ√“ “√Àπ’È Õ◊Ëπ∑’Ë‰¥â√—∫°“√®—¥Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ Ÿß ÿ¥) ‰¡à‡°‘π √â Õ ¬≈– 40 ·≈–‰¥â ¬ °√à “ ß√–‡∫’ ¬ ∫§≥–°√√¡°“√ °Õß∑ÿπœ «à“¥â«¬ À≈—°‡°≥±å «‘∏’°“√ ·≈–‡ß◊ËÕπ‰¢„π °“√§—¥‡≈◊Õ°ºŸâ∫√‘À“√ ‘π∑√—æ¬å ‡æ◊ËÕ‡ªìπÀ≈—°‡°≥±å„π °“√§—¥‡≈◊Õ°ºŸâ∫√‘À“√ ‘π∑√—æ¬å∑’Ë¡’§«“¡‡À¡“– ¡°—∫

On the policy side, PDDF board committee has approved the investment mandate which compile with the Public Debt Management Act in 2008. The main investment objective of the fund is çCapital Preservationé since the principle must be return fully to the PDMO at the end of the investment period. To be conservative, the investment universe is set to be fairly limit, 60% in safe asset (Government Debt securities) and 40% in risky asset (other debt securities with highest credit rating). Reverse repo is also allowed.

«— µ ∂ÿ ª √– ß§å · ≈–°“√¥”‡π‘ π ß“π¢Õß°Õß∑ÿ π Õ¬à “ ß Ÿß ÿ¥ ´÷Ëß°Õß∑ÿπ®–¡Õ∫À¡“¬„ÀâºŸâ∫√‘À“√ ‘π∑√—æ¬å ¿“¬πÕ°∫√‘ À “√®— ¥ °“√ ‘ π ∑√— æ ¬å ¢ Õß°Õß∑ÿ π „π √–¬–·√° πÕ°®“°π’È¬—ß‰¥â®—¥∑”§Ÿà¡◊Õ°“√ªØ‘∫—µ‘ß“π ‡°’Ë¬«°—∫°“√≈ß∑ÿπ¢Õß°Õß∑ÿπ ‡æ◊ËÕ„Àâ°Õß∑ÿπ¡’°“√ ¥”‡π‘πß“π∑’Ë‡ªìπ¡“µ√∞“π “°≈ ·≈–‡ªìπ‰ªÕ¬à“ß ¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ Ÿß ÿ¥ „π¥â“π°“√®—¥°“√ °Õß∑ÿπ‰¥â‡®√®“ —≠≠“ ¡“µ√∞“π ”À√—∫°“√∑”∏ÿ√°√√¡ªÑÕß°—π§«“¡‡ ’Ë¬ß ®“°°“√≈ß∑ÿπ (ISDA) ·≈–°“√∑”∏ÿ√°√√¡´◊ÈÕ‚¥¬¡’ —≠≠“®–¢“¬§◊π´÷Ëßµ√“ “√Àπ’È (GMRA) °—∫ ∂“∫—π °“√‡ß‘ π §Ÿà — ≠ ≠“À≈“¬·Àà ß ·≈–®–¥”‡π‘ π °“√ §—¥‡≈◊Õ°∫√‘…—∑À≈—°∑√—æ¬å®—¥°“√¡“∑”Àπâ“∑’ËºŸâ∫√‘À“√ ‘π∑√—æ¬å¢Õß°Õß∑ÿπ „πµâπªïß∫ª√–¡“≥ 2554 ‡æ◊ËÕ „Àâæ√âÕ¡√Õß√—∫°“√¥”‡π‘π°“√≈ß∑ÿπ„πªïß∫ª√–¡“≥ 2556 µàÕ‰ª

On the Operation side, the fund has been negotiating standard contract for Derivatives and Reverse Repo operation, ISDA and GMRA, with various leading commercial bank. Also, to build up fund investment capacity, the board has approved outsourcing of Asset management Companies to handle investment operation of the fund. The selection process will start in fiscal year 2011 and expect to finish and ready for the first investment period in the beginning of fiscal year 2012

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5. °“√Õπÿ ≠ “µ„Àâ π‘ µ‘ ∫ÿ § §≈µà “ ßª√–‡∑»ÕÕ° µ√“ “√Àπ’È °ÿ≈‡ß‘π∫“∑„πª√–‡∑»‰∑¬ °√–∑√«ß°“√§≈— ß ‚¥¬ ”π— ° ß“π∫√‘ À “√Àπ’È “∏“√≥– ( ∫π.) ‰¥â¥”‡π‘ππ‚¬∫“¬°“√Õπÿ≠“µ„Àâ ∂“∫— π °“√‡ß‘ π √–À«à “ ßª√–‡∑» Àπà « ¬ß“π¢Õß √—∞∫“≈µà“ßª√–‡∑» ∂“∫—π°“√‡ß‘π¢Õß√—∞∫“≈µà“ß ª√–‡∑» ·≈–π‘ µ‘ ∫ÿ § §≈µà “ ßª√–‡∑» “¡“√∂ÕÕ° æ— π ∏∫— µ √À√◊ Õ Àÿâ π °Ÿâ °ÿ ≈ ‡ß‘ π ∫“∑ (Baht Bond) „π ª√–‡∑»‰∑¬¡“µ—Èß·µàªï 2547 ‚¥¬¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ „Àâ µ ≈“¥µ√“ “√Àπ’È ‰ ∑¬¡’ ª √–‡¿∑¢Õßº≈‘ µ ¿— ≥ ±å µ√“ “√Àπ’È ∑’Ë À ≈“°À≈“¬¬‘Ë ß ¢÷È π ·≈– “¡“√∂µÕ∫ πÕß§«“¡µâ Õ ß°“√¢Õßπ— ° ≈ß∑ÿ π „πª√–‡∑»∑’Ë µâÕß°“√≈ß∑ÿπ„πµ√“ “√Àπ’Èµà“ßª√–‡∑»∑’Ë¡’§ÿ≥¿“æ ¥’‚¥¬‰¡à¡’§«“¡‡ ’Ë¬ß‡√◊ËÕßÕ—µ√“·≈°‡ª≈’Ë¬π πÕ°®“°π’È °“√∑’Ëπ‘µ‘∫ÿ§§≈µà“ßª√–‡∑» “¡“√∂¡“ÕÕ°æ—π∏∫—µ√ À√◊Õµ√“ “√Àπ’È„πª√–‡∑»‰∑¬‰¥âπ—Èπ ®–™à«¬‡æ‘Ë¡ §«“¡‡™◊Ë Õ ¡—Ë π ¢ÕßºŸâ ≈ ß∑ÿ π ·≈–ºŸâ √ –¥¡∑ÿ π ®“° µà“ßª√–‡∑»·≈–®–¡’ à«π π—∫ πÿπ°“√æ—≤π“µ≈“¥ µ√“ “√Àπ’È‰∑¬„Àâ°â“«Àπâ“¬‘Ëß¢÷Èπ‰¥â

The Permission of Issuing Baht-

denominated Bonds or Debentures by Foreign Entities in Thailand

Public Debt Management Office (PDMO), on behalf of the Ministry of Finance, has continued the policy to permit the International Financial Institutions, Foreign Government Agencies, Financial Institutions of Foreign Government, and Foreign Entities to issue Thai Baht-denominated bonds or debentures (Baht Bond) in Thailand since 2004. The objective of this policy is to create various debt instruments for Thai bond market in order to serve domestic investorsû needs in investment of high grade foreign bonds with no foreign exchange risk. The permission has also increased the confidence of foreign investors and issuers and has promoted the development of the Thai bond market.

°“√æ‘®“√≥“Õπÿ≠“µ„Àâπ‘µ‘∫ÿ§§≈µà“ßª√–‡∑» “¡“√∂ÕÕ°æ— π ∏∫— µ √À√◊ Õ Àÿâ π °Ÿâ °ÿ ≈ ‡ß‘ π ∫“∑„π ª√–‡∑»‰∑¬π—È π ¡’ √ Õ∫√–¬–‡«≈“°“√æ‘ ® “√≥“ Õπÿ≠“µ°”Àπ¥‡ªìπªïªØ‘∑‘π (¡°√“§¡-∏—π«“§¡) ·≈–®–‡ªî¥‚Õ°“ „ÀâºŸâ∑’Ë π„®®–ÕÕ°æ—π∏∫—µ√À√◊Õ Àÿπâ °Ÿ â °ÿ≈‡ß‘π∫“∑„πª√–‡∑»‰∑¬¬◊πË ¢ÕÕπÿ≠“µ‰¥âª≈ï – 4 §√—Èß‡ªìπ√“¬‰µ√¡“ °“√æ‘®“√≥“·µà≈–§√—Èß®–‡ªìπ ‰ªÕ¬à“ß√–¡—¥√–«—ß‚¥¬‰¥â§”π÷ß∂÷ßº≈°√–∑∫µàÕ°“√ ÕÕ°Àÿâπ°Ÿâ¢Õß¿“§‡Õ°™π‰∑¬ ‚Õ°“ ∑’Ëπ—°≈ß∑ÿπ„π ª√–‡∑» “¡“√∂≈ß∑ÿπ„πµ√“ “√Àπ’È∑’Ë¡’§ÿ≥¿“æ¥’ ·≈–°“√æ—≤π“µ≈“¥µ√“ “√Àπ’È·≈â«‡ªìπÕ¬à“ß¥’ „πªï 2553 °√–∑√«ß°“√§≈— ß Õπÿ ≠ “µ„Àâ π‘µ‘∫ÿ§§≈µà“ßª√–‡∑»∑’Ë “¡“√∂ÕÕ°æ—π∏∫—µ√À√◊Õ Àÿâ π °Ÿâ °ÿ ≈ ‡ß‘ π ∫“∑„πª√–‡∑»‰∑¬‰¥â √ «¡ 17 √“¬ §‘¥‡ªìπ«ß‡ß‘π∑’ËÕπÿ≠“µ∑—Èß ‘Èπ 84,000 ≈â“π∫“∑ ‚¥¬ ¡’√“¬≈–‡Õ’¬¥ª√“°Ø¥—ßµ“√“ß∑’Ë 4

The Permission to Issue Baht-denominated bonds or debentures by foreign entities is considered by a committee on a calendar year basis (January December). PDMO has opened for application for any foreign entities who are interested in the issuance of Baht-denominated bonds or debentures, to submit the application quarterly (4 times per year). In the consideration procedure, the Ministry of Finance has considered carefully regarding to the effect on Thai corporate bond issuances, the opportunity of investment in high quality bonds by domestic investors, and the development of bond market. In year 2010, the Ministry of Finance had approved 17 foreign entities to issue Baht-denominated bonds and debentures with the total approval amount of 84,000 million Baht (as shown in details in table 4).

µ“√“ß∑’Ë 4 : °“√Õπÿ≠“µ„Àâπ‘µ‘∫ÿ§§≈µà“ßª√–‡∑»ÕÕ°æ—π∏∫—µ√À√◊ÕÀÿâπ°Ÿâ °ÿ≈‡ß‘π∫“∑„πª√–‡∑»‰∑¬ Table 4 : The Permission of the Issuing Baht-denominated Bonds and Debentures by Foreign Entities in Thailand «ß‡ß‘π∑’Ë‰¥â√—∫ «—π∑’ËÕÕ° «ß‡ß‘π∑’ËÕÕ° Õ“¬ÿ (ªï) Õ—µ√“¥Õ°‡∫’È¬ Õπÿ≠“µ æ—π∏∫—µ√/ (≈â“π∫“∑) Maturity (µàÕªï) π‘µ‘∫ÿ§§≈µà“ßª√–‡∑»∑’Ë‰¥â√—∫Õπÿ≠“µ (≈â“π∫“∑) Àÿâπ°Ÿâ Issued (yrs) Coupon Authorized Foreign Entities Approval Date of Amount on Rate Amount Issuance (THB mln.) (per year) (THB mln.) ™à«ß‡«≈“°“√Õπÿ≠“µ„ÀâÕÕ°æ—π∏∫—µ√À√◊ÕÀÿâπ°Ÿâ °ÿ≈‡ß‘π∫“∑ : 15 °ÿ¡¿“æ—π∏å - 15 ‘ßÀ“§¡ 2553 The Approval Period of Issuing Baht - denominated bonds and Debentures : 15 February - 15 August 2010 ∂“∫—π‡§√¥‘µ‡æ◊ËÕ°“√∫Ÿ√≥–·≈–æ—≤π“·Ààß 4,000 Àæ—π∏å “∏“√≥√—∞‡¬Õ√¡—π Kreditanstalt fur Wiederaufbau (Credit Rating : AAA International) ∂“∫—π°“√‡ß‘π√—∞∫“≈¢Õß√“™Õ“≥“®—°√πÕ√å‡«¬å 4,000 Kommunalbanken Norway (Credit Rating : AAA International)

π‘µ‘∫ÿ§§≈µà“ßª√–‡∑»∑’Ë‰¥â√—∫Õπÿ≠“µ Authorized Foreign Entities

«ß‡ß‘π∑’Ë‰¥â√—∫ Õπÿ≠“µ (≈â“π∫“∑) Approval Amount (THB mln.) 4,000

«—π∑’ËÕÕ° æ—π∏∫—µ√/ Àÿâπ°Ÿâ Date of Issuance

«ß‡ß‘π∑’ËÕÕ° (≈â“π∫“∑) Issued Amount (THB mln.)

Õ“¬ÿ (ªï) Maturity (yrs)

∏π“§“√‚≈° International Bank for Reconstruction and Development (Credit Rating : AAA International) ∂“∫—π°“√‡ß‘π¢Õß√“™Õ“≥“®—°√‡π‡∏Õ√å·≈π¥å 4,000 Cooperatieve Centrale Raiffeisen - Boerenleenbank B.A. - Rabobank (Credit Rating : AA+ International) ∂“∫—π°“√‡ß‘π√—∞∫“≈¢Õß√“™Õ“≥“®—°√ «’‡¥π 4,000 Swedish Export Credit Corporation (Credit Rating : AA+ International) ∂“∫—π°“√‡ß‘π¢Õßª√–‡∑»ÕÕ ‡µ√‡≈’¬ 4,000 Commonwealth Bank of Australia (Credit Rating : AA International) ∫√‘…—∑‡Õ°™π¢Õßª√–‡∑» À√—∞Õ‡¡√‘°“ 4,000 Cargill Incorporated (Credit Rating : A International) √«¡√Õ∫∑’Ë 1/2553 28,000 The Total Amount of Period 1/2010 ™à«ß‡«≈“°“√Õπÿ≠“µ„ÀâÕÕ°æ—π∏∫—µ√À√◊ÕÀÿâπ°Ÿâ °ÿ≈‡ß‘π∫“∑ : 1 ‡¡…“¬π - 30 °—π¬“¬π 2553 The Approval Period of Issuing Baht - denominated bonds and Debentures : 1 April - 30 September 2010 ∫√√…—∑°“√‡ß‘π√–À«à“ßª√–‡∑» 4,000 International Finance Corporation (Credit Rating : AAA International) ∂“∫—π°“√‡ß‘π¢Õßª√–‡∑»ÕÕ ‡µ√‡≈’¬ 4,000 Australia and New Zealand Banking Group Limited (Credit Rating : AA International) ∂“∫—π°“√‡ß‘π¢Õßª√–‡∑»·§π“¥“ 4,000 The Bank of Nova Scotia (Credit Rating : AA- International) ∂“∫—π°“√‡ß‘π¢Õß Àæ—π∏å “∏“√≥√—∞‡¬Õ√¡—π 4,000 Deutsche Bank (Credit Rating : A+ International) ∂“∫—π°“√‡ß‘π√—∞∫“≈¢Õß “∏“√≥√—∞‡°“À≈’ 8,000 28 ¡‘.¬. 2553 1,000 3 The Export-Import Bank of Korea 28 Jun 2010 (Credit Rating : A International) 28 ¡‘.¬. 2553 3,000 10 28 Jun 2010 √«¡√Õ∫∑’Ë 2/2553 24,000 4,000 The Total Amount of Period 2/2010

Õ—µ√“¥Õ°‡∫’È¬ (µàÕªï) Coupon on Rate (per year) -

2.80 3.95

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«ß‡ß‘π∑’Ë‰¥â√—∫ «—π∑’ËÕÕ° «ß‡ß‘π∑’ËÕÕ° Õ“¬ÿ (ªï) Õ—µ√“¥Õ°‡∫’È¬ Õπÿ≠“µ æ—π∏∫—µ√/ (≈â“π∫“∑) Maturity (µàÕªï) π‘µ‘∫ÿ§§≈µà“ßª√–‡∑»∑’Ë‰¥â√—∫Õπÿ≠“µ (≈â“π∫“∑) Àÿâπ°Ÿâ Issued (yrs) Coupon Authorized Foreign Entities Approval Date of Amount on Rate Amount Issuance (THB mln.) (per year) (THB mln.) ™à«ß‡«≈“°“√Õπÿ≠“µ„ÀâÕÕ°æ—π∏∫—µ√À√◊ÕÀÿâπ°Ÿâ °ÿ≈‡ß‘π∫“∑ : 16 ‘ßÀ“§¡ - 31 ∏—π«“§¡ 2553 The Approval Period of Issuing Baht - denominated bonds and Debentures : 16 August - 31 December 2010 ∂“∫—π°“√‡ß‘π√—∞∫“≈¢Õß “∏“√≥√—∞‡°“À≈’ 5,000 1 æ.¬. 2553 5,000 5 2.93 Industrial Bank of Korea 1 Nov 2010 (Credit Rating : A International) ∂“∫—π°“√‡ß‘π√—∞∫“≈¢Õß “∏“√≥√—∞‡°“À≈’ 5,000 24 æ.¬. 2553 3,000 3 2.94 Korea Development Bank 24 Nov 2553 (Credit Rating : A International) √—∞«‘ “À°‘®¢Õß “∏“√≥√—∞‡°“À≈’ 4,000 Korea Water Resources Corporation (Credit Rating : A International) √«¡√Õ∫∑’Ë 3/2553 14,000 8,000 The Total Amount of Period 3/2010 ™à«ß‡«≈“°“√Õπÿ≠“µ„ÀâÕÕ°æ—π∏∫—µ√À√◊ÕÀÿâπ°Ÿâ °ÿ≈‡ß‘π∫“∑ : 1 µÿ≈“§¡ 2553 - 31 ¡’π“§¡ 2554 The Approval Period of Issuing Baht - denominated bonds and Debentures : 1 October - 31 March 2011 ∂“∫—π°“√‡ß‘πæÀÿ¿“§’¢ÕßÕ‡¡√‘°“°≈“ß Central American Bank for Economic Integration (Credit Rating : A- International) ∂“∫—π°“√‡ß‘π¢Õßª√–‡∑»‡π‡∏Õ√å·≈π¥å 10,000 30 ¡’.§. 2554 5,740 3 3.72 ING Bank N.V. (ING) 30 Mar 2011 (Credit Rating : A+ International) 30 ¡’.§. 2554 4,260 5 4.09 30 Mar 2011 ∂“∫—π°“√‡ß‘π√—∞∫“≈¢Õß “∏“√≥√—∞‡°“À≈’ 8,000 8 °.æ. 2554 2,200 3 3.72 The Export-Import Bank of Korea 8 Feb 2011 (Credit Rating : A International) √«¡√Õ∫∑’Ë 4/2553 18,000 12,200 The Total Amount of Period 4/2010 ¬Õ¥√«¡¢Õßªï 2553 84,000 24,000 Total Amount of Year 2010

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6. °“√®— ¥ µ—È ß Àπà « ¬ß“π§È” ª√–°— π ‡§√¥‘ µ ·≈–°“√ ≈ß∑ÿπ¢Õß¿Ÿ¡‘¿“§Õ“‡´’¬π+3 (Credit Guarantee and Investment Facility: CGIF) ∫π. ‰¡à‡æ’¬ß·µà„Àâ§«“¡ ”§—≠„π‡√◊ËÕß°“√ æ—≤π“µ≈“¥µ√“ “√Àπ’È¢Õß√—∞∫“≈‡∑à“π—Èπ·µà¬—ß„Àâ §«“¡ ”§—≠„π‡√◊ËÕß°“√ π—∫ πÿπ„Àâ¿“§‡Õ°™π√–¥¡ ∑ÿ π ¥â « ¬°“√ÕÕ°µ√“ “√Àπ’È ¥â « ¬‡™à π °— π ‚¥¬„πªï ß∫ª√–¡“≥ 2553 π’È ∫π. „π∞“π–µ— « ·∑π¢Õß ª√–‡∑»‰∑¬‰¥â ¥”‡π‘ π °“√√à « ¡°— ∫ √— ∞ ∫“≈¢Õß°≈ÿà ¡ ª√–‡∑»Õ“‡´’¬π+3 (´÷Ëßª√–°Õ∫¥â«¬ ∫√Ÿ‰π °—¡æŸ™“ Õ‘π‚¥π’‡´’¬ ≠’ËªÿÉπ ‡°“À≈’„µâ ¡“‡≈‡´’¬ æ¡à“ ®’π ≈“« øî≈‘ªªîπ å ‘ß§‚ª√å ‰∑¬ ·≈–‡«’¬¥π“¡) ·≈–∏π“§“√ æ— ≤ π“‡Õ‡™’ ¬ (Asian Development Bank: ADB) „π°“√À“·π«∑“ß°“√ √â “ ß°≈‰°∑’Ë ® –™à « ¬Õ”π«¬ §«“¡ –¥«°„Àâ·°à¿“§‡Õ°™π‡æ◊ËÕ„Àâ “¡“√∂ÕÕ° µ√“ “√Àπ’È‰¥âßà“¬¢÷Èπ ´÷Ëß°≈‰°∑’Ë°≈à“«§◊ÕÀπà«¬ß“π §È”ª√–°—π‡§√¥‘µ·≈–°“√≈ß∑ÿπ·Ààß¿Ÿ¡¿‘ “§Õ“‡´’¬π+3 (Credit Guarantee and Investment Facility: CGIF)

The Establishment of Credit

Guarantee and Investment Facility (CGIF) in ASEAN+3 Countries

In the fiscal year of 2010, PDMO has focused on deepening the development of the government bond market as well as has encouraged private sector to raise funds by issuing corporate bonds. One of the initiatives PDMO, as the representative of Thailand, has taken is to coordinate with ASEAN+3 countries (Brunei, Cambodia, Indonesia, Japan, Korea, Malaysia, Myanmar, Laos, the Peopleûs Public of China, Philippines, Singapore, Thailand and Vietnam), and Asian Development Bank (ADB) to establish a mechanism that facilitates the private sector to issue bonds, called çCredit Guarantee and Investment Facility (CGIF)é.

CGIF ®— ¥ µ—È ß ‚¥¬¡’ ‡ ß‘ π ∑ÿ π ∑’Ë ¡ “®“°°“√√à « ¡ ≈ß∑ÿπ°—π¢Õßª√–‡∑» ¡“™‘°∑—Èß 13 ª√–‡∑»·≈– ADB ‡ªìπ®”π«π 700 ≈â“π‡À√’¬≠ À√—∞ ‚¥¬ CGIF ®–¡“ ∑”Àπâ“∑’Ë§È”ª√–°—πµ√“ “√Àπ’È„Àâ°—∫¿“§‡Õ°™π∑’Ëµ—Èß Õ¬Ÿà„π°≈ÿà¡ª√–‡∑»Õ“‡´’¬π+3 ‚¥¬‡¡◊ËÕ§È”ª√–°—π·≈â« ®–∑”„Àâµ√“ “√Àπ’Èπ—Èπ¡’Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ∑’Ë Ÿß ¢÷πÈ ·≈– àßº≈„Àâµπâ ∑ÿπ‚¥¬√«¡¢Õß°“√ÕÕ°µ√“ “√Àπ’È ≈¥µË”≈ß πÕ°®“°π’È¬—ß∑”„Àâ¿“§‡Õ°™π “¡“√∂ÕÕ° µ√“ “√Àπ’È∑’Ë¡’Õ“¬ÿ¬“«¢÷Èπ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫√–¬– §◊π∑ÿπ¢Õß¿“§‡Õ°™π‰¥â¡“°¢÷Èπ¥â«¬ ·≈–‡æ◊ËÕ„Àâª√–‡∑»‰∑¬‰¥â‡¢â“√à«¡‡ªìπÀπ÷Ëß„π ª√–‡∑» ¡“™‘°∑’Ë®—¥µ—Èß CGIF π’È‰¥â ∫π. ®÷ßµâÕß ¥”‡π‘π°“√¢Õ§«“¡‡ÀÁπ™Õ∫®“°√—∞ ¿“µ“¡¡“µ√“ 190 ·Ààß√—∞∏√√¡πŸ≠‰∑¬ ·≈– ∫π. ‰¥â®—¥„Àâ¡’°“√ √— ∫ øí ß §«“¡§‘ ¥ ‡ÀÁ π ¢Õßª√–™“™π·≈–ºŸâ ‡ °’Ë ¬ «¢â Õ ß∑’Ë Õ“®‰¥â √— ∫ º≈°√–∑∫®“°°“√®— ¥ ∑”§«“¡µ°≈ßπ’È ¥â«¬·≈â«‚¥¬‡√◊ËÕß¥—ß°≈à“«π’È®–‡¢â“ Ÿà«“√–°“√æ‘®“√≥“ ¢Õß√—∞ ¿“„π™à«ßµâπªïß∫ª√–¡“≥ 2554

CGIF was established by the governments of 13 countries and ADB with the initial capital of 700 million US Dollars. CGIF will provide guarantee bonds issued by private sector that is located in ASEAN+3 countries. The guaranteed bonds would be able to receive higher credit rating, resulting in lower overall costs. In addition, the guarantee will enable private sector to issue bonds with longer maturity which will help them avoid maturity mismatched. To be the established member of CGIF, PDMO proposed the framework of CGIF establishment to the National Assembly for consideration in accordance with the requirement under the constitution of Thailand; Act 190. PDMO also conducted a public hearing among general public and other affected entities. However, the framework will be considered by the National Assembly at the beginning of the fiscal year 2011.

¬ÿ∑∏»“ µ√å∑’Ë 3 æ—≤π“Õß§å°√„Àâ‡¢â¡·¢Áß·≈–¡’ª√– ‘∑∏‘¿“æ ¥â“π‡∑§‚π‚≈¬’ “√ π‡∑» Strategy 3: Organisation Development through the Strengthening and Improving Efficiency of Information Technology

„π™à«ß∑’Ëºà“π¡“ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ‰¥â¡’°“√æ—≤π“√–∫∫‡∑§‚π‚≈¬’ “√ π‡∑» ·≈–π” ¡“ª√—∫„™â„πÕß§å°√¡“‚¥¬µ≈Õ¥ ”À√—∫ „πªï æ.». 2553 ‰¥â¡’°“√ª√—∫ª√ÿß√–∫∫°“√ ◊ËÕ “√„πÕß§å°√„À¡à „Àâ¡’§«“¡∑—π ¡—¬¬‘Ëß¢÷Èπ ‚¥¬‰¥âª√—∫ª√ÿß√–∫∫ E-mail „Àâ ¡’ § «“¡∑— π ¡— ¬ ·≈–‡™◊Ë Õ ¡‚¬ß°“√∑”ß“π‚¥¬π” ‡∑§‚π‚≈¬’¢Õß∫√‘…—∑‰¡‚§√´Õø∑å∑’Ë¡’™◊ËÕ«à“ Microsoft Exchange Server 2010 ¡“„™â„π°“√‡æ‘Ë¡ª√– ‘∑∏‘¿“æ ¢ÕßÕß§å°√„Àâ‡¢â¡·¢Áß„π¥â“π¢Õß°“√ ◊ËÕ “√ ®“°°“√∑’Ë‡∑§‚π‚≈¬’ ¡—¬„À¡à∑’Ë‡ª≈’Ë¬π·ª≈ß‰ª Õ¬à“ß√«¥‡√Á«·≈–¡’√“§“≈¥≈ßÕ¬à“ß¡“°‡¡◊ËÕ‡∑’¬∫°—∫ „πÕ¥’µ‡¡◊ËÕª√–¡“≥ 10 ªï∑’Ëºà“π¡“ ‰¥â∑”„Àâ®”π«π ºŸ„â ™â‡∑§‚π‚≈¬’ “√ π‡∑»¡’‡æ‘¡Ë ¢÷πÈ ∑ÿ°«—π ·≈–‰¥â°≈“¬ ¡“‡ªì π à « πÀπ÷Ë ß ∑’Ë ®”‡ªì π µà Õ °“√¥”‡π‘ π °‘ ® °√√¡ „πÕß§å ° √ ‡∑§‚π‚≈¬’ ‡ À≈à “ π’È ‰ ¥â · °à Õ‘ π ‡∑Õ√å ‡ πÁ µ °“√ª√–™ÿ¡«‘¥’‚Õ∑“ß‰°≈ √–∫∫‡§√◊Õ¢à“¬ ·≈–√–∫∫ “√ π‡∑»‡æ◊ËÕ°“√«‘‡§√“–Àå·≈–µ—¥ ‘π„® √«¡∂÷ß ‡∑§‚π‚≈¬’°“√ ◊ËÕ “√¿“¬„πÕß§å°√ ∑’Ë‰¥â¡’°“√æ—≤π“ ‡ªìπÕ¬à“ß¡“°„π∫“ßÕß§å°√¬—ß„™â°“√ªî¥ª√–°“»‚¥¬

PDMO has continuously developed and improved the IT system over the years. In FY 2010, PDMO has modernised the communication system in the organisation by improving the e-mail system and linked it with the Microsoftûs technology, which called Microsoft Exchange Server 2010, to strengthening the efficiency of the organisational communication. As a result from the rapid changes in technology and with the cheaper price during the last 10 years, the numbers of IT users have increased continuously. Therefore, IT has become an important factor for the operations within the organisation such as internet, video conference, network system, information system for analysis and decision making and organisational communication. However, some organisations still use the traditional way, the notice board, which is a one way communication that is not specify to individual receivers. Therefore, technology can help facilitating the effective and efficient communication through e-mail.

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„™â°√–¥“…µ“¡∫Õ√å¥µà“ßÊ ‡æ◊ËÕ ◊ËÕ “√¢âÕ¡Ÿ≈¢à“« “√ µà “ ßÊ ·µà ° “√ªî ¥ ª√–°“»‚¥¬„™â ∫ Õ√å ¥ π’È ‡ ªì π °“√ ◊ËÕ “√·∫∫∑“ß‡¥’¬«∑’Ë‰¡à àß∂÷ß‡©æ“–µ—«∫ÿ§§≈ ´÷Ëß Õ“®∑”„Àâ‡°‘¥ªí≠À“§«“¡‰¡à∑—Ë«∂÷ß¢Õß°“√ ◊ËÕ “√ ·≈–À“°®–∑”°“√ ◊ËÕ “√¢âÕ§«“¡∫“ßÕ¬à“ß·∫∫∂÷ß µ—«∫ÿ§§≈∑—ÈßÕß§å°√ °ÁÕ“®µâÕß„™âµâπ∑ÿπ∑’Ë Ÿß·≈–¬—ß ‡ ’¬‡«≈“Õ’°¥â«¬ „π‡√◊ËÕßπ’È‡∑§‚π‚≈¬’‰¥â‡¢â“¡“¡’ à«π ™à«¬„Àâ‡°‘¥§«“¡ –¥«° √«¥‡√Á« ∂Ÿ°µâÕß·≈–ª√–À¬—¥ ‡«≈“„π°“√ ◊ËÕ “√≈ß‰ª‰¥â¥â«¬°“√„™âÕ’‡¡≈å (Email) ∑’ºË “à π¡“∫ÿ§≈“°√„πÕß§å°√À√◊ÕÀπà«¬ß“πµà“ßÊ ¢Õß¿“§√— ∞ ¡’ ° “√„™â ß “π®¥À¡“¬Õ‘ ‡ ≈Á ° ∑√Õπ‘ ° å À√◊Õ E-mail ø√’ ∑’Ë®—¥∑”¢÷Èπ‚¥¬∫√‘…—∑‡Õ°™π¢Õß µà “ ßª√–‡∑»∑”„Àâ ¢â Õ ¡Ÿ ≈ ¢Õß∑“ßÀπà « ¬ß“ππ—È π Ê ∂Ÿ° ”‡π“‰«â„π‡§√◊ËÕß§Õ¡æ‘«‡µÕ√å¢Õß‡Õ°™π °√–π—Èπ À“°„πÕπ“§µ∫√‘…—∑‡À≈à“π—Èππ”¢âÕ¡Ÿ≈¡“«‘‡§√“–Àå ‡æ◊ËÕ„™â„π«—µ∂ÿª√– ß§åÕ◊Ëπ √«¡∂÷ß Õ¥·π¡‡Õ° “√ ∑’Ë∑“ßÀπà«¬ß“π‰¥â¥”‡π‘π°“√¿“¬„πÕß§å°√·≈–¬—ßÕ¬Ÿà „π∞“π–ª°ªî¥®π°«à“®–‰¥â√—∫Õπÿ¡—µ‘ ´÷ËßÕ“®‡°‘¥ º≈‡ ’¬À“¬°—∫Àπà«¬ß“ππ—Èπ„πÕπ“§µ‰¥â®π°√–∑—Èß ¡’ ¡ µ‘ §√¡. ‡¡◊Ë Õ «— π ∑’Ë 18 ∏— π «“§¡ 2550 „Àâ ∑ÿ ° Àπà«¬ß“π√“™°“√„™â E-mail ®“°√–∫∫¢Õßµπ‡Õß ´÷Ëß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–„π¢≥–π—Èπ¬—ß‰¡à¡’

In the past, some of the public sectorûs staffs use the free e-mail that created by the foreign private companies, which makes all the information in the emails was copied in the private sectorûs computer systems. Therefore, if those companies use such information for their own benefits including tapping in on the secret insider information, it could be damaged the organisations in the future. When the cabinet ordered every government agencies to set up their own email system on December 18th, 2007, PDMO, who did not have its own email system at that time, asked the Office of Permanent Secretary to use their email system. Unfortunately, there were many problems. As a result, PDMO decided to develop its own email system by using the Microsoft Exchange system. This system has Workgroup operation system that allows users to use and organise their email, appointment calendar and record data in Microsoft supporting software such as MS words and MS Excel. After the system implementation, the efficiency of organisational communication within PDMO has increased significantly.

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√–∫∫‡ªìπ¢ÕßÕß§å°√‡Õß ‚¥¬‰¥â¢Õ§«“¡Õπÿ‡§√“–Àå ¢Õ„™â ß “π√à « ¡°— ∫ ”π— ° ß“πª≈— ¥ °√–∑√«ß°“√§≈— ß ´÷Ëß¡’ªí≠À“„π°“√∫√‘À“√®—¥°“√Õ¬ŸàæÕ ¡§«√ ∑—Èß¬—ß ‰¡à ¡’ ‡ Õ°¿“æ„π°“√®— ¥ °“√ ”π— ° ß“π∫√‘ À “√Àπ’È “∏“√≥–®÷ß‰¥â‡≈Áß‡ÀÁπ∂÷ß§«“¡ ”§—≠„π°“√„™âß“π ◊ÕË “√„πÕß§å°√·≈–‰¥â¡‚’ §√ß°“√æ—≤π“√–∫∫ E- mail ¢÷Èπ¡“·≈–‰¥â‡≈◊Õ°º≈‘µ¿—≥±å¢Õß∫√‘…—∑‰¡‚§√´Õø∑å ∑’Ë¡’™◊ËÕ«à“ Exchange ¡“„™â„π°“√æ—≤π“´÷Ëß¡’≈—°…≥– °“√∑”ß“π·∫∫ Workgroup π—Ëπ§◊ÕπÕ°®“°®–√—∫ àß ®¥À¡“¬·≈â«¬—ß “¡“√∂∫√‘À“√ß“π¥â“π®¥À¡“¬, ªØ‘∑‘ππ—¥À¡“¬, ∫—π∑÷°°“√∑”ß“π∫π Software ∑’Ë Microsoft π—∫ πÿπ ‡™àπ Microsoft Word, Microsoft Excel ‡ªìπµâπ ´÷Ëß‡ªìπ‚ª√·°√¡∑’Ë‡™◊ËÕ¡‚¬ß„π°“√ ∑”ß“π°—πÕ¬Ÿà·≈â« ∑—Èß¬—ß “¡“√∂‡™◊ËÕ¡‚¬ß°—∫Õß§å°√ ¿“¬πÕ°‰¥â ∂â “ À“°„™â º ≈‘ µ ¿— ≥ ±å Õ ¬à “ ß Exchange ‡À¡◊ Õ π°— π ·≈–À≈— ß ®“°°“√µ‘ ¥ µ—È ß √–∫∫·≈–‰¥â ‡ √‘Ë ¡ „™âß“π·≈â« °Á∂◊Õ«à“ª√– ∫§«“¡ ”‡√Á®„π¥â“π°“√ „™âß“π‡ªìπÕ¬à“ß¡“° ´÷Ëß‡°‘¥®“°§«“¡√à«¡¡◊Õ¢Õß ∫ÿ § ≈“°√∑’Ë √à « ¡°— π „™â ß “π∑”„Àâ ° “√ ◊Ë Õ “√¿“¬„π Õß§å°√‡°‘¥ª√– ‘∑∏‘¿“æÕ¬à“ß¡“° ∑—Èß¬—ß‡ªìπ°“√™à«¬ ª√–À¬—¥°√–¥“…≈ß¥â«¬

To develop the organisation efficiently, IT is the important and necessary instrument to create the advantage in organisational development. However, there are many key factors for the successful development such as hardware, software, database, the complication of operational process and the most important: the users. The implementation process must be well-managed so the users will accept and fully utilise the use of technology.

¥—ßπ—πÈ °“√π”‡Õ“‡∑§‚π‚≈¬’ “√ π‡∑»¡“„™â‡æ◊ÕË ™à«¬„π°“√æ—≤π“Õß§å°√ ‡ªìπ‡§√◊ËÕß¡◊Õ∑’Ë ”§—≠·≈– ®”‡ªìπ∑’Ë®– √â“ß§«“¡‰¥â‡ª√’¬∫„π°“√æ—≤π“Õß§å°√ Õ¬à“ß‰√°Áµ“¡ °“√π”‡∑§‚π‚≈¬’¡“„™â„π°“√æ—≤π“ Õß§å ° √„Àâ ”‡√Á ® °Á ¢÷È π Õ¬Ÿà °— ∫ §«“¡æ√â Õ ¡¢Õßªí ® ®— ¬ ¿“¬„πÕß§å°√À≈“¬¥â“π ‡™àπ Œ“√å¥·«√å ´Õø∑å·«√å ∞“π¢â Õ ¡Ÿ ≈ §«“¡´— ∫ ´â Õ π¢Õß°√–∫«π°“√∑”ß“π ·≈–∑’Ë ”§— ≠ ∑’Ë ÿ ¥ §◊ Õ ºŸâ „ ™â ß “π ‚¥¬µâ Õ ßÕ“»— ¬ °“√ ∫√‘ À “√°“√‡ª≈’Ë ¬ π·ª≈ß∑’Ë ¥’ ‡æ◊Ë Õ „Àâ ºŸâ „ ™â ‡ °‘ ¥ °“√ ¬Õ¡√—∫·≈–„™âß“π‡∑§‚π‚≈¬’‰¥âÕ¬à“ß‡µÁ¡ª√– ‘∑∏‘¿“æ °“√æ—≤π“√–∫∫°“√∫√‘À“√∑√—æ¬“°√∫ÿ§§≈ ¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ( ∫π.) ¥”‡π‘π°“√ ¿“¬„µâ · ºπ°≈¬ÿ ∑ ∏å ° “√∫√‘ À “√∑√— æ ¬“°√∫ÿ § §≈ (HR Scorecard) ´÷Ëß‡ªìπ‡§√◊ËÕß¡◊Õ ”À√—∫„™âª√–‡¡‘π º≈ ”‡√Á®¥â“π°“√∫√‘À“√∑√—æ¬“°√∫ÿ§§≈ ‡æ◊ËÕπ”‰ª Ÿà °“√æ—≤π“·≈–‡æ‘Ë¡¢’¥ ¡√√∂π–°”≈—ß§π¢ÕßÕß§å°√ „Àâ¡’§«“¡‡¢â¡·¢Áß·≈– Õ¥√—∫°—∫¿“√°‘®¢Õß ∫π. ‚¥¬„πªïß∫ª√–¡“≥ æ.». 2553 ∫π. ª√– ∫§«“¡ ”‡√Á®„π°“√¥”‡π‘π°“√‚§√ß°“√µà“ßÊ ª√–°Õ∫¥â«¬ 1. ·ºπÕ—µ√“°”≈—ß ·ºπÕ—µ√“°”≈—ß¢Õß ∫π. π—∫«à“¡’§«“¡ ”§—≠¡“° ‡π◊ËÕß®“°µ—Èß·µà®—¥µ—Èß‡ªìπ Àπà«¬ß“π√–¥—∫°√¡„πªï æ.». 2545 ∫π. ¬—ß‰¡à‡§¬

The human resource management of PDMO has been develop under the HR Scorecard, which is the instrument to evaluate the success of HR management in order to develop and strengthen the efficiency of PDMO staffs to match with PDMO missions. In FY 2010, PDMO was successful in implementing many projects as follows: 1. Manpower Plan PDMO is the small organization with the manpower of only 200 staffs, which are comprised of 151 government officials, 8 government employees and 100 temporary staffs (hired by the off-budget budget). Therefore, the set up of the manpower plan is very important because it will reflect the appropriate manpower framework that matches the organisationûs mission and workloads.

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®— ¥ ∑”·ºπÕ— µ √“°”≈— ß µ“¡ª√‘ ¡ “≥ß“π·≈–¿“√°‘ ® ¥—ßπ—Èπ °“√®—¥∑”·ºπÕ—µ√“°”≈—ß®– –∑âÕπ∂÷ß¿“√°‘® ·≈–ª√‘¡“≥∑’ËµâÕß Õ¥§≈âÕß°—∫Õ—µ√“°”≈—ß∑’Ë·∑â®√‘ß ‚¥¬‡ªì π °“√°”Àπ¥·ºπ°”≈— ß §π∑’Ë ‡ À¡“– ¡°— ∫ °√Õ∫Õ—µ√“°”≈—ß·≈–µ”·Àπàßß“π ´÷Ëßªí®®ÿ∫—π ∫π. ‡ªìπÀπà«¬ß“π¢π“¥‡≈Á°¡’Õ—µ√“°”≈—ß‡æ’¬ß 200 Õ—µ√“ ª√–°Õ∫¥â«¬ ¢â“√“™°“√ 151 Õ—µ√“ æπ—°ß“π√“™°“√ 8 Õ—µ√“ ·≈–≈Ÿ°®â“ß™—Ë«§√“« (‡ß‘ππÕ°ß∫ª√–¡“≥ 100 Õ—µ√“) 2. ·ºπ‡ âπ∑“ß‡¥‘π “¬Õ“™’æ ‡π◊ËÕß®“° ªí ® ®ÿ ∫— π ¡’ Õ— µ √“°“√‡¢â “ ÕÕ°¢Õß∫ÿ § ≈“°√ ∫π. ®”π«π¡“° “‡ÀµÿÀπ÷Ëß¡“®“°‰¡à‡ÀÁπ«à“„πÕπ“§µ®– ¡’§«“¡°â“«Àπâ“„πÕ“™’æ‰ª∑“ß‰Àπ ¥—ßπ—Èπ ∫π. ‡ÀÁ π §«“¡ ”§— ≠ ¢Õß°“√®— ¥ ∑”·ºπ‡ â π ∑“ß‡¥‘ π “¬Õ“™’æ¢Õß ∫π. ‡æ◊ËÕ„Àâ∫ÿ§≈“°√¢Õß ∫π. ‚¥¬ ‡©æ“–¢â“√“™°“√ “¡“√∂∑√“∫·≈–¡Õß‡ÀÁπ§«“¡ °â“«Àπâ“„π “¬Õ“™’æ¢Õßµπ‡Õß‰¥âÕ¬à“ß™—¥‡®π·≈– ¡—Ëπ§ß¬‘Ëß¢÷Èπ ´÷Ëß‡ âπ∑“ß‡¥‘π “¬Õ“™’æ¢Õß ∫π. ®–°”Àπ¥ß“π¥â“π∫√‘À“√ ß“π¥â“π‡™’Ë¬«™“≠ ß“π ¢â“√“™°“√ªØ‘∫—µ‘°“√·≈–¢â“√“™°“√ºŸâ¡’º≈ —¡ƒ∑∏‘Ï Ÿß ¢Õß∑ÿ° “¬ß“π„π ”π—°µà“ßÊ

2. Succession Plan As a result from the high turnover ratio of PDMO staffs, PDMO has set up the succession plan for the staffs so the government officials will be able to foresee their career paths more clearly. The plan included the succession plan for management level, specialist level, practitional level, professional level and HIPPs of every bureau.

3. ·ºπæ—≤π“√–∫∫∫√‘À“√º≈°“√ªØ‘∫—µ‘ √“™°“√ „πªïß∫ª√–¡“≥ æ.». 2553 ”π—°ß“π °.æ. °”Àπ¥„Àâ ∑ÿ ° à « π√“™°“√π”√–∫∫∫√‘ À “√º≈°“√ ªØ‘∫—µ‘√“™°“√ (Performance Management Systems : PMS) ¡“„™â „ π°“√ª√–‡¡‘ π º≈°“√ªØ‘ ∫— µ‘ ß “π¢Õß ¢â“√“™°“√æ≈‡√◊Õπ„π√–∫∫√“™°“√ ‚¥¬„Àâ°”Àπ¥ µ— « ™’È «— ¥ √–¥— ∫ ∫ÿ § §≈ (KPI) ·≈– ¡√√∂π–À≈— ° (Competency) ”À√—∫∫ÿ§§≈ ´÷ßË °“√¥”‡π‘π°“√¥—ß°≈à“« ‡ªìπ‡√◊ËÕß„À¡à∑’Ë√–∫∫√“™°“√‰¡à‡§¬¡’¡“°àÕπ ¥—ßπ—Èπ ∂◊ Õ ‡ªì π ‡√◊Ë Õ ß„À≠à ¡ “°∑’Ë ® –ª√— ∫ ‡ª≈’Ë ¬ π·π«§‘ ¥ ·≈– ·π«∑“ß°“√¥”‡π‘π°“√®“°‡¥‘¡„Àâ‡ªìπ·π«∑“ß„À¡à ‚¥¬µâÕßÕ“»—¬§«“¡√à«¡¡◊Õ®“°∫ÿ§≈“°√¢Õß ∫π. ¥â « ¬ ‡æ◊Ë Õ „Àâ ° “√®— ¥ ∑”√–∫∫∫√‘ À “√º≈°“√ªØ‘ ∫— µ‘ √“™°“√¥—ß°≈à“«ª√– ∫§«“¡ ”‡√Á®·≈–¥”‡π‘π°“√‰¥â „πªïß∫ª√–¡“≥ æ.». 2553 4. °“√®—¥∑”√–∫∫∞“π¢âÕ¡Ÿ≈ (√–∫∫ DPIS ·≈– °.æ. 7) √–∫∫∞“π¢âÕ¡Ÿ≈∫ÿ§≈“°√¢Õß ∫π. ¡’ 2 √–∫∫ §◊ Õ (1) √–∫∫‚ª√·°√¡ “√ π‡∑» ∑√—æ¬“°√∫ÿ§§≈√–¥—∫°√¡ (DPIS) ´÷Ëß‡ªìπ√–∫∫¢Õß ”π—°ß“π °.æ. ‚¥¬ªí®®ÿ∫—π‰¥â√—∫°“√æ—≤π“‡ªìπ ‡«Õ√å™—Ëπ 4.0 „™â ”À√—∫‡°Á∫¢âÕ¡Ÿ≈∫ÿ§≈“°√„π√Ÿª·∫∫ Õ‘‡≈Á°∑√Õπ‘° å ‡æ◊ËÕ§«“¡ –¥«°„π°“√§âπÀ“·≈– ‡°Á∫√—°…“ ·≈– (2) ·øÑ¡ª√–«—µ‘·≈– °.æ. 7 ‡ªìπ°“√ ‡°Á ∫ ¢â Õ ¡Ÿ ≈ ∫ÿ § ≈“°√„π√Ÿ ª ·∫∫°√–¥“… ´÷Ë ß ‡ªì π

3. Performance Management System (PM) In FY 2010, Office of Civil Service Commission (OCSC) implemented the PM system to evaluate the performance of the civil servants. Officials have to set up their own KPI and individual competency. This operation is new in the government system, therefore; it needed good cooperation from PDMO staffs to launch a successful PM system within FY 2010. 4. Database Management PDMO has 2 HR database systems, i.e. (1) DPIS system, which is the electronic database system implemented by OCSC and Z2X record files and Gor Por 7 forms, which is the paper-form database.

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√–‡∫’¬∫∑’Ë ”π—°ß“π °.æ. °”Àπ¥„Àâ®—¥‡°Á∫¢âÕ¡Ÿ≈„π √Ÿª·∫∫¥—ß°≈à“«µ—ßÈ ·µà‡√‘¡Ë ∫√√®ÿ‡¢â“√—∫√“™°“√√“¬∫ÿ§§≈ 5. °“√ª√–™“ — ¡ æ— π ∏å ¢ Õß¢â Õ ¡Ÿ ≈ ¥â “ π ∑√—æ¬“°√∫ÿ§§≈ ªí®®ÿ∫π— ∫π. ¡’°“√ª√–™“ —¡æ—π∏å ¢â Õ ¡Ÿ ≈ ¢à “ « “√¥â “ π∑√— æ ¬“°√∫ÿ § §≈∑’Ë πà “ π„® „π√Ÿª·∫∫µà“ßÊ ‰¥â·°à ºà“π ◊ËÕ Internet ·≈– Intranet °“√ª√–™ÿ¡™’·È ®ß ∫Õ√å¥ª√–™“ —¡æ—π∏å ‚∑√∑—»πå¿“¬„π POP UP Àπ—ß ◊Õ‡«’¬π E-mail √“¬∫ÿ§§≈ ‡ªìπµâπ ‚¥¬ ‡π◊ËÕÀ“∑’Ëª√–™“ —¡æ—π∏å ‰¥â·°à Àπ—ß ◊Õ‡«’¬π„À¡àÊ √ÿªª√–‡¥Áπ∑’Ëπà“ π„® ‡™àπ ‘∑∏‘ª√–‚¬™πå ª√–°“» µà“ßÊ (√—∫ ¡—§√ À≈—°‡°≥±å √–‡∫’¬∫) À≈—° Ÿµ√Õ∫√¡ ∑ÿπ°“√»÷°…“ ‡ªìπµâπ 6. °“√ª∞¡π‘ ‡ ∑»∫ÿ § ≈“°√„À¡à „ π ªï ß∫ª√–¡“≥ æ.». 2553 ”π—°ß“π °.æ. °”Àπ¥ √Ÿª·∫∫„À¡à‡°’Ë¬«°—∫°“√∑¥≈ÕßªØ‘∫—µ‘Àπâ“∑’Ë√“™°“√ ¢Õß¢â“√“™°“√∫√√®ÿ„À¡à ‡ªìπ 3 à«π §◊Õ °“√ª∞¡π‘‡∑» °“√‡√’∫π√Ÿâ¥â«¬µπ‡Õß ·≈–°“√‡√’¬π√Ÿâ√à«¡°—π ¥—ßπ—Èπ ∫π. ®÷ ß °”Àπ¥„Àâ ¡’ ° “√®— ¥ ∑”°“√ª∞¡π‘ ‡ ∑» ∫ÿ§≈“°√„À¡à¢Õß ∫π. ‡æ◊ÕË „Àâ∫§ÿ ≈“°√„À¡à¢Õß ∫π. √Ÿâ ®— ° ·≈–‡¢â “ „®√–∫∫√“™°“√·≈–¿“√°‘ ® ß“π¢Õß ∫π. ¡“°¢÷Èπ ·≈– Õ¥§≈âÕß°—∫√–‡∫’¬∫ ”π—°ß“π °.æ. ‚¥¬¡’ ºŸâ ‡ ¢â “ √à « ¡‚§√ß°“√ ª√–¡“≥ 45 §π √–¬–‡«≈“ 6 «—π

5. Public Relation of HR Data PDMO improved its public relation channels on HR data such as training courses, scholarships and other benefits through internet, intranet, meeting, PR boards, internal TV broadcasting, Pop up, circulated letters and e-mail. 6. New Staff Orientation In FY 2010, OCSC set up new guideline for the probation of the new government officials into 3 parts: the orientation, self-learning and team learning. Therefore, PDMO arranged the 6 days orientation for the 45 new staffs in order to create better understanding in PDMO responsibility and government operation processes.

7. °‘®°√√¡ —¡æ—π∏å „πªïß∫ª√–¡“≥ æ.». 2553 ∫π. °”Àπ¥„Àâ®—¥°‘®°√√¡ —¡æ—π∏å‡æ◊ËÕ‡æ‘Ë¡æŸπ §«“¡√Ÿâ · ≈–§«“¡ — ¡ æ— π ∏å √ –À«à “ ßºŸâ ∫ √‘ À “√·≈– ∫ÿ§≈“°√ºŸâªØ‘∫—µ‘ß“π¢Õß ∫π. „Àâ¡’§«“¡‡¢â“„®·≈– ¡’ ª Ø‘ — ¡ æ— π ∏å Õ— π ¥’ √ –À«à “ ß°— π ¡“°¢÷È π ‡æ◊Ë Õ ‡æ‘Ë ¡ ª√– ‘ ∑ ∏‘ ¿ “æ·≈–ª√– ‘ ∑ ∏‘ º ≈„π°“√∑”ß“πµ“¡ ¿“√°‘®¢Õß ∫π. „Àâ¡“°¬‘Ëß¢÷Èπ 8. °“√®— ¥ °“√°— ∫ ∫√√¬“°“»·≈–§«“¡ –Õ“¥„πÕß§å°√ ‡π◊ËÕß®“°ªí®®ÿ∫—π ∫π. ª√– ∫ ªí ≠ À“‡°’Ë ¬ «°— ∫ ∂“π∑’Ë µ—È ß ¢ÕßÀπà « ¬ß“π∑’Ë §— ∫ ·§∫ ·≈–‰¡à –Õ“¥ ‚¥¬„πªïß∫ª√–¡“≥ æ.». 2553 ∫π. ‰¥â®¥— º—ß∑’πË ßË— „À¡à„Àâ “¡“√∂√Õß√—∫∫ÿ§≈“°√‰¥â¡“°¢÷πÈ æ√âÕ¡∑—ßÈ √≥√ß§å„π‡√◊ÕË ß§«“¡ –Õ“¥·≈–°“√¥Ÿ·≈√—°…“ πÕ°®“°π’È ∫π. ‰¥âæ¬“¬“¡®—¥À“ ∂“π∑’Ëµ—Èß¢Õß Àπà « ¬ß“π„À¡à ‡æ◊Ë Õ ¿“æ·«¥≈â Õ ¡„π°“√∑”ß“π ∑’Ë¥’¢÷Èπ

7. Relationship Building Activities in FY 2010 PDMO arranged various activities to build relationship between the management level and operational level staffs in PDMO in order to improve the organisationûs effectiveness and efficiency. 8. Environmental and Cleanliness Management in FY 2010, PDMO has renovated the office space to support the increasing number of staffs. The cleanliness champagne is also launched for better office environment.

ß∫°“√‡ß‘ π ¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– PUBLIC DEBT MANAGEMENT OFFICE

”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ß∫· ¥ß∞“π–°“√‡ß‘π ≥ «—π∑’Ë 30 °—π¬“¬π 2553 ·≈– 2552

(Àπà«¬: ∫“∑)

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2553

2552

13,043,801,057 2,541,398 85,155,165 400,546,822 13,532,044,442

83,812,876,702 2,354,320 1,317,866,726 1,148,340 (251,773,746) 84,882,472,342

14,036,984,662 2,998,000,000 72,206,266 64,216,094 17,171,407,022 30,703,451,464

18,618,540,442 8,189,000,000 79,092,592 26,886,633,034 111,769,105,376

‘π∑√—æ¬å ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≈Ÿ°Àπ’È√–¬– —Èπ √“¬‰¥â§â“ß√—∫ «— ¥ÿ§ß‡À≈◊Õ ¥Õ°‡∫’È¬®à“¬≈à«ßÀπâ“ √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π ≈Ÿ°Àπ’È√–¬–¬“« ‡ß‘π≈ß∑ÿπ„πµ√“ “√Àπ’È ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª Õÿª°√≥å ( ÿ∑∏‘) √«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π √«¡ ‘π∑√—æ¬å

3 4 5

6 7 8

62 63

”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ß∫· ¥ß∞“π–°“√‡ß‘π (µàÕ) ≥ «—π∑’Ë 30 °—π¬“¬π 2553 ·≈– 2552

(Àπà«¬: ∫“∑)

À¡“¬‡Àµÿ

2553

2552

873,929 642,489 5,820,745,774 26,759,929,574 9,936,989,602 158,422,363,000 8,568,736 200,950,113,104

3,431,261 (1,766,758) 6,182,288,588 24,038,015,168 7,561,837,927 282,371,528,560 2,545,296 320,157,880,042

1,000,000 1,282,276 2,783,832,033,914 2,783,834,316,190 2,984,784,429,294 (2,954,080,977,830)

1,000,000 1,406,714 2,322,690,979,569 2,322,693,386,283 2,642,851,266,325 (2,531,082,160,949)

(1,745,948,795,387) (1,208,132,182,443) (2,954,080,977,830) 30,703,451,464

(1,745,948,795,387) (785,133,365,562) (2,531,082,160,949) 111,769,105,376

Àπ’È ‘π Àπ’È ‘πÀ¡ÿπ‡«’¬π ‡®â“Àπ’È√–¬– —Èπ §à“„™â®à“¬§â“ß®à“¬ ‡ß‘π√—∫Ω“°√–¬– —Èπ ¥Õ°‡∫’È¬§â“ß®à“¬ ¥Õ°‡∫’È¬®à“¬√—∫≈à«ßÀπâ“ ‡ß‘π°Ÿâ√–¬– —Èπ Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π Àπ’ È π‘ ‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π∑¥√Õß√“™°“√√—∫®“°§≈—ß-√–¬–¬“« ‡ß‘πª√–°—π ‡ß‘π°Ÿâ√–¬–¬“« √«¡Àπ’ È π‘ ‰¡àÀ¡ÿπ‡«’¬π √«¡Àπ’È ‘π ‘π∑√—æ¬å ÿ∑∏‘

9 10 11

‘π∑√—æ¬å ÿ∑∏‘ ∑ÿπ √“¬‰¥â Ÿß/(µË”) °«à“§à“„™â®à“¬ – ¡ √«¡ ‘π∑√—æ¬å ÿ∑∏‘ √«¡Àπ’È ‘π·≈– ‘π∑√—æ¬å ÿ∑∏‘ À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘π À¡“¬‡Àµÿ : µ—«‡≈¢‡∫◊ÈÕßµâπ∑’Ë¬—ß‰¡à‰¥â√—∫√Õß®“° ”π—°ß“πµ√«®‡ß‘π·ºàπ¥‘π

”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ß∫√“¬‰¥â·≈–§à“„™â®à“¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 30 °—π¬“¬π 2553 ·≈– 2552

(Àπà«¬: ∫“∑)

À¡“¬‡Àµÿ

2553

2552

254,265,196,856 254,265,196,856

181,942,820,282 181,942,820,282

296,600 6,899,172,671 692,541,895,154 699,441,364,425 953,706,561,281

8,800 7,810,487,492 649,829,606,894 657,640,103,186 839,582,923,468

51,626,967 1,076,360 7,412,265 3,715,545 44,598,484 4,489,702 19,095,856 45,100,440 1,168,829,903,252 1,169,007,018,871 (215,300,457,590)

49,420,984 924,384 7,795,403 2,804,349 33,473,117 2,710,995 12,615,136 54,001,800 1,176,680,336,611 1,176,844,082,779 (337,261,159,311)

√“¬‰¥â®“°°“√¥”‡π‘πß“π √“¬‰¥â√—∫®“°√—∞∫“≈ √“¬‰¥â®“°ß∫ª√–¡“≥ª√–®”·≈–ß∫°≈“ß √«¡√“¬‰¥â®“°√—∞∫“≈ √“¬‰¥â®“°·À≈àßÕ◊Ëπ √“¬‰¥â®“°°“√„Àâ∫√‘°“√ √“¬‰¥â√–À«à“ßÀπà«¬ß“π √“¬‰¥âÕ◊Ëπ √«¡√“¬‰¥â®“°·À≈àßÕ◊Ëπ √«¡√“¬‰¥â®“°°“√¥”‡π‘πß“π §à“„™â®à“¬®“°°“√¥”‡π‘πß“π §à“„™â®à“¬∫ÿ§≈“°√ §à“∫”‡ÀπÁ®∫”π“≠ §à“„™â®à“¬„π°“√Ωñ°Õ∫√¡ §à“„™â®à“¬„π°“√‡¥‘π∑“ß §à“«— ¥ÿ ·≈–§à“„™â Õ¬ §à“ “∏“√≥Ÿª‚¿§ §à“‡ ◊ËÕ¡√“§“ §à“„™â®à“¬‡ß‘πÕÿ¥Àπÿπ §à“„™â®à“¬Õ◊Ëπ √«¡§à“„™â®à“¬®“°°“√¥”‡π‘πß“π √“¬‰¥â Ÿß/(µË”) °«à“§à“„™â®à“¬®“°°“√¥”‡π‘πß“π

16 17

18 19 20 21 22 23 24 25 26

64 65

”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ß∫√“¬‰¥â·≈–§à“„™â®à“¬ (µàÕ) ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 30 °—π¬“¬π 2553 ·≈– 2552

(Àπà«¬: ∫“∑)

À¡“¬‡Àµÿ

2553

2552

(123,419,231,121) (123,419,231,121) (338,719,688,711) (338,719,688,711)

(118,162,134,117) (118,162,134,117) (455,423,293,428) (455,423,293,428)

5,139,282,694 5,139,282,694 5,139,282,694 6,260,463,965 (339,840,869,982)

4,715,784,178 4,715,784,178 4,715,784,178 4,198,754,064 (454,906,263,314)

√“¬‰¥â/§à“„™â®à“¬ ∑’Ë ‰¡à‡°‘¥®“°°“√¥”‡π‘πß“π √“¬°“√Õ◊ËπÊ ∑’Ë‰¡à‡°’Ë¬«°—∫°“√¥”‡π‘πß“π √«¡√“¬‰¥â/§à“„™â®à“¬ ∑’Ë‰¡à‡°‘¥®“°°“√¥”‡π‘πß“π √“¬‰¥â Ÿß/(µË”) °«à“§à“„™â®à“¬®“°°‘®°√√¡ª°µ‘ √“¬‰¥â Ÿß/(µË”) °«à“§à“„™â®à“¬ ÿ∑∏‘ √“¬‰¥â·ºàπ¥‘π∑’Ë®—¥‡°Á∫ √“¬‰¥â·ºàπ¥‘π-πÕ°®“°¿“…’ √“¬‰¥âÕ◊ËπÊ √«¡√“¬‰¥â·ºàπ¥‘π-πÕ°®“°¿“…’ √«¡√“¬‰¥â·ºàπ¥‘π∑’Ë®—¥‡°Á∫ √“¬‰¥â·ºàπ¥‘ππ” àß§≈—ß √“¬‰¥â Ÿß/(µË”) °«à“§à“„™â®à“¬ ÿ∑∏‘

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘π À¡“¬‡Àµÿ : µ—«‡≈¢‡∫◊ÈÕßµâπ∑’Ë¬—ß‰¡à‰¥â√—∫√Õß®“° ”π—°ß“πµ√«®‡ß‘π·ºàπ¥‘π

”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 30 °—π¬“¬π 2553 ·≈– 2552

À¡“¬‡Àµÿ∑’Ë 1 - ¢âÕ¡Ÿ≈∑—Ë«‰ª 1.1 §«“¡‡ªìπ¡“ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ( ∫π.) ‡ªìπ à«π√“™°“√„π√–¥—∫°√¡ —ß°—¥°√–∑√«ß°“√§≈—ß ®—¥µ—Èß¢÷Èπ‡¡◊ËÕ«—π∑’Ë 9 µÿ≈“§¡ 2545 µ“¡æ√–√“™∫—≠≠—µ‘ª√—∫ª√ÿß°√–∑√«ß ∑∫«ß °√¡ æ.». 2545 ∫π. ‡ªìπÕß§å°√∑’¡Ë ¿’ “√°‘®‡ πÕ·π–π‚¬∫“¬ √«¡∑—ßÈ ¥”‡π‘π°“√°àÕÀπ’·È ≈–∫√‘À“√Àπ’ È “∏“√≥– ‚¥¬ §”π÷ß∂÷ßª√–‚¬™πå ßŸ ÿ¥¢Õßª√–‡∑» ‚¥¬¡’∫∑∫“∑¥â“πß“π∫√‘À“√®—¥°“√Àπ’ È “∏“√≥–„π∞“π–Àπà«¬ß“π (Agency) ´÷ßË ¥”‡π‘π°“√µ“¡¿“√°‘®‡™àπ‡¥’¬«°—∫ à«π√“™°“√Õ◊πË ·≈–ß“π∫√‘À“√Àπ’ È “∏“√≥–„π∞“π–Àπà«¬ß“π°≈“ß (Core Agency) ´÷Ëßª√–°Õ∫‰ª¥â«¬ °“√°àÕÀπ’È∑’Ë°√–∑√«ß°“√§≈—ß‰¥âºŸ°æ—π„π∞“π–ºŸâ°Ÿâ„ππ“¡√—∞∫“≈¢Õß√“™Õ“≥“®—°√ ‰∑¬ ∑—ÈßÀπ’È„πª√–‡∑»·≈–µà“ßª√–‡∑» °“√∫√‘À“√®—¥°“√Àπ’È§ß§â“ß √«¡∂÷ß°“√∫√‘À“√°“√™”√–Àπ’È „πªï 2548 ¡’°“√ª√–°“»„™â çæ√–√“™∫—≠≠—µ‘°“√∫√‘À“√Àπ’È “∏“√≥– æ.». 2548é „π√“™°‘®®“ πÿ‡∫°…“ ‡¡◊ÕË «—π∑’Ë 2 °ÿ¡¿“æ—π∏å 2548 ·≈–¡’º≈„™â∫ß— §—∫µ—ßÈ ·µà«π— ∂—¥®“°«—πª√–°“»„π√“™°‘®®“πÿ‡∫°…“‡ªìπµâπ‰ª ‡Àµÿº≈„π°“√ª√–°“»„™âæ√–√“™∫—≠≠—µ‘©∫—∫π’È ‡æ◊ËÕ„Àâ°“√∫√‘À“√Àπ’È “∏“√≥–¡’ª√– ‘∑∏‘¿“æ ´÷Ëß‡¥‘¡ ‰¥â∫—≠≠—µ‘‰«â„π°ÆÀ¡“¬À≈“¬©∫—∫·≈– ¡§«√„Àâ¡’Àπà«¬ß“π°≈“ß ‡ªìπÀπà«¬ß“π‡¥’¬« ∑”Àπâ“∑’Ë√—∫º‘¥™Õ∫ „π°“√∫√‘À“√Àπ’È “∏“√≥–Õ¬à“ß¡’√–∫∫·≈–¡’ª√– ‘∑∏‘¿“æ ∑—Èß¬—ß§«∫§ÿ¡¥Ÿ·≈°“√°àÕÀπ’È‚¥¬√«¡ ‡æ◊ËÕ„Àâ¿“√– Àπ’È “∏“√≥–Õ¬Ÿà„π√–¥—∫∑’Ë Õ¥§≈âÕß°—∫∞“π–°“√‡ß‘π°“√§≈—ß¢Õßª√–‡∑» ´÷Ëß°”Àπ¥„Àâ°√–∑√«ß°“√§≈—ß ‡ªìπºŸâ¡’Õ”π“®„π°“√°Ÿâ‡ß‘πÀ√◊Õ§È”ª√–°—π„ππ“¡√—∞∫“≈·µà‡æ’¬ßºŸâ‡¥’¬«‚¥¬Õπÿ¡—µ‘§≥–√—∞¡πµ√’ πÕ°®“°π—Èπ ¬—ß°”Àπ¥„Àâ¡’§≥–°√√¡°“√π‚¬∫“¬·≈–°”°—∫°“√∫√‘À“√Àπ’È “∏“√≥– ´÷Ëß¡’Õ”π“®Àπâ“∑’Ë√“¬ß“π ∂“π–Àπ’È “∏“√≥– ‡ πÕ·ºπ°“√∫√‘À“√Àπ’È “∏“√≥– ®—¥∑”À≈—°‡°≥±å„π°“√∫√‘À“√Àπ’È ·π–π”°“√ÕÕ°°Æ°√–∑√«ß ·≈–ªØ‘∫—µ‘°“√Õ◊Ëπ ∫π. ¡’Àπâ“∑’Ë√—∫º‘¥™Õ∫‡°’Ë¬«°—∫°‘®°“√∑—Ë«‰ª¢Õß§≥–°√√¡°“√ ·≈–¡’Õ”π“®Àπâ“∑’Ë„π°“√»÷°…“ «‘‡§√“–Àå‚§√ß √â“ßÀπ’È “∏“√≥– µ≈Õ¥®πÀπ’È√—∞«‘ “À°‘®∑’Ë∑”∏ÿ√°‘®„Àâ°Ÿâ¬◊¡‡ß‘π·≈– ∂“∫—π°“√‡ß‘π¿“§√—∞ ∑’Ë°√–∑√«ß°“√§≈—ß‰¡à‰¥â§È”ª√–°—π √«¡∑—Èß √«∫√«¡¢âÕ¡Ÿ≈ª√–¡“≥°“√§«“¡µâÕß°“√‡ß‘π¿“§√—∞·≈–°“√∫√‘À“√ Àπ’È “∏“√≥–‡æ◊ËÕ‡ πÕµàÕ§≥–°√√¡°“√ ¥”‡π‘π°“√‡°’Ë¬«°—∫°“√∫√‘À“√Àπ’È “∏“√≥– „Àâ§”ª√÷°…“·π–π” ·≈– àß‡ √‘¡„Àâ√—∞«‘ “À°‘® Õß§å°√ª°§√Õß à«π∑âÕß∂‘Ëπ ·≈–Àπà«¬ß“π¢Õß√—∞¡’§«“¡ “¡“√∂µ‘¥µ“¡°“√ªØ‘∫—µ‘ µ“¡ —≠≠“·≈–ª√–‡¡‘πº≈°“√„™â®à“¬‡ß‘π°Ÿâ √«¡∑—ÈßªØ‘∫—µ‘ß“π∏ÿ√°“√¢Õß§≥–°√√¡°“√ ·≈–ªØ‘∫—µ‘°“√Õ◊Ëπ

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1.2 °“√π”‡ πÕ√“¬ß“π °“√®—¥∑”√“¬ß“π°“√‡ß‘ππ’È‡ªìπ‰ªµ“¡Àπ—ß ◊Õ°√¡∫—≠™’°≈“ß ∑’Ë °§ 0410.2/« 497 ≈ß«—π∑’Ë 16 ∏— π «“§¡ 2548 ‡√◊Ë Õ ß √Ÿ ª ·∫∫√“¬ß“π°“√‡ß‘ π ¡“µ√∞“π ”À√— ∫ Àπà « ¬ß“π¿“§√— ∞ ·≈–µ“¡Àπ— ß ◊ Õ ”π—°‡≈¢“∏‘°“√§≥–√—∞¡πµ√’ ¥à«π∑’Ë ÿ¥ ∑’Ë π√ 0506/«166 ≈ß«—π∑’Ë 15 æƒ»®‘°“¬π 2550 ‡√◊ËÕß °“√®—¥∑”√“¬ß“π °“√‡ß‘π·ºàπ¥‘π √Õ∫√–¬–‡«≈“∫—≠™’ „™âªïß∫ª√–¡“≥‡ªìπ‡°≥±å §◊Õ‡√‘Ë¡µ—Èß·µà«—π∑’Ë 1 µÿ≈“§¡ ¢ÕßªïÀπ÷Ëß ∂÷ß«—π∑’Ë 30 °—π¬“¬π ¢Õßªï∂—¥‰ª

À¡“¬‡Àµÿ∑’Ë 2 - √ÿªπ‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠ 2.1 À≈—°°“√∫—≠™’ ß∫°“√‡ß‘ππ’È®—¥∑”¢÷Èπµ“¡‡°≥±å§ß§â“ß (Accrual basis) ‚¥¬‡ªìπ‰ªµ“¡¢âÕ°”Àπ¥ „πÀ≈—°°“√·≈–π‚¬∫“¬∫—≠™’ ”À√—∫Àπà«¬ß“π¿“§√—∞ ©∫—∫∑’Ë 2 µ“¡ª√–°“»°√–∑√«ß°“√§≈—ß ‡¡◊ËÕ«—π∑’Ë 11 °—π¬“¬π 2546 2.2 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡™àπ ‡™Á§ µ—Î«·≈°‡ß‘π ¥ ‚¥¬√—∫√Ÿâµ“¡¡Ÿ≈§à“∑’Ëµ√“‰«â ‡ß‘π∑¥√Õß√“™°“√∫—π∑÷° √—∫√Ÿâ‡¡◊ËÕ‰¥â√—∫‡ß‘π§«∫§Ÿà‰ª°—∫°“√∫—π∑÷°‡ß‘π∑¥√Õß√“™°“√√—∫‡ß‘π®“°§≈—ß√–¬–¬“« 2.3 ≈Ÿ ° Àπ’È ‡ ß‘ π ¬◊ ¡ ∫—π∑÷°√—∫√Ÿâµ“¡®”π«π‡ß‘π„π —≠≠“¬◊¡ ‰¡à«à“®–®à“¬®“°‡ß‘πß∫ª√–¡“≥À√◊Õ ‡ß‘ππÕ°ß∫ª√–¡“≥ 2.4 ≈Ÿ°Àπ’È√–¬–¬“« ‡ªìπ‡ß‘π„Àâ¬◊¡·°à√—∞«‘ “À°‘® ‚¥¬∫—π∑÷°√—∫√Ÿâµ“¡®”π«π‡ß‘π„π —≠≠“°Ÿâ‡ß‘π 2.5 «— ¥ÿ§ß§≈—ß · ¥ß„π√“§“∑ÿπ ‚¥¬µ’√“§“«— ¥ÿ§ß‡À≈◊Õµ“¡«‘∏’‡¢â“°àÕπÕÕ°°àÕπ 2.6 ¥Õ°‡∫’È¬®à“¬√Õµ—¥∫—≠™’ ‡ªìπ à«π≈¥∑’Ë„Àâ·°àºŸâª√–¡Ÿ≈µ—Î«‡ß‘π§≈—ß·≈–∫—π∑÷°‡ªìπ¥Õ°‡∫’È¬®à“¬ µ“¡ß«¥‡«≈“ 2.7 Õÿª°√≥å ( ÿ∑∏‘) ‡ªìπ ‘π∑√—æ¬å∑’Ë¡’¡Ÿ≈§à“µàÕÀπà«¬ µàÕ™ÿ¥À√◊ÕµàÕ°≈ÿà¡ µ—Èß·µà 30,000 ∫“∑ ¢÷Èπ‰ª ‡©æ“–∑’Ë´◊ÈÕÀ√◊Õ‰¥â¡“µ—Èß·µàªïß∫ª√–¡“≥ 2540 - 2545 ”À√—∫√“¬°“√∑’Ë®—¥´◊ÈÕÀ√◊Õ‰¥â¡“„πªïß∫ª√–¡“≥ 2546 ‡ªìπµâπ‰ª ®–√—∫‡©æ“–∑’Ë¡’¡Ÿ≈§à“µ—Èß·µà 5,000 ∫“∑¢÷Èπ‰ª ‚¥¬· ¥ß„π√“§“∑ÿπÀ—°¥â«¬§à“‡ ◊ËÕ¡√“§“ – ¡ 2.8 √“¬‰¥â®“°‡ß‘πß∫ª√–¡“≥§â“ß√—∫ ∫—π∑÷°‡ªìπ√“¬‰¥â®“°‡ß‘πß∫ª√–¡“≥§â“ß√—∫ ≥ «—π∑’Ë®—¥∑” √“¬ß“πÀ√◊Õ ≥ ‘Èπªïß∫ª√–¡“≥ µ“¡®”π«π‡ß‘πß∫ª√–¡“≥∑’Ë¬—ß‰¡à‰¥â√—∫µ“¡Æ’°“‡À≈◊ËÕ¡®à“¬

2.9 √“¬‰¥â§â“ß√—∫ ∫—π∑÷°µ“¡®”π«π‡ß‘π∑’Ë¬—ß‰¡à‰¥â√—∫®π∂÷ß ‘Èπªïß∫ª√–¡“≥ 2.10 ‡®â“Àπ’È ∫—π∑÷°√—∫√Ÿâ‡®â“Àπ’È®“°°“√´◊ÈÕ ‘π§â“À√◊Õ∫√‘°“√ ‡¡◊ËÕÀπà«¬ß“π‰¥âµ√«®√—∫ ‘π§â“À√◊Õ∫√‘°“√ ®“°ºŸâ¢“¬·≈â«·µà¬—ß‰¡à‰¥â™”√–‡ß‘π ·≈– “¡“√∂√–∫ÿ¡Ÿ≈§à“ ‘π§â“À√◊Õ∫√‘°“√‰¥â™—¥‡®π 2.11 §à“„™â®à“¬§â“ß®à“¬ ‡°‘¥¢÷Èπ®“°¢âÕ°”Àπ¥¢Õß°ÆÀ¡“¬ ¢âÕµ°≈ß„π —≠≠“ À√◊Õ®“°∫√‘°“√∑’Ë‰¥â√—∫ ‡™àπ ‡ß‘π‡¥◊Õπ À√◊Õ§à“®â“ß§â“ß®à“¬ §à“„™â®à“¬¥”‡π‘πß“π§â“ß®à“¬·≈–¥Õ°‡∫’È¬§â“ß®à“¬ ‡ªìπµâπ ‚¥¬°“√ ª√–¡“≥§à“µ“¡√–¬–‡«≈“∑’Ë‡°‘¥§à“„™â®à“¬π—ÈπÊ ”À√—∫„∫ ”§—≠§â“ß®à“¬®–√—∫√Ÿâ‡¡◊ËÕ‰¥â√—∫„∫¢Õ‡∫‘°‡ß‘π®“° ¢â“√“™°“√ æπ—°ß“π√“™°“√ À√◊Õ≈Ÿ°®â“ß √«¡∂÷ß°“√√—∫„∫ ”§—≠∑’Ë∑¥√Õß®à“¬®“°‡ß‘π∑¥√Õß√“™°“√ 2.12 √“¬‰¥â√—∫≈à«ßÀπâ“ ∫—π∑÷°√—∫√Ÿâ√“¬‰¥â√—∫≈à«ßÀπâ“‡¡◊ËÕ‰¥â√—∫‡ß‘πµ“¡®”π«π°“√„™â®à“¬‡ß‘π √«¡∂÷ß °“√√—∫‡ß‘π π—∫ πÿπ 2.13 ‡ß‘π°Ÿâ√–¬– —Èπ ‡ªìπ‡ß‘π°Ÿâ∑’Ë°√–∑√«ß°“√§≈—ß°Ÿâ„ππ“¡√—∞∫“≈·Ààß√“™Õ“≥“®—°√‰∑¬ ´÷Ëß‡ªìπ¢Õß à«πß“πÀπ’È “∏“√≥– ª√–°Õ∫¥â«¬ 1) ‡ß‘π°Ÿâ„πª√–‡∑» ‰¥â·°à ‡ß‘π°Ÿâ®“°°“√ÕÕ°µ—Î«‡ß‘π§≈—ß·≈– à«π∑’Ë®–§√∫°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï ¢Õßµ—Î« —≠≠“„™â‡ß‘π·≈–æ—π∏∫—µ√√—∞∫“≈ 2) ‡ß‘π°Ÿâµà“ßª√–‡∑» ‰¥â·°à µ—Î« Euro Commercial Paper (ECP) ·≈– à«π∑’Ë®–§√∫°”Àπ¥™”√– ¿“¬„πÀπ÷Ëßªï¢Õß Samurai Bond ·≈–‡ß‘π°Ÿâµ“¡ —≠≠“°Ÿâ‡ß‘π∑’Ë‡ªìπ °ÿ≈‡ß‘πµ√“µà“ßª√–‡∑» 2.14 ‡ß‘π°Ÿâ√–¬–¬“« ‡ªìπ‡ß‘π°Ÿâ∑’Ë°√–∑√«ß°“√§≈—ß°Ÿâ„ππ“¡√—∞∫“≈·Ààß√“™Õ“≥“®—°√‰∑¬ ´÷Ëß‡ªìπ¢Õß à«πß“πÀπ’È “∏“√≥– ª√–°Õ∫¥â«¬ 1) ‡ß‘ π °Ÿâ „ πª√–‡∑» ‰¥â · °à ‡ß‘ π °Ÿâ ® “°°“√ÕÕ°µ—Î « — ≠ ≠“„™â ‡ ß‘ π ·≈–æ— π ∏∫— µ √√— ∞ ∫“≈ √— ∫ √Ÿâ µ“¡®”π«π‡ß‘π∑’Ëµ√“‰«â à«π‡°‘π¡Ÿ≈§à“æ—π∏∫—µ√·≈– à«πµË”°«à“¡Ÿ≈§à“æ—π∏∫—µ√‰¥â¡’°“√µ°≈ß°—∫°√¡∫—≠™’°≈“ß ‚¥¬∑¬Õ¬√—∫√Ÿâ‡ªìπ¥Õ°‡∫’È¬®à“¬µ“¡Õ“¬ÿæ—π∏∫—µ√‚¥¬«‘∏’‡ âπµ√ß 2) ‡ß‘π°Ÿâµà“ßª√–‡∑» ‰¥â·°à ‡ß‘π°Ÿâ∑’Ë®“°°“√ÕÕ° Samurai Bond ·≈–‡ß‘π°Ÿâµ“¡ —≠≠“°Ÿâ‡ß‘π∑’Ë‡ªìπ °ÿ≈‡ß‘πµ√“µà“ßª√–‡∑» 2.15 Àπ’È “∏“√≥– À¡“¬∂÷ß Àπ’È∑’Ë°√–∑√«ß°“√§≈—ß Àπà«¬ß“π¢Õß√—∞ À√◊Õ√—∞«‘ “À°‘®°Ÿâ À√◊ÕÀπ’È∑’Ë °√–∑√«ß°“√§≈—ß§È”ª√–°—π ·µà‰¡à√«¡∂÷ßÀπ’È¢Õß√—∞«‘ “À°‘®∑’Ë∑”∏ÿ√°‘®„Àâ°Ÿâ¬◊¡‡ß‘π ‚¥¬°√–∑√«ß°“√§≈—ß¡‘‰¥â§È” ª√–°—π

68 69

2.16 °“√·ª≈ß§à“‡ß‘πµ√“µà“ßª√–‡∑» ‰¥â∫—π∑÷° ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»µ“¡ «—π∑’Ë‡°‘¥√“¬°“√¥â«¬ °ÿ≈‡ß‘πµ√“µà“ßª√–‡∑»π—ÈπÊ ·≈–·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë ‡°‘¥√“¬°“√ ‚¥¬ ‘π∑√—æ¬å·≈–Àπ’È ‘π§ß‡À≈◊Õ ≥ «—π®—¥∑”√“¬ß“π À√◊Õ ≥ «—π ‘Èπªïß∫ª√–¡“≥ ‰¥â·ª≈ß §à“‡ß‘πµ√“µà“ßª√–‡∑»¢Õß∑√—æ¬å ‘π·≈–Àπ’È ‘π§ß‡À≈◊Õ ‚¥¬„™âÕ—µ√“´◊ÈÕ ”À√—∫ ‘π∑√—æ¬å ·≈–Õ—µ√“¢“¬ ”À√—∫ Àπ’È ‘π µ“¡ª√–°“»Õ—µ√“·≈°‡ª≈’Ë¬πÕâ“ßÕ‘ß¢Õß∏π“§“√·Ààßª√–‡∑»‰∑¬ °”‰√À√◊Õ¢“¥∑ÿπ∑’Ë‡°‘¥®“°°“√·ª≈ß §à“¥—ß°≈à“«√—∫√Ÿâ‡ªìπ√“¬‰¥âÀ√◊Õ§à“„™â®à“¬®“°Õ—µ√“·≈°‡ª≈’Ë¬π 2.17 ∑ÿπ ∫—π∑÷°√—∫√Ÿâ‡¡◊ËÕ‡√‘Ë¡ªØ‘∫—µ‘µ“¡√–∫∫∫—≠™’‡°≥±å§ß§â“ß´÷Ëß‡°‘¥®“°º≈µà“ß√–À«à“ß ‘π∑√—æ¬å ·≈–Àπ’È ‘π 2.18 √“¬‰¥â·ºàπ¥‘π √—∫√Ÿâ‡¡◊ËÕ‡°‘¥√“¬‰¥â 2.19 §à“„™â®à“¬∫ÿ§≈“°√ §à“„™â®à“¬„π°“√¥”‡π‘πß“π·≈–§à“„™â®à“¬ß∫°≈“ß √—∫√Ÿâ‡¡◊ËÕ‡°‘¥§à“„™â®à“¬ 2.20 §à“‡ ◊ËÕ¡√“§“ ‘π∑√—æ¬å §”π«≥‚¥¬«‘∏’‡ âπµ√ß‰¡à¡’√“§“´“° (√“§“´“° = 0) ‘π∑√—æ¬å∑’ËÀ¡¥Õ“¬ÿ °“√„™âß“π·≈â«„Àâ§ß¡Ÿ≈§à“‰«â„π∫—≠™’ 1 ∫“∑ ®π°«à“®–¡’°“√®”Àπà“¬ ‘π∑√—æ¬åÕÕ°®“°√–∫∫∫—≠™’ °“√µ’√“§“ ‘π∑√—æ¬å·≈–§‘¥§à“‡ ◊ËÕ¡√“§“‰¥â°”Àπ¥ª√–‡¿∑ ‘π∑√—æ¬å·≈–Õ“¬ÿ°“√„™âß“π¢Õß ‘π∑√—æ¬åµà“ßÊ ¥—ßπ’È ª√–‡¿∑ ‘π∑√—æ¬å §√ÿ¿—≥±å ”π—°ß“π §√ÿ¿—≥±å¬“πæ“Àπ–·≈–¢π àß §√ÿ¿—≥±å§Õ¡æ‘«‡µÕ√å·≈–‡§√◊ËÕß„™â‰øøÑ“

Õ“¬ÿ°“√„™âß“π (ªï) 10 5 5

À¡“¬‡Àµÿ∑’Ë 3 - ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ (Àπà«¬ : ∫“∑)

‡ß‘πΩ“°∏π“§“√ ‡ß‘π∑¥√Õß√“™°“√ ‡ß‘πΩ“°§≈—ß ‡ß‘πΩ“°∏π“§“√·Ààßª√–‡∑»‰∑¬ - FIDF1 ‡ß‘πΩ“°∏π“§“√·Ààßª√–‡∑»‰∑¬ - FIDF3 ‡ß‘πΩ“°∏π“§“√·Ààßª√–‡∑»‰∑¬√Õ‰∂à∂Õπæ—π∏∫—µ√ ‡ß‘πΩ“°∏π“§“√·Ààßª√–‡∑»‰∑¬‡æ◊ËÕ°“√∫√‘À“√Àπ’È √«¡

2553 270,000.00 1,000,000.00 9,706,212,739.55 82,795,136,014.35 (8,822,227,590.17) 3,469,279,872.33 87,149,671,036.06

2552 1,000,000.00 6,369,689,451.59 73,783,027,905.89 189,879,472.68 3,469,279,872.33 83,812,876,702.49

À¡“¬‡Àµÿ∑’Ë 4 - √“¬‰¥â§â“ß√—∫ (Àπà«¬ : ∫“∑)

√“¬‰¥â§â“ß√—∫®“°Àπà«¬ß“π¿“§√—∞ √“¬‰¥â§â“ß√—∫®“°Àπà«¬ß“π¿“¬πÕ° √“¬‰¥â§â“ß√—∫®“°°√¡∫—≠™’ √«¡

2553 5,155,632.74 79,753,287.67 246,244.28 85,155,164.69

2552 1,055,180,149.26 261,844,383.56 842,193.30 1,317,866,726.12

À¡“¬‡Àµÿ∑’Ë 5 - ¥Õ°‡∫’È¬®à“¬≈à«ßÀπâ“ ( à«πß“π∫√‘À“√Àπ’È “∏“√≥–) (Àπà«¬ : ∫“∑)

¥Õ°‡∫’È¬®à“¬≈à«ßÀπâ“µ—Î«‡ß‘π§≈—ß √«¡

2553 400,546,822.48 400,546,822.48

2552 (251,773,746.18) (251,773,746.18)

70 71

À¡“¬‡Àµÿ∑’Ë 6 - ‡ß‘π„Àâ°Ÿâ√–¬–¬“«·°à√—∞«‘ “À°‘® ( à«πß“π∫√‘À“√Àπ’È “∏“√≥–) (Àπà«¬ : ∫“∑)

‡ß‘π„Àâ°Ÿâ√–¬–¬“«·°à√—∞«‘ “À°‘® ª√—∫¡Ÿ≈§à“‡ß‘π„Àâ°Ÿâ √«¡

2553 14,036,984,661.95 14,036,984,661.95

2552 18,832,073,271.66 (213,532,830.00) 18,618,540,441.66

À¡“¬‡Àµÿ∑’Ë 7 - ‡ß‘π≈ß∑ÿπ√–¬–¬“« (Àπà«¬ : ∫“∑)

‡ß‘π≈ß∑ÿπ„πµ√“ “√Àπ’È √«¡

2553 2,998,000,000.00 2,998,000,000.00

2552 8,189,000,000.00 8,189,000,000.00

À¡“¬‡Àµÿ∑’Ë 8 - Õÿª°√≥å ( ÿ∑∏‘) (Àπà«¬ : ∫“∑)

‘Ëßª≈Ÿ° √â“ß §√ÿ¿—≥±å ”π—°ß“π §√ÿ¿—≥±å¬“πæ“Àπ– §√ÿ¿—≥±å‰øøÑ“·≈–«‘∑¬ÿ §√ÿ¿—≥±å‚¶…≥“ §√ÿ¿—≥±å°àÕ √â“ß §√ÿ¿—≥±å§Õ¡æ‘«‡µÕ√å §√ÿ¿—≥±å∫â“π§√—« §√ÿ¿—≥±å‰¡à√–∫ÿª√–‡¿∑ ‚ª√·°√¡§Õ¡æ‘«‡µÕ√å √«¡

√“§“∑ÿπ §à“‡ ◊ËÕ¡√“§“ – ¡ 3,875,000.00 (275,319.63) 6,871,560.42 (2,148,808.02) 4,417,000.00 (3,988,287.42) 2,048,724.87 (1,281,161.69) 1,172,778.21 (748,215.44) 198,485.00 (870.07) 60,236,096.87 (25,475,598.79) 14,200.02 (13,663.14) 6,727,334.55 (6,636,128.67) 30,188,950.00 (10,965,983.23) 115,750,129.94 (51,534,036.10)

√“§“µ“¡∫—≠™’ 3,599,680.37 4,722,752.40 428,712.58 767,563.18 424,562.77 197,614.93 34,760,498.08 536.88 91,205.88 19,222,966.77 64,216,093.84

À¡“¬‡Àµÿ∑’Ë 9 ¥Õ°‡∫’È¬§â“ß®à“¬ - ‡ß‘π°Ÿâ ( à«πß“π∫√‘À“√Àπ’È “∏“√≥–) (Àπà«¬ : ∫“∑)

¥Õ°‡∫’È¬§â“ß®à“¬ ¥Õ°‡∫’È¬®à“¬√Õµ—¥∫—≠™’ √«¡

2553 23,021,147,112.38 3,738,782,461.15 26,759,929,573.53

2552 20,409,162,185.82 3,628,852,981.76 24,038,015,167.58

À¡“¬‡Àµÿ∑’Ë 10 - ‡ß‘π°Ÿâ√–¬– —Èπ ( à«πß“π∫√‘À“√Àπ’È “∏“√≥–) (Àπà«¬ : ∫“∑)

µ—Î«‡ß‘π§ß§≈—ß ‡ß‘π°Ÿâ º/¥-∫“∑ —Èπ µ—Î« Euro Commercial Paper √«¡

2553 146,000,000,000.00 12,422,363,000.00 158,422,363,000.00

2552 273,000,000,000.00 4,644,597,970.00 4,726,930,590.00 282,371,528,560.00

À¡“¬‡Àµÿ∑’Ë 11 - Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ (Àπà«¬ : ∫“∑)

§â“ß®à“¬Õ◊Ëπ-¿“¬πÕ° √«¡

2553 8,568,735.95 8,568,735.95

2552 2,545,295.79 2,545,295.79

72 73

À¡“¬‡Àµÿ∑’Ë 12 - ‡ß‘π°Ÿâ√–¬–¬“« ( à«πß“π∫√‘À“√Àπ’È “∏“√≥–) (Àπà«¬ : ∫“∑)

æ—π∏∫—µ√√—∞∫“≈ µ—Î« —≠≠“„™â‡ß‘π-¬“« à«π‡°‘π¡Ÿ≈§à“ à«πµË”°«à“¡Ÿ≈§à“ ‡ß‘π°Ÿâ º/¥∫“∑-¬“« ‡ß‘π°Ÿâ º/¥µª∑-¬“« ª√—∫‡ß‘π°Ÿâ µª∑.-¬“«

2553 2,442,635,170,000.00 81,156,540,000.00 47,133,169,262.23 (3,444,925,529.29) 163,063,365,506.54 46,418,080,317.66 6,870,634,356.97 2,783,832,033,914.11

2552 2,099,457,440,000.00 118,025,520,000.00 29,635,543,017.58 (2,195,600,362.59) 20,070,364,559.04 48,243,177,591.70 9,454,534,762.96 2,322,690,979,568.69

À¡“¬‡Àµÿ∑’Ë 13 - √“¬‰¥â®“°√—∞∫“≈ (Àπà«¬ : ∫“∑)

TR-√—∫ß∫∫ÿ§≈“°√ TR-√—∫ß∫≈ß∑ÿπ TR-√—∫ß∫¥”‡π‘πß“π TR-√—∫ß∫√“¬®à“¬Õ◊Ëπ TR-√—∫ß∫°≈“ß TR-√—∫‡ß‘π§ß§≈—ß TR-√—∫‡ß‘π°Ÿâ TR-√—∫ß∫√“¬®à“¬Õ◊Ëπ T/E ‡∫‘°‡°‘π àß§◊π

2553 35,117,796.10 3,273,073.72 15,508,586.99 8,019,700,205.16 7,337,432.19 42,000,000,000.00 34,414,632,095.89 169,769,887,773.37 (260,107.08) 254,265,196,856.34

2552 33,271,763.15 52,134,076.47 19,611,939.07 4,883,035,365.75 6,814,188.51 15,038,380.00 176,933,956,094.55 (1,041,525.99) 181,942,820,281.51

À¡“¬‡Àµÿ∑’Ë 14 - √“¬‰¥â√–À«à“ßÀπà«¬ß“π (Àπà«¬ : ∫“∑)

√/¥ ™à«¬¥πß.-√—∞ √/¥ ®“°°“√∫√‘®“§ T/R-√—∫®“°Àπà«¬Õ◊Ëπ

2553 6,761,559,180.20 146,956.40 137,466,534.14 6,899,172,670.74

2552 7,740,527,755.36 69,959,736.77 7,810,487,492.13

À¡“¬‡Àµÿ∑’Ë 15 - √“¬‰¥âÕ◊Ëπ ( à«πß“π∫√‘À“√Àπ’È “∏“√≥–) (Àπà«¬ : ∫“∑)

√/¥ ‡ß‘ππÕ° ßª¡. √/¥ ¥∫. ‡ß‘πΩ“° √“¬‰¥â‡ß‘πªíπº≈ T/R-ª√—∫‡ß‘πΩ“°§≈—ß TR πÕ° ßª¡. µ—Î«‡ß‘π§≈—ß TR-‡ß‘π∑¥√Õß√“™°“√ √“¬‰¥âÕ◊Ëπ T/E-‚Õπ‡ß‘π„Àâ √°.

2553 47,209,941.97 61,748,173.32 221,684,328,221.19 700,294,700,709.31 (8,002,511,103.93) 121,660,413.44 (221,665,241,201.22) 692,541,895,154.08

2552 13,409.83 236,858,256.95 11,459,927.63 22,093,653,573.64 654,447,792,633.86 (4,866,726,031.05) 223,188.53 (22,093,668,064.98) 649,829,606,894.41

74 75

À¡“¬‡Àµÿ∑’Ë 16 - §à“„™â®à“¬∫ÿ§≈“°√ (Àπà«¬ : ∫“∑)

‡ß‘π‡¥◊Õπ §à“≈à«ß‡«≈“ ‡ß‘πµÕ∫·∑π‡µÁ¡¢—Èπ §à“®â“ß §à“µÕ∫·∑π æπß. √“™°“√ ‡ß‘π√“ß«—≈ ‡ß‘π™à«¬‡À≈◊Õ-µ“¬ ‡ß‘π™¥‡™¬ ¡“™‘° °∫¢. ‡ß‘π ¡∑∫ °∫¢. ‡ß‘π ¡∑∫ ªª .-Rel §à“µÕ∫·∑π√∂ª√–®” µπ. ‡ß‘π‡æ‘Ë¡ ‡ß‘π™à«¬°“√»÷°…“∫ÿµ√ §à“√—°…“-πÕ°-√æ.√—∞ §à“√—°…“-„π-√æ.√—∞ §à“√—°…“-„π-‡Õ°™π

2553 34,766,672.89 8,670,278.50 1,022,385.16 573,620.85 860,431.33 438,950.00 837,953.33 3,480.00 129,129.50 3,468,522.50 812,524.42 43,018.50 51,626,966.98

2552 32,868,553.82 78,820.00 36,276.00 8,797,906.12 973,014.39 394,511.53 34,050.00 526,063.16 789,094.80 415,358.00 713,480.01 3,520.00 171,602.00 3,098,305.50 453,590.20 66,838.00 49,420,983.53

À¡“¬‡Àµÿ∑’Ë 17 - §à“∫”‡ÀπÁ®∫”π“≠ (Àπà«¬ : ∫“∑)

∫”π“≠ª°µ‘ ™à«¬§à“§√Õß™’æ ‡ß‘π∫”‡ÀπÁ®µ°∑Õ¥ ∫”‡ÀπÁ®¥”√ß™’æ §à“√—°…“∫”π“≠πÕ°-√—∞

2553 837,144.24 68,211.82 83,156.40 87,847.50 1,076,359.96

2552 742,900.32 61,692.00 62,425.00 57,367.00 924,384.32

À¡“¬‡Àµÿ∑’Ë 18 - §à“„™â®à“¬„π°“√Ωñ°Õ∫√¡ (Àπà«¬ : ∫“∑)

§™®. Õ∫√¡„πª√–‡∑» §™®. ∑ÿπ°“√»÷°…“ µª∑.

2553 6,201,059.24 1,211,205.36 7,412,264.60

2552 6,483,483.76 1,311,919.12 7,795,402.88

À¡“¬‡Àµÿ∑’Ë 19 - §à“„™â®à“¬„π°“√‡¥‘π∑“ß (Àπà«¬ : ∫“∑)

§à“‡∫’È¬‡≈’È¬ß §à“∑’Ëæ—° §™®. ‡¥‘π∑“ß¿“¬„π ª∑. §à“‡∫’È¬‡≈’È¬ß §à“∑’Ëæ—° §™®. ‡¥‘π∑“ß µª∑.

2553 2,340.00 14,400.00 164,162.00 416,346.64 627,651.60 2,490,644.37 3,715,544.61

2552 6,510.00 1,500.00 23,109.34 195,400.00 224,720.42 2,353,108.97 2,804,348.73

76 77

À¡“¬‡Àµÿ∑’Ë 20 - §à“«— ¥ÿ ·≈–§à“„™â Õ¬ (Àπà«¬ : ∫“∑)

§à“«— ¥ÿ §à“´àÕ¡·´¡&∫”√ÿßœ §à“‡™◊ÈÕ‡æ≈‘ß §/® ‡À¡“∫√‘°“√-¿“¬πÕ° §/® ‡À¡“∫√‘°“√-√—∞ §à“®â“ß∑’Ëª√÷°…“ §à“‡∫’È¬ª√–°—π¿—¬ §√ÿ¿—≥±åµË”°«à“‡°≥±å §™®. „π°“√ª√–™ÿ¡ §à“√—∫√Õß·≈–æ‘∏’°“√ §à“«‘®—¬·≈–æ—≤π“-√—∞ §™®. º≈—¥ àß √/¥ ·ºàπ¥‘π §à“ª√–™“ —¡æ—π∏å §à“„™â Õ¬Õ◊ËπÊ §à“µÕ∫·∑π‡©æ“–ß“π

2553 2,122,277.52 1,169,116.26 149,582.98 3,657,411.96 287,398.00 32,811,919.00 4,576.00 346,230.26 976,780.95 9,336.00 400,792.50 185,859.00 716,889.48 611,975.00 43,450,144.91

2552 969,139.92 846,329.81 130,517.50 4,153,766.66 287,760.00 22,632,265.36 4,576.00 353,528.00 978,824.00 56,261.00 777,650.00 1,088,647.89 122,836.00 704,150.28 366,865.00 33,473,117.42

À¡“¬‡Àµÿ∑’Ë 21 - §à“ “∏“√≥Ÿª‚¿§ (Àπà«¬ : ∫“∑)

§à“‰øøÑ“ §à“‚∑√»—æ∑å §à“ ◊ËÕ “√·≈–‚∑√§¡π“§¡ §à“‰ª√…≥’¬å·≈–¢π àß

2553 1,066,423.76 661,618.02 2,569,099.45 192,561.00 4,489,702.23

2552 775,730.29 696,328.35 1,068,097.01 170,839.00 2,710,994.65

À¡“¬‡Àµÿ∑’Ë 22 - §à“‡ ◊ËÕ¡√“§“ (Àπà«¬ : ∫“∑)

§à“‡ ◊ËÕ¡- ‘Ëßª≈Ÿ°œ §à“‡ ◊ËÕ¡ ¡-§. πß. §à“‡ ◊ËÕ ¡-§. ¬“πæ“Àπ– §à“‡ ◊ËÕ¡ ¡-§. ‰øøÑ“ §à“‡ ◊ËÕ¡ ¡-§. ‚¶…≥“ §à“‡ ◊ËÕ¡ ¡-§. °àÕ √â“ß §à“‡ ◊ËÕ¡ ¡-§. §Õ¡œ §à“‡ ◊ËÕ¡ ¡-§. §√—« µ—¥®”Àπà“¬-software §/ -§√ÿ¿—≥±å‰¡à√–∫ÿœ

2553 258,333.33 603,968.60 167,000.00 140,067.49 211,735.91 870.07 11,499,836.03 2,840.00 6,037,790.00 173,414.25 19,095,855.68

2552 16,986.30 487,959.21 247,872.30 280,026.41 185,459.93 6,088,195.36 2,840.01 4,928,193.23 377,603.38 12,615,136.13

78 79

À¡“¬‡Àµÿ∑’Ë 23 - §à“„™â®à“¬‡ß‘πÕÿ¥Àπÿπ (Àπà«¬ : ∫“∑)

§™®. Õÿ¥Àπÿπ-¿“§√—∞ §™®. µ“¡¡“µ√°“√¢Õß√—∞ Õÿ¥Àπÿπ ¥πß. Õ◊Ëπ T/E- √°. °—∫ √°.

2553 10,000,000.00 34,693,173.20 407,266.43 45,100,439.63

2552 1,000,000.00 106,000.00 51,950,843.62 944,956.45 54,001,800.07

À¡“¬‡Àµÿ∑’Ë 24 - §à“„™â®à“¬Õ◊Ëπ (Àπà«¬ : ∫“∑)

TR- √°. √—∫‡ß‘ππÕ° TR-¿“¬„π°√¡‡¥’¬«°—π TE-∫°. ‚Õπ‡ß‘π°Ÿâ T/E-ª√—∫‡ß‘πΩ“°§≈—ß T/E-µ—Î«‡ß‘π§≈—ß T/E-°Ÿâ™¥‡™¬¢“¥¥ÿ≈ T/E-¿“¬„π°√¡ §à“„™â®à“¬Õ◊Ëπ

2553 (219,003,727,667.05) (5,059,080,076.74) 219,271,615,617.28 218,015,567,764.20 578,639,869,037.93 371,906,578,499.66 5,059,080,076.74 1,168,829,903,252.02

2552 (15,384,539,726.94) (108,261,642.85) 14,726,229,102.82 15,727,944,354.36 783,763,836,485.61 377,846,712,394.72 108,261,642.85 154,000.00 1,176,680,336,610.57

À¡“¬‡Àµÿ∑’Ë 25 - √“¬°“√Õ◊πË Ê ∑’Ë ‰¡à‡°‘¥®“°°“√¥”‡π‘πß“π ( à«πß“π∫√‘À“√Àπ’ È “∏“√≥–) (Àπà«¬ : ∫“∑)

°/√ ‰¡à‡°‘¥Õ≈ª‡ß‘π°Ÿâ °/√ √—∫√Ÿâ Õ≈ª. ‡ß‘π°Ÿâ ¥/∫ ®à“¬-„π ª∑. ¥/∫ ®à“¬-µª∑. ¥/∫ ®à“¬-„πª∑. ¥/∫ ®à“¬-µª∑. à«πµË” æ∏∫.µ®π. à«π‡°‘π æ∏∫.µ®π. §à“∏√√¡‡π’¬¡‡ß‘π°Ÿâ §™®. ∑“ß°“√‡ß‘πÕ◊Ëπ ¢/∑ ‰¡à‡°‘¥®“° Õ≈ª.ß°. ¢/∑ ‡°‘¥®“° Õ≈ª.ß°. ¢/∑ ‡°‘¥ Õ≈ª. Õ◊Ëπ ®”Àπà“¬ ß≈∑.

2553 (584,893,262.54) (296,838,113.58) 1,766,218,488.37 306,932,254.35 116,738,266,041.27 973,786,570.31 563,147,258.79 34,623,882.54 (1,766,417,054.40) 493,405,055.44 5,191,000,000.00 123,419,231,120.55

2552 174,633,338.11 (1,415,466,554.25) 3,513,071,755.55 584,331,464.51 107,626,436,869.25 1,200,366,819.18 334,113,445.51 (4,859,257,543.66) 329,996,418.05 9,202,733.24 4,409,444,103.16 2,698,261,215.42 53.23 3,557,000,000.00 118,162,134,117.30

80 81

À¡“¬‡Àµÿ∑’Ë 26 - √“¬‰¥â·ºàπ¥‘π - √“¬‰¥âÕ◊ËπÊ (Àπà«¬ : ∫“∑)

√/¥ §à“ª√—∫Õ◊Ëπ √/¥ §à“ ∏. „Àâ°Ÿâ§È”œ √/¥ ¥∫. ‡ß‘πΩ“° √/¥ ¥∫. ‡ß‘π„Àâ°Ÿâ √/¥ ¥/∫ Àÿâπ°Ÿâ¢—Èπ 2 √/¥ ¥Õ°‡∫’È¬Õ◊Ëπ √/¥ ßªº. Õ◊Ëπ √“¬√—∫®“°‡ß‘π≈ß∑ÿπ √/¥ ‡À≈◊Õ®à“¬ªï‡°à“ √/¥ √—∫™”√–Àπ’È √“¬‰¥â‰¡à„™à¿“…’Õ◊Ëπ

2553 (1,000,000.00) (55,495,390.74) (327,935.47) 948,187,137.82 (154,467,623.30) (555,422,479.50) (5,191,000,000.00) (23,848,682.64) (34,693,173.20) (71,214,547.36) (5,139,282,694.39)

2552 (12,400.00) (36,281,618.86) (2,530,258.05) (265,317,123.42) (798,130,082.19) (2,264,794.98) (3,557,000,000.00) (368,036.00) (53,050,843.62) (829,020.85) (4,715,784,177.97)

∫∑§«“¡«‘ ™ “°“√ ¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– PUBLIC DEBT MANAGEMENT OFFICE

°Õß∑ÿπ∫√‘À“√‡ß‘π°Ÿâ‡æ◊ËÕ°“√ª√—∫ ‚§√ß √â“ßÀπ’È “∏“√≥–·≈–æ—≤π“µ≈“¥µ√“ “√Àπ’È „πª√–‡∑» Public Debt Restructuring and Domestic Bond Market Development Fund (PDDF)

§«“¡‡ªìπ¡“

Background of PDDF

„π™à«ß∑’ªË √–‡∑»‰∑¬µâÕß‡º™‘≠°—∫§«“¡º—πº«π ∑“ß‡»√…∞°‘®·≈–º≈°√–∑∫®“°«‘°ƒµ∑“ß°“√‡ß‘π‚≈° √— ∞ ∫“≈‰¥â „ ™â ° “√∫√‘ À “√®— ¥ °“√Àπ’È “∏“√≥–‡ªì π ‡§√◊ËÕß¡◊Õ π—∫ πÿπ∑’Ë ”§—≠Õ—πÀπ÷Ëß„π°“√°√–µÿâπ·≈– øóôπøŸ‡»√…∞°‘® ‡™àπ °“√ÕÕ°æ—π∏∫—µ√ÕÕ¡∑√—æ¬å ™à « ¬™“µ‘ ∑”„Àâ ¬ Õ¥§ß§â “ ßÀπ’È “∏“√≥–∑’Ë µâ Õ ß ™”√–„πÕπ“§µ ¡’ ¡Ÿ ≈ §à “ ∑’Ë µâ Õ ß™”√–µà Õ §√—È ß Ÿ ß ¢÷È π ¬°µ—«Õ¬à“ß‡™àπ „π‡¥◊Õπ°—π¬“¬π 2555 ®–¡’æπ— ∏∫—µ√ ÕÕ¡∑√— æ ¬å ™à « ¬™“µ‘ ´÷Ë ß ÕÕ°µ“¡æ√–√“™°”Àπ¥ „Àâ Õ”π“®°√–∑√«ß°“√§≈— ß °Ÿâ ‡ ß‘ π ·≈–®— ¥ °“√‡ß‘ π °Ÿâ ‡æ◊Ë Õ ™à « ¬‡À≈◊ Õ °Õß∑ÿ π ‡æ◊Ë Õ °“√øóô π øŸ · ≈–æ— ≤ π“ √–∫∫ ∂“∫—π°“√‡ß‘π æ.». 2541 (æ.√.°. FIDF1) §√∫°”Àπ¥™”√–§◊π «ß‡ß‘π√«¡°«à“ 206,000 ≈â“π∫“∑ ´÷Ëß„πÕ¥’µ∑’Ëºà“π¡“ ∫π. ®– “¡“√∂√–¥¡‡ß‘π®“° µ≈“¥‡æ◊ËÕ∑”°“√ª√—∫‚§√ß √â“ßÀπ’È‰¥â„π«ß‡ß‘π‰¡à‡°‘π 50,000 ≈â“π∫“∑¿“¬„π«—π‡¥’¬« ¥—ßπ—Èπ ®÷ß¡’‚Õ°“ ∑’Ë Õÿ ª ∑“π„πµ≈“¥®–‰¡à ‡ æ’ ¬ ßæÕµà Õ §«“¡µâ Õ ß°“√ √–¥¡∑ÿ π ¢Õß°√–∑√«ß°“√§≈— ß ‡æ◊Ë Õ ∑”°“√ª√— ∫ ‚§√ß √â“ßÀπ’Èπ—Èπ‰¥â ®÷ß¡’°“√·°â‰¢ æ.√.∫. °“√∫√‘À“√ Àπ’È “∏“√≥– „πªï æ.». 2551 ‚¥¬‡æ‘Ë¡‡µ‘¡ ¡“µ√“ 24/1 ‡æ◊ËÕ„ÀâÕ”π“®°√–∑√«ß°“√§≈—ß “¡“√∂∑¬Õ¬ °Ÿâ‡ß‘π‡æ◊ËÕ∑”°“√ª√—∫‚§√ß √â“ßÀπ’È∑’Ë§√∫°”Àπ¥∑’Ë¡’ «ß‡ß‘π Ÿß¡“° ‡ªìπ°“√≈à«ßÀπâ“‰¥â‰¡à‡°‘π 12 ‡¥◊Õπ °àÕπ«—π∑’ËÀπ’È§√∫°”Àπ¥™”√–‰¥â

During the Asian financial crisis in 1997, the Government of Thailand had to implement several stimulus measures to limit the impact of the crisis on the Thai economy. One of the most important measures was the issuance of Financial Institution Development Fund (FIDF) Saving bonds in an amount of 206 Billion Baht in order to rehabilitate the financial sector. This is extremely large when compared to the size of the market at the time, and critically decades on, this has become a serious challenge for the Public Debt Management Office (PDMO) which is responsible for the management of public debt. Foreseeing the risk of liquidity shortages and potentially a sovereign default if there is a matured debt exceed 50 trillion baht on the same day, PDMO initiated the amendments to the Public Debt Management Act in 2008 to allow Ministry of Finance (MOF) to pre fund for the purpose of debt restructuring for the period less than 12 months (clause 24/1). This was necessary as the law only allowed for refinancing of debt on the maturing date.

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„π§√“«‡¥’¬«°—ππ—Èπ ‡æ◊ËÕ‡ªìπ°“√¢—∫‡§≈◊ËÕπ°“√ æ—≤π“µ≈“¥µ√“ “√Àπ’ÈÕ¬à“ßµàÕ‡π◊ËÕß °Á‰¥â¡’°“√ æ‘®“√≥“‡æ‘Ë¡‡µ‘¡¡“µ√“ 25/1 „Àâ°√–∑√«ß°“√§≈—ß “¡“√∂¥”‡π‘π°“√°Ÿâ‡ß‘π‡æ◊ËÕæ—≤π“µ≈“¥µ√“ “√Àπ’È „πª√–‡∑»‰¥âÕ¬à“ßµàÕ‡π◊ËÕß‚¥¬°“√ÕÕ°µ√“ “√Àπ’È µ“¡§«“¡®”‡ªìπ‡æ◊ËÕ √â“ßÕ—µ√“¥Õ°‡∫’È¬ ”À√—∫„™â Õâ “ ßÕ‘ ß „πµ≈“¥µ√“ “√Àπ’È ‡¡◊Ë Õ √— ∞ ∫“≈¥”‡π‘ π π‚¬∫“¬ß∫ª√–¡“≥ ¡¥ÿ≈ ´÷Ëß‡ªìπ°“√ √â“ß§«“¡ ¡—Ëπ„®„Àâ·°àºŸâ√à«¡µ≈“¥«à“®–¡’Õÿª∑“π¢Õßæ—π∏∫—µ√ √—∞∫“≈„πµ≈“¥Õ¬à“ßµàÕ‡π◊ËÕß ´÷Ëß®–™à«¬„Àâ¡’°“√ æ—≤π“µ≈“¥µ√“ “√Àπ’È„Àâ‡ªìπÀπ÷Ëß„π‡ “À≈—°¢Õß µ≈“¥°“√‡ß‘π¢Õßª√–‡∑»

In addition, to the amendments for pre-funding of debt, the PDMO also added clause 25/1 to allow MOF to raise fund purely for sustainable bond market development. This amendment will allow MOF to continuously issue benchmark bond even when borrowing requirements is no longer necessary This will allow the PDMO to ensure investors and market participants of the commitment that PDMO has to continue to develop the domestic bond market.

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°Õß∑ÿπ∫√‘À“√‡ß‘π°Ÿâ‡æ◊ËÕ°“√ª√—∫‚§√ß √â“ßÀπ’È “∏“√≥–·≈–æ— ≤ π“µ≈“¥µ√“ “√Àπ’È „ πª√–‡∑» ®÷ ß ∂Ÿ ° ®— ¥ µ—È ß ¢÷È π ‚¥¬¡’ «— µ ∂ÿ ª √– ß§å À ≈— ° ‡æ◊Ë Õ ∫√‘ À “√ ‡ß‘ π °Ÿâ ∑’Ë ‰ ¥â √— ∫ ®“°°“√°Ÿâ ‡ ß‘ π ‡æ◊Ë Õ ª√— ∫ ‚§√ß √â “ ßÀπ’È “∏“√≥–µ“¡¡“µ√“ 24/1 ·≈–°“√°Ÿâ‡ß‘π‡æ◊ËÕæ—≤π“ µ≈“¥µ√“ “√Àπ’È„πª√–‡∑»µ“¡¡“µ√“ 25/1 ‡æ◊ËÕ ≈¥§«“¡‡ ’Ë¬ß„π°“√°Ÿâ‡ß‘π«ß‡ß‘π Ÿß¿“¬„π«—π‡¥’¬« ·≈–‡æ◊Ë Õ „Àâ ° “√∫√‘ À “√®— ¥ °“√Àπ’È ‡ ªì π ‰ªÕ¬à “ ß¡’ ª√– ‘∑∏‘¿“æ

§«“¡·µ°µà“ß√–À«à“ß°Õß∑ÿπ·≈– ∫π. À≈“¬Ê ∑à “ πÕ“®¬— ß ‰¡à · πà „ ®«à “ Àπâ “ ∑’Ë ¢ Õß °Õß∑ÿπœ ·µ°µà“ß®“°¿“√°‘®∑’Ë ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ( ∫π.) ∑”Õ¬ŸàÕ¬à“ß‰√ ∫π. ¡’Àπâ“∑’Ë ç°”Àπ¥°≈¬ÿ∑∏å·≈–«“ß·ºπ°“√ÕÕ°æ—π∏∫—µ√‡æ◊ËÕ ª√—∫‚§√ß √â“ßÀπ’È∑’Ë§√∫°”Àπ¥™”√– √«¡∂÷ß«“ß·ºπ °“√∑¬Õ¬°Ÿâ‡ß‘π≈à«ßÀπâ“·≈–‡ πÕ„Àâ§≥–°√√¡°“√ π‚¬∫“¬·≈–°”°—∫°“√∫√‘À“√Àπ’È “∏“√≥– (°æπ.) æ‘®“√≥“é „π¢≥–∑’Ë °Õß∑ÿπ¡’Àπâ“∑’Ë ç∫√‘À“√‡ß‘π∑’Ë‰¥â √—∫®“°°“√°Ÿâ‡ß‘π≈à«ßÀπâ“¢Õß ∫π. ·≈–°“√°Ÿâ‡ß‘π‡æ◊ËÕ æ—≤π“µ≈“¥µ√“ “√Àπ’È„πª√–‡∑» ·≈– àß‡ß‘πµâπ§◊π „Àâ ∫π. ‡æ◊ËÕπ”‰ª™”√–§◊πÀπ’È∑’Ë§√∫°”Àπ¥™”√–é

Therefore, to serve these two new important roles of MOF, Public Debt Restructuring and Domestic Bond Market Development Fund (PDDF) was set up in a form of investment arm of MOF. PDDF is government by a board chaired by the Permanent Secretary of the Ministry of Finance and has representatives from relevant agencies including the Bank of Thailand, the Fiscal Policy Office, SEC, SEPO, Comptroller Generalûs Department, Bureau of Budget. The Fund Manager who is responsible to day to day operations is the Director- General of the PDMO by position as stipulated by the Public Debt Management Act. The core functions of the PDDF will be to invest the proceeds from borrowings under the two clauses with primary objectives to preserve capital for debt repayment.

¬°µ—«Õ¬à“ß‡™àπ æ—π∏∫—µ√ÕÕ¡∑√—æ¬å™à«¬™“µ‘«ß‡ß‘π ª√–¡“≥ 206,000 ≈â“π∫“∑ ∑’Ë®–§√∫°”Àπ¥™”√– Àπ’È«—π∑’Ë 2 °.¬. 2555 ∫π. ®–‡ªìπºŸâ«“ß·ºπ°“√ª√—∫ ‚§√ß √â “ ßÀπ’È ´÷Ë ß À“°‰¡à ¡’ ° “√·°â ‰ ¢¡“µ√“ 24/1 ∫π. ®–µâÕß√–¥¡‡ß‘π‡æ◊ËÕπ”‰ª™”√–Àπ’Èæ—π∏∫—µ√ ÕÕ¡∑√—æ¬å™à«¬™“µ‘∑’Ë§√∫°”Àπ¥¿“¬„π«—π‡¥’¬« ‚¥¬ ‡≈◊Õ°„™â‡§√◊ËÕß¡◊Õ∑’Ë‡À¡“–°—∫ ¿“«–µ≈“¥·≈–°“√ «“ß·ºπ°“√∫√‘À“√Àπ’ È “∏“√≥– ‡™àπ æ—π∏∫—µ√√—∞∫“≈ æ—π∏∫—µ√ÕÕ¡∑√—æ¬å√ÿàπ„À¡à À√◊ÕÕÕ° P/N ‡æ◊ËÕ‡ªìπ Short-term bridging À≈— ß ®“°π—È π ®÷ ß ∑¬Õ¬ÕÕ° æ—π∏∫—µ√√—∞∫“≈¡“ refinance ‡¡◊ËÕ P/N §√∫°”Àπ¥ ™”√–Àπ’È ‡æ◊ËÕª√—∫„Àâ‡ªìπÀπ’È√–¬–¬“« ´÷Ëß∂◊Õ«à“¡’ §«“¡‡ ’¬Ë ß∑’®Ë –‰¡à “¡“√∂√–¥¡‡ß‘π‰¥â§√∫µ“¡®”π«π ¥—ßπ—ÈπÕ’°«‘∏’°“√Àπ÷Ëß∑’Ë “¡“√∂∑”‰¥â §◊Õ°“√°Ÿâ‡ß‘π ≈à«ßÀπâ“ (Prefunding) ‚¥¬∑¬Õ¬ÕÕ°µ√“ “√Àπ’È ≈à « ßÀπâ “ °à Õ π«— π ∑’Ë æ— π ∏∫— µ √ÕÕ¡∑√— æ ¬å § √∫°”Àπ¥ ·≈–π”‡ß‘π∑’Ë‰¥â√—∫®“°°“√ÕÕ°µ√“ “√Àπ’Èπ—Èπ¡“‡¢â“ °Õß∑ÿπ„π∫—≠™’ª√—∫‚§√ß √â“ßÀπ’È “∏“√≥– ‡¡◊ËÕ¡’ °“√°Ÿâ‡ß‘π≈à«ßÀπâ“¡“‡æ◊ËÕ√Õ∑”°“√ª√—∫‚§√ß √â“ßÀπ’È À“°‰¡à ‰ ¥â ∑”°“√∫√‘ À “√®— ¥ °“√„Àâ ‡ °‘ ¥ º≈µÕ∫·∑π ‘Ëß∑’Ë®–‡°‘¥¢÷Èπ§◊Õµâπ∑ÿπ¢Õß§à“‡ ’¬‚Õ°“ (opportunity cost) ¥—ßπ—Èπ ‡¡◊ËÕ ∫π. àß¡Õ∫‡ß‘π∑’Ë°Ÿâ≈à«ßÀπâ“„Àâ·°à

The relationship between PDMO and PDDF

The PDDF has a key role to play when it comes to supporting the debt management and bond market development operations of the PDMO. With saving bond FIDF maturing in September 2012, the PDMO who is solely responsible for the restructuring strategy of the maturing debt, has already started to formulate pre-funding strategies. When the need to execute arises, the PDMO will issue bonds and then immediately transfer the cash to the PDDF, this is likely to happen in phases as the PDMO gradually raise debt on a monthly basis to pre-fund the maturing debt. The PDDF then handles the investment of

°Õß∑ÿπ °Õß∑ÿπ®÷ß¡’Àπâ“∑’Ë„π°“√∫√‘À“√®—¥°“√‚¥¬ π”‡ß‘π‰ª≈ß∑ÿπ„π°√Õ∫°“√≈ß∑ÿπ∑’°Ë Õß∑ÿπœ °”Àπ¥‰«â ·≈–‡¡◊ËÕ«—π∑’Ëæ—π∏∫—µ√ÕÕ¡∑√—æ¬å™à«¬™“µ‘§√∫°”Àπ¥ °Õß∑ÿπ°Á àß‡ß‘π§◊π„Àâ ∫π. ¥—ßπ—Èπ®–‡ÀÁπ‰¥â«à“ ‡¡◊ËÕ¡’ °“√µ—È ß °Õß∑ÿ π ¢÷È π ¡“ Àπâ “ ∑’Ë ¢ Õß ∫π. °Á ‰ ¡à ‰ ¥â ‡ª≈’Ë ¬ π·ª≈ß‰ªÕ¬à “ ß‰√ ·µà ° Õß∑ÿ π ‡¢â “ ¡“‡æ‘Ë ¡ ª√– ‘∑∏‘¿“æ„π°“√∫√‘À“√®—¥°“√‚¥¬°“√≈¥µâπ∑ÿπ §à “ ‡ ’ ¬ ‚Õ°“ „π°“√°Ÿâ ‡ ß‘ π ‡æ◊Ë Õ ª√— ∫ ‚§√ß √â “ ßÀπ’È ≈à«ßÀπâ“π—Ëπ‡Õß ”À√—∫¥Õ°º≈∑’Ë‰¥â√—∫®“°°“√∫√‘À“√®—¥°“√ À≈— ß ®“°À— ° §à “ „™â ®à “ ¬„π°“√∫√‘ À “√®— ¥ °“√°Õß∑ÿ π ®– àß§◊π ∫π. ‡æ◊ËÕπ”‰ª™”√–¥Õ°‡∫’È¬∑’Ë‡°‘¥®“°°“√ ª√—∫‚§√ß √â“ßÀπ’È ·≈–‡æ◊ËÕ‡ªìπ‡ß‘π ”√Õß°√≥’‡ß‘π „π∫—≠™’‰¡àæÕ™”√–‡ß‘πµâπÀ√◊Õ¥Õ°‡∫’È¬¢Õßæ—π∏∫—µ√ ∑’Ë Õ Õ°‡æ◊Ë Õ æ— ≤ π“µ≈“¥µ√“ “√Àπ’È „π√–¬–¬“« °Õß∑ÿπµ—Èß‡ªÑ“À¡“¬«à“®–‡ªìπÕß§å°√∑’Ë “¡“√∂‡≈’È¬ß µ—«‡Õß‰¥â‚¥¬‰¡àµâÕß¢Õ π—∫ πÿπ‡ß‘πß∫ª√–¡“≥ ‡æ◊ËÕ ≈¥¿“√–ß∫ª√–¡“≥¿“§√—∞

proceeds from pre-funding until the day of the maturity of the debt, the PDDF will then transfer the cash back to the PDMO in time for debt repayment. Thus, the responsibility of debt repayment remains firmly with that of the PDMO. Therefore, with the PDDF, not only that the PDMO can now prevent sovereign default as a result of liquidity shortages, but can also prefund debt with lower cost as a result of the returns received from PDDFûs investment in non-risky assets.

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π‚¬∫“¬≈ß∑ÿπ¢Õß°Õß∑ÿπ ‡ªÑ“À¡“¬ Ÿß ÿ¥„π°“√∫√‘À“√‡ß‘π°Õß∑ÿπ§◊Õ ‡æ◊ÕË √—°…“§«“¡ª≈Õ¥¿—¬¢Õß‡ß‘πµâπ (Preservation of Capital) ‡π◊ËÕß®“°‡ß‘π¢Õß°Õß∑ÿπ„π∑’Ë ÿ¥·≈â«®–µâÕß §◊π‰ª∑’Ë ∫π. ‡æ◊ËÕπ”‰ª™”√–Àπ’È∑’Ë§√∫°”Àπ¥ ¥—ßπ—Èπ °Õß∑ÿ π ®÷ ß ‰¥â °”Àπ¥°√Õ∫°“√≈ß∑ÿ π ∑’Ë §à Õ π¢â “ ß Conservative ‚¥¬„Àâ≈ß∑ÿπ„πÀ≈—°∑√—æ¬å∑’Ë¡’§«“¡ ¡—Ëπ§ß Ÿß „π —¥ à«π‰¡àπâÕ¬°«à“√âÕ¬≈–À° ‘∫¢Õß‡ß‘π °Õß∑ÿ π ·≈–≈ß∑ÿ π „πµ√“ “√Àπ’È Õ◊Ë π ∑’Ë ‰ ¥â √— ∫ °“√ ®—¥Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ Ÿß ÿ¥®“° ∂“∫—π®—¥Õ—π¥—∫ §«“¡πà“‡™◊ËÕ∂◊Õ ‡™àπ Fitch rating, S&Ps and Moodyûs „π —¥ à«π‰¡à‡°‘π√âÕ¬≈– ’Ë ‘∫¢Õß‡ß‘π°Õß∑ÿπ ‚¥¬ À≈— ° ∑√— æ ¬å ∑’Ë ¡’ § «“¡¡—Ë π §ß Ÿ ß ∑’Ë ° Õß∑ÿ π ≈ß∑ÿ π ‰¥â π—È π ‰¥â·°à µ√“ “√Àπ’È∑’ËÕÕ°À√◊Õ§È”ª√–°—π‚¥¬°√–∑√«ß °“√§≈—ß µ√“ “√Àπ’È∑’ËÕÕ°‡ªìπ‡ß‘πµ√“ °ÿ≈À≈—° ·≈– ÕÕ°À√◊Õ§È”ª√–°—π‚¥¬√—∞∫“≈µà“ßª√–‡∑» ∂“∫—π °“√‡ß‘π¢Õß√—∞∫“≈µà“ßª√–‡∑» À√◊Õ ∂“∫—π°“√‡ß‘π √–À«à“ßª√–‡∑» ∑’Ë‰¥â√—∫°“√®—¥Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ Ÿß ÿ¥ ·≈–°“√∑”∏ÿ√°√√¡´◊ÈÕ‚¥¬¡’ —≠≠“®–¢“¬§◊π ´÷Ëßµ√“ “√Àπ’È∑’ËÕÕ°‚¥¬°√–∑√«ß°“√§≈—ß

PDDF Organization Chart

PDDF Board of Directors

Internal Audit

PDDF Manager

Assistant manager

Fund Management Group

Invesment Policy and Planning Group

External Asset Managers (Outsource)

Fund Operation Group

Administration Group

Custodian (Outsource)

PDDF’s Investment Mandate

Given that the money transferred to PDDF is the from borrowings raised for debt restructuring, it is imperative that the PDDF ensures that the principle will be return fully to the PDMO at the end of the investment period for debt repayment. Therefore, the main investment objective of the fund is çCapital Preservationé. the investment universe is highly conservative and includes only low risk assets,

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πÕ°®“°π’È „π°“√®—¥°“√≈ß∑ÿπ °Õß∑ÿπµâÕß §”π÷ß∂÷ß§«“¡¡—Ëπ§ß º≈µÕ∫·∑π ·≈–§«“¡‡ ’Ë¬ß∑’Ë ‡À¡“– ¡ ‚¥¬„Àâ¡’°“√∫√‘À“√§«“¡‡ ’Ë¬ß„π¥â“πµà“ßÊ ‰¥â·°à §«“¡‡ ’Ë¬ß¥â“πÕ—µ√“¥Õ°‡∫’È¬ §«“¡‡ ’Ë¬ß¥â“π ‡§√¥‘µ §«“¡‡ ’Ë¬ß¥â“π ¿“æ§≈àÕß ·≈–§«“¡‡ ’Ë¬ß ¥â “ πÕ— µ √“·≈°‡ª≈’Ë ¬ π ´÷Ë ß °√≥’ ¡’ ° “√≈ß∑ÿ π „π µà“ßª√–‡∑» ®–µâÕß∑”∏ÿ√°√√¡ªÑÕß°—π§«“¡‡ ’Ë¬ß ¥â“πÕ—µ√“·≈°‡ª≈’Ë¬π‰¡àπâÕ¬°«à“√âÕ¬≈–·ª¥ ‘∫¢Õß ¡Ÿ≈§à“°“√≈ß∑ÿπ„πµà“ßª√–‡∑»

°“√¥”‡π‘πß“π¢Õß°Õß∑ÿπ„π™à«ß∑’Ëºà“π¡“ ·≈–°â“«µàÕ‰ª °Õß∑ÿπ¡’∞“π–‡ªìπÀπà«¬ß“π¢Õß√—∞∑’Ë‰¡à‡ªìπ à « π√“™°“√µ“¡°ÆÀ¡“¬«à “ ¥â « ¬√–‡∫’ ¬ ∫∫√‘ À “√ √“™°“√·ºàπ¥‘πÀ√◊Õ√—∞«‘ “À°‘®µ“¡°ÆÀ¡“¬«à“¥â«¬ «‘ ∏’ ° “√ß∫ª√–¡“≥À√◊ Õ °ÆÀ¡“¬Õ◊Ë π ‚¥¬¡’ § ≥– °√√¡°“√°Õß∑ÿπ∫√‘À“√‡ß‘π°Ÿâ‡æ◊ËÕ°“√ª√—∫‚§√ß √â“ß Àπ’È “∏“√≥–·≈–æ—≤π“µ≈“¥µ√“ “√Àπ’È„πª√–‡∑» ∑”Àπâ “ ∑’Ë °”°— ∫ ¥Ÿ · ≈°“√∫√‘ À “√®— ¥ °“√ °”Àπ¥ À≈—°‡°≥±å„π°“√≈ß∑ÿπ¢Õß°Õß∑ÿπ µ≈Õ¥®πÕÕ° ¢âÕ∫—ß§—∫ √–‡∫’¬∫ ª√–°“» §” —Ëß∑’Ë‡°’Ë¬«¢âÕß ‚¥¬¡’ ª≈—¥°√–∑√«ß°“√§≈—ß‡ªìπª√–∏“π§≥–°√√¡°“√ ·≈– ºŸâÕ”π«¬°“√ ”π—°ß∫ª√–¡“≥ Õ∏‘∫¥’°√¡∫—≠™’°≈“ß

specifically, PDDF is must invest at least 60% of the total amount in safe assets including fixed income instruments issued and/or guaranteed by MOF & governmentûs financial institutions & international financial institutions with highest ratings from Fitch rating and/or S&Ps and/or Moodyûs and/or other credit rating agency recognized by SEC, and also Reverse Repo and no more than 40% in riskier assets including other fixed income instruments with highest credit rating Furthermore, the PDDF may look to invest in the external markets when there liquidity in the domestic market is not sufficient, this portion is included in the safe assets (invest at least 60%). However, according to investment guidelines issued by the Board, foreign investments must be hedged by at least 80 % of total investment abroad, this is to ensure that foreign exchange rates movement do not reduce the principle.

ºŸâ Õ”π«¬°“√ ”π— ° ß“π§≥–°√√¡°“√π‚¬∫“¬ √—∞«‘ “À°‘® ºŸâÕ”π«¬°“√ ”π—°ß“π‡»√…∞°‘®°“√§≈—ß ºŸâ «à “ °“√∏π“§“√·Àà ß ª√–‡∑»‰∑¬ ‡≈¢“∏‘ ° “√ ”π— ° ß“π§≥–°√√¡°“√°”°— ∫ À≈— ° ∑√— æ ¬å · ≈– µ≈“¥À≈—°∑√—æ¬å ª√–∏“π°√√¡°“√µ≈“¥À≈—°∑√—æ¬å ·Ààßª√–‡∑»‰∑¬ ‚¥¬¡’ºŸâÕ”π«¬°“√ ”π—°ß“π∫√‘À“√ Àπ’È “∏“√≥–‡ªìπ°√√¡°“√·≈–‡≈¢“πÿ°“√ √«¡∂÷ß ¥”√ßµ”·ÀπàßºŸâ®—¥°“√°Õß∑ÿπ ‡æ◊ËÕ∑”Àπâ“∑’Ë¥”‡π‘π °‘ ® °“√¢Õß°Õß∑ÿ π „Àâ ‡ ªì π ‰ªµ“¡«— µ ∂ÿ ª √– ß§å ¢Õß°Õß∑ÿπ·≈–µ“¡∑’Ë§≥–°√√¡°“√œ °”Àπ¥ ‡æ◊Ë Õ „Àâ ° “√¥”‡π‘ π ß“π¡’ § «“¡§≈à Õ ßµ— « §≥–°√√¡°“√œ ‰¥â‡ÀÁπ™Õ∫°“√°”Àπ¥‚§√ß √â“ß °“√∫√‘À“√ß“π¢Õß°Õß∑ÿπ ‚¥¬·∫àß‡ªìπ 4 “¬ß“π ‰¥â·°à 1) “¬ß“π®—¥°“√°Õß∑ÿπ 2) “¬ß“ππ‚¬∫“¬ ·≈–·ºπ 3) “¬ß“π°”°—∫≈ß∑ÿπ ·≈– 4) “¬ß“π ”π—°ß“π ·≈–Àπà«¬ß“πµ√«® Õ∫¿“¬„π ´÷Ëß¢÷Èπµ√ß °—∫§≥–°√√¡°“√°Õß∑ÿπ

PDDF’s preparation for Investment

During 2009-2010, PDMO has been hard at work in setting up the fund , The Board\has approved the organization structure and comprises of 4 main departments (as shown in figure ...) including 1) Fund Operation Department responsible for investment execution, 2) Policy and Planning Department which formulate investment strategies, 3) Compliance Department monitors and evaluate fund management operations and 4) Fund Administration Department and Internal control ensure funds good governance and

“¬ß“π®—¥°“√≈ß∑ÿπ‡ª√’¬∫‡ ¡◊Õπ Front office ¡’Àπâ“∑’Ë„π°“√∑”∏ÿ√°√√¡„π°“√´◊ÈÕ¢“¬∑—ÈßÀ¡¥·≈– ∏ÿ√°√√¡°“√≈ß∑ÿπµà“ßÊ ¢Õß°Õß∑ÿπ à«π “¬ß“π π‚¬∫“¬·≈–·ºπ‡ªìπ Middle office ∑”Àπâ“∑’Ë°”Àπ¥ ‡ πÕ·π–π‚¬∫“¬ ·ºπ·≈–°≈¬ÿ∑∏å°“√≈ß∑ÿπ„Àâ°—∫ ∑“ßºŸâ ®— ¥ °“√°Õß∑ÿ π ·≈–§≥–°√√¡°“√°Õß∑ÿ π æ‘®“√≥“°”Àπ¥ ∑—ßÈ π’¿È “¬„µâ “¬ß“ππ‚¬∫“¬·≈–·ºπ ®–¡’Ω“É ¬∫√‘À“√§«“¡‡ ’¬Ë ß°“√≈ß∑ÿπ´÷ßË ¡’Àπâ“∑’°Ë ”Àπ¥ Portfolio Benchmark µà“ßÊ «à“§«√°”Àπ¥§«“¡‡ ’Ë¬ß ¢ÕßÕ—µ√“·≈°‡ª≈’Ë¬π ·≈–§«“¡‡ ’Ë¬ß¢Õß°“√≈ß∑ÿπ „π·≈–µà“ßª√–‡∑»«à“§«√¡’ —¥ à«π∑’Ë‡À¡“– ¡‡∑à“‰√ ‚¥¬ “¬ß“π®—¥°“√≈ß∑ÿπ®–∑”°“√≈ß∑ÿπ (execute) ¿“¬„µâ ° √Õ∫π‚¬∫“¬·≈–·ºπ∑’Ë °”Àπ¥‚¥¬ §≥–°√√¡°“√°Õß∑ÿπ ·≈–ºŸâ®—¥°“√°Õß∑ÿπ ∑”„Àâ ∑—Èß Õß “¬ß“π®–µâÕßµ‘¥µ“¡ ¿“«–‡»√…∞°‘®·≈– µ≈“¥°“√‡ß‘πÕ¬à“ß„°≈â™‘¥‡æ◊ËÕ„Àâ‡°‘¥§«“¡‡¢â“„®∑’Ë µ√ß°—π ”À√—∫ “¬ß“π°”°—∫°“√≈ß∑ÿπ®–¡’§«“¡ ”§—≠Õ¬à“ß¬‘Ëß„π°“√∑”Àπâ“∑’Ë°”°—∫¥Ÿ·≈ ·≈–µ√«® Õ∫°“√≈ß∑ÿπµà“ßÊ ∑—ßÈ À¡¥ „Àâ¡§’ «“¡∂Ÿ°µâÕß ‚ª√àß„ ·≈–Õ¬Ÿà¿“¬„µâ°√Õ∫π‚¬∫“¬°“√≈ß∑ÿπ °≈¬ÿ∑∏å·≈– °Ø√–‡∫’¬∫∑’Ë‡°’Ë¬«¢âÕß “¬ß“π ”π—°ß“π ‡ ¡◊Õπ‡ªìπ Supporting Unit ∑’Ë ”§—≠ ∑”Àπâ“∑’Ë¥Ÿ·≈ß“π¥â“π

reports directly to the Fund Manager. Apart from setting up the structure of the Fund, PDDF has engaged in various critical issues to ensure that the fund investment operations run smoothly. The Board of PDDF has drafted and issued investment guidelines which includes investment mandates that was mentioned earlier. the fund has been negotiating Schedule to the Master Agreement and Supplemental Terms and Conditions to the GMRA in order to allow for derivative and Reverse Repo transaction. . As the Fund will not hire many full time staff due to the nature of the investment periods, the PDDF plans to outsource external fund managers to handle investment operations and also custodian to oversee safekeeping, clearing settlements as well as fund

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°“√∫√‘À“√ß“π∫ÿ§§≈·≈–ß“π “√∫√√≥ ß“π∫—≠™’ °“√‡ß‘ π ·≈–ß∫ª√–¡“≥ æ— ¥ÿ °ÆÀ¡“¬ ·≈– ‡∑§‚π‚≈¬’ “√ π‡∑» ”À√—∫Àπà«¬µ√«® Õ∫¿“¬„π ¡’Àπâ“∑’ËÀ≈—°„π°“√µ√«® Õ∫°“√¥”‡π‘πß“π¿“¬„π ¢Õß°Õß∑ÿπ √“¬ß“πº≈°“√µ√«® Õ∫µàÕºŸâ®—¥°“√ °Õß∑ÿπ „Àâ‡ªìπ‰ªµ“¡À≈—°°“√∫√‘À“√®—¥°“√∑’Ë¥’ ¢≥–π’È °Õß∑ÿπ‰¥â‡√àß¥”‡π‘π°“√‡µ√’¬¡°“√‡æ◊ËÕ √Õß√—∫°“√°Ÿâ‡æ◊ËÕª√—∫‚§√ß √â“ßÀπ’È≈à«ßÀπâ“§√—Èß·√° „π™à«ßªïß∫ª√–¡“≥ æ.». 2555 ‚¥¬‰¥â¡’°“√®—¥∑” √–‡∫’ ¬ ∫≈ß∑ÿ π ·≈–√–‡∫’ ¬ ∫µà “ ßÊ ‡æ◊Ë Õ „™â „ π°“√ ¥”‡π‘πß“π¢Õß°Õß∑ÿπ √«¡∂÷ß°“√‡µ√’¬¡°“√√Ÿª·∫∫ — ≠ ≠“¡“µ√∞“π ISDA ·≈– GMRA ‡æ◊Ë Õ √Õß√— ∫ °“√∑”∏ÿ √ °√√¡∫√‘ À “√§«“¡‡ ’Ë ¬ ß·≈– Repo ¢Õß °Õß∑ÿπ Õ¬à“ß‰√°Áµ“¡ ‡π◊ËÕß®“°°Õß∑ÿπ¬—ßÕ¬Ÿà„π™à«ß °“√‡√‘Ë ¡ µâ π ∑’Ë ® –µâ Õ ß¡’ ° “√«à “ ®â “ ß∫ÿ § ≈“°√·≈–«“ß §«“¡æ√âÕ¡„π∑ÿ°Ê ¥â“π‡æ◊ËÕ„Àâ°“√∫√‘À“√‡ß‘π°Õß∑ÿπ ‡ªì π ‰ªÕ¬à “ ß¡’ ª √– ‘ ∑ ∏‘ ¿ “æ °Õß∑ÿ π ‰¥â ¡’ π ‚¬∫“¬ „π°“√«à “ ®â “ ßºŸâ ∫ √‘ À “√ ‘ π ∑√— æ ¬å ¿ “¬πÕ°∑’Ë ¡’ § «“¡ ‡™’Ë ¬ «™“≠„π°“√≈ß∑ÿ π „πµ≈“¥‡ß‘ π ·≈–µ≈“¥ µ√“ “√Àπ’È ¡“‡æ◊ËÕ∑”Àπâ“∑’Ë∫√‘À“√‡ß‘π≈ß∑ÿπ¢Õß

accounting and consolidation. The process of selecting both Fund Manager and Custodian Banks are expected to be completed in time before first investment in October 2011. In addition, outsourcing of Fund Managers also allow the PDDF to enhance capabilities through knowledge transfer as over the next few years the PDDF staff may eventually conduct investment operations themselves.

92 93

°Õß∑ÿπ ‚¥¬°Õß∑ÿπ‰¥â«“ß√–∫∫µ‘¥µ“¡ °”°—∫·≈– §«∫§ÿ ¡ °“√≈ß∑ÿ π Õ¬à “ ß„°≈â ™‘ ¥ πÕ°®“°π—È π °“√ √à«¡ß“π°—∫ºŸâ∫√‘À“√ ‘π∑√—æ¬å¿“¬πÕ°¬—ß‡ªìπ‚Õ°“ „Àâ∫ÿ§≈“°√¢Õß°Õß∑ÿπ‰¥â‡√’¬π√Ÿâ®“°ª√– ∫°“√≥å §«“¡‡™’Ë¬«™“≠¢ÕßºŸâ∫√‘À“√ ‘π∑√—æ¬å ºà“π°“√®—¥ Õ∫√¡·≈–∂à“¬∑Õ¥§«“¡√Ÿâ ‡æ◊ËÕæ—≤π“»—°¬¿“æ¢Õß ∫ÿ§≈“°√„Àâ “¡“√∂¥”‡π‘π°“√≈ß∑ÿπ‡Õß‰¥â„πÕπ“§µ ´÷Ëß„πÕ’° “¡∂÷ß ’Ëªï¢â“ßÀπâ“∑’Ë√—∞∫“≈‰¥âµ—Èß‡ªÑ“À¡“¬ „Àâª√–‡∑»‰∑¬‡¢â“ Ÿà¿“«–ß∫ª√–¡“≥ ¡¥ÿ≈ ∫∑∫“∑ ¢Õß°Õß∑ÿ π °Á ® –¬‘Ë ß ‡æ‘Ë ¡ ¡“°¢÷È π „π°“√‡ªì π øí π ‡øó Õ ß ”§—≠ ‡æ◊ËÕ π—∫ πÿπ°“√æ—≤π“µ≈“¥µ√“ “√Àπ’È ‰∑¬„Àâ¡’°“√‡®√‘≠‡µ‘∫‚µÕ¬à“ß¡—Ëπ§ß·≈–¡’‡ ∂’¬√¿“æ

Looking Forward

The PDDF will soon be ready for the first lot of investment in October and also meet the challenge of restructuring the FIDF Saving bond of 206 Billion Baht which matures in September 2012. On the other hand, with the PDDF in full function, PDMO will also be able to continue its objective in maintain bond market development through the issuance of bonds for bond market development as in the near future Thailand may enter into a balanced budget. Therefore, the role of PDDF is expected to be more critical as we look into the challenges that lie ahead.

°“√®—¥∑” ß∫ ¡¥ÿ≈ 5 ªï

¡¥ÿ≈°“√§≈—ß¢Õß‰∑¬... Ÿà®ÿ¥À¡“¬¿“¬„π 5 ªï «‘°ƒµ‘‡»√…∞°‘®∑’Ë‡°‘¥¢÷Èπ„πª√–‡∑»‰∑¬‡¡◊ËÕªï 2540 ·≈–«‘°ƒµ‘ ∂“∫—π°“√‡ß‘π„πµà“ßª√–‡∑»∑’Ë‡√‘Ë¡¢÷Èπµ—Èß·µà ªï 2550 - 2551 ‰¥â ßà º≈°√–∑∫µàÕ‡»√…∞°‘®∑—«Ë ‚≈° √«¡∂÷ß‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬∑’‰Ë ¥â√∫— º≈°√–∑∫Õ¬à“ß√ÿπ·√ß √—∞∫“≈‰¥â∑”Àπâ“∑’ËÀ≈—°·≈–√—∫¿“√–„π°“√øóôπøŸ·≈–°√–µÿâπ‡»√…∞°‘® √«¡∑—Èß√—°…“‡ ∂’¬√¿“æ∑“ß‡»√…∞°‘® ºà“ππ‚¬∫“¬°“√§≈—ß (Fiscal Policy) ´÷Ëß°“√¥”‡π‘ππ‚¬∫“¬°“√§≈—ß §◊Õ °“√‡ª≈’Ë¬π·ª≈ß√“¬‰¥â·≈–√“¬®à“¬ ¢Õß√—∞∫“≈‚¥¬„™âπ‚¬∫“¬¿“…’Õ“°√ (Taxation Policy) π‚¬∫“¬√“¬®à“¬¢Õß√—∞∫“≈ (Public Expenditures Policy) ·≈–π‚¬∫“¬Àπ’È “∏“√≥– (Public Debt Policy) Õ¬à“ß„¥Õ¬à“ßÀπ÷ËßÀ√◊Õ∑—Èß “¡π‚¬∫“¬√à«¡°—π´÷Ëß· ¥ßÕÕ°¡“„π √Ÿª¢Õß°“√®—¥∑”ß∫ª√–¡“≥·ºàπ¥‘π ´÷Ëß°“√«“ßπ‚¬∫“¬°“√®—¥∑”ß∫ª√–¡“≥·ºàπ¥‘π ·∫àß‰¥â‡ªìπ 3 ≈—°…≥– ‰¥â·°à 1. π‚¬∫“¬ß∫ª√–¡“≥¢“¥¥ÿ≈ (Deficit Budget) À¡“¬∂÷ß °“√ª√–¡“≥°“√√“¬®à“¬ª√–®”ªï Ÿß°«à“ ª√–¡“≥°“√√“¬‰¥â ®–„™â„π ¿“«–∑’Ë‡»√…∞°‘®¢Õßª√–‡∑»µ°µË” √“¬®à“¬¡«≈√«¡¢Õß√–∫∫‡»√…∞°‘®¡’‰¡à ‡æ’¬ßæÕ∑’Ë®–∑”„Àâ‡°‘¥°“√®â“ßß“π‡µÁ¡∑’Ë ‡æ◊ËÕ‡æ‘Ë¡§«“¡µâÕß°“√„™â®à“¬¿“¬„πª√–‡∑» ´÷Ëß®–∑”„Àâ°“√®â“ßß“π ·≈–√“¬‰¥âª√–™“™“µ‘‡æ‘Ë¡¢÷Èπ 2. π‚¬∫“¬ß∫ª√–¡“≥‡°‘π¥ÿ≈ (Surplus Budget) À¡“¬∂÷ß °“√ª√–¡“≥°“√√“¬®à“¬ª√–®”ªïµË”°«à“ ª√–¡“≥°“√√“¬‰¥â ®–„™â„π ¿“«–∑’Ë‡»√…∞°‘®¢Õßª√–‡∑»¢¬“¬µ—«¡“°‡°‘π‰ª®πÕ“®‡°‘¥¿“«–‡ß‘π‡øÑÕ ¡’°“√ ‡°Áß°”‰√ ∑”„Àâ√“§“ ‘π§â“·≈–∫√‘°“√‡æ‘Ë¡¢÷ÈπÕ¬à“ß√«¥‡√Á« À√◊Õ∑’Ë‡√’¬°«à“‡»√…∞°‘®øÕß ∫Ÿà ‚¥¬π‚¬∫“¬¥—ß°≈à“« ®–‡ªìπ°“√≈¥§«“¡µâÕß°“√„™â®à“¬¿“¬„πª√–‡∑» ´÷Ëß®–™à«¬™–≈Õ§«“¡√âÕπ·√ß¢Õß√–∫∫‡»√…∞°‘®·≈–≈¥·√ß °¥¥—π¢Õß¿“«–‡ß‘π‡øÑÕ

94 95

«ß‡ß‘π°Ÿâ‡æ◊ËÕ™¥‡™¬°“√¢“¥¥ÿ≈ß∫ª√–¡“≥ ªïß∫ª√–¡“≥ 2540 - 2553 ≈â“π∫“∑ 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0

% µàÕ ßª¡. 25 347,061 350,000 17.78 20.59 20

19.55 17.49 12.79

15 11.54 200,000

174,900 9.72

110,000 105,000

9.33

9.94

146,200 165,500

99,900

3.03 25,000

0 ªï 40

ªï 41

ªï 42

ªï 43

ªï 44

ªï 45

ªï 46

ªï 47

ªï 48

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3. π‚¬∫“¬ß∫ª√–¡“≥ ¡¥ÿ≈ (Balanced Budget) À¡“¬∂÷ß °“√ª√–¡“≥°“√√“¬®à“¬ª√–®”ªï‡∑à“°—∫ ª√–¡“≥°“√√“¬‰¥â ®–‡°‘¥¢÷Èπ„π°√≥’∑’Ë√—∞∫“≈‡ÀÁπ«à“‰¡à¡’§«“¡®”‡ªìπ∑’Ë®–µâÕßª√—∫§à“„™â®à“¬√«¡¢Õß√–∫∫ ‡»√…∞°‘®„Àâ‡æ‘¡Ë ¢÷πÈ À√◊Õ≈¥≈ß‚¥¬®–ª≈àÕ¬„Àâº≈‘µ¿—≥±åª√–™“™“µ‘¢π÷È Õ¬Ÿ°à ∫— √–¥—∫°“√„™â®“à ¬¢Õß¿“§‡»√…∞°‘®Õ◊πË ‡™àπ ¿“§§√—«‡√◊Õπ ·≈–¿“§∏ÿ√°‘® ·≈–„π°√≥’∑’Ë¡’ªí≠À“∑“ß‡»√…∞°‘®∫“ßª√–°“√‡°‘¥¢÷Èπ°ÁÕ“®®–‡≈◊Õ°„™â π‚¬∫“¬°“√‡ß‘π·∑π ´÷Ëß‡ªìπ≈—°…≥–¢Õß°“√®—¥∑”ß∫ª√–¡“≥„π°√≥’∑’Ë‡»√…∞°‘®¢Õßª√–‡∑»¡’‡ ∂’¬√¿“æ ·≈–‡Õ◊ÈÕÕ”π«¬ µ—Èß·µàª√–‡∑»‰∑¬ª√– ∫ªí≠À“«‘°ƒµ‡»√…∞°‘®„πªï 2540 √—∞∫“≈¥”‡π‘ππ‚¬∫“¬°“√§≈—ß·∫∫ ¢“¥¥ÿ≈‡æ◊ËÕ°√–µÿâπ‡»√…∞°‘®µ‘¥µàÕ°—πÀ≈“¬ªïµ—Èß·µàªïß∫ª√–¡“≥ æ.». 2542 ®π°√–∑—Èß∂÷ßªí®®ÿ∫—π (¬°‡«âπ ªïß∫ª√–¡“≥ æ.». 2548 ·≈– æ.». 2549 ∑’Ë¡’°“√¥”‡π‘ππ‚¬∫“¬°“√§≈—ß·∫∫ ¡¥ÿ≈) „π°“√¥”‡π‘ππ‚¬∫“¬ ·∫∫¢“¥¥ÿ≈¥—ß°≈à“« ∑”„ÀâµâÕß¡’°“√°Ÿâ‡ß‘π‡æ◊ËÕ™¥‡™¬°“√¢“¥¥ÿ≈ß∫ª√–¡“≥∑ÿ°ªï1 àßº≈„Àâ°“√°àÕÀπ’È “∏“√≥–‡æ‘Ë¡¡“°¢÷Èπ ·≈–√–¥—∫Àπ’È “∏“√≥–¢Õßª√–‡∑»‡æ‘Ë¡ Ÿß¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß ∂÷ß·¡â«à“°“√°àÕÀπ’È‡æ‘Ë¡¢Õß √—∞∫“≈®–∑”„Àâ√–¥—∫Àπ’È “∏“√≥–¢Õßª√–‡∑»‡æ‘Ë¡ Ÿß¢÷Èπ ·µà„πÕ’°·ßà¡ÿ¡Àπ÷Ëß À“°‡ª√’¬∫‡∑’¬∫√–¥—∫Àπ’È “∏“√≥–µàÕº≈‘µ¿—≥±å¡«≈√«¡„πª√–‡∑» (Gross Domestic Product : GDP) ®–‡ÀÁπ‰¥â«à“Àπ’È “∏“√≥– µàÕ GDP ¢Õßª√–‡∑»¡’ —¥ à«π∑’Ë≈¥≈ßÕ¬à“ßµàÕ‡π◊ËÕß‡™àπ°—π ¥—ßπ—Èπ°“√°√–µÿâπ‡»√…∞°‘®¢Õß√—∞∫“≈ºà“π°“√¥”‡π‘π π‚¬∫“¬¢“¥¥ÿ≈‚¥¬¡’°“√°àÕÀπ’È “∏“√≥–‡ªìπµ—«¢—∫‡§≈◊ËÕπ∑”„Àâ‡»√…∞°‘®¢Õßª√–‡∑»øóôπµ—« ·≈– “¡“√∂ √â“ß√“¬‰¥â„Àâ°—∫ª√–‡∑»‰¥â

1 °“√°Ÿ‡â ß‘π‡æ◊ÕË ™¥‡™¬°“√¢“¥¥ÿ≈ß∫ª√–¡“≥ “¡“√∂¥”‡π‘π°“√¿“¬„µâæ√–√“™∫—≠≠—µ°‘ “√∫√‘À“√Àπ’ È “∏“√≥– æ.». 2548 ∑’°Ë ”Àπ¥„Àâ„πªïß∫ª√–¡“≥Àπ÷ßË °√–∑√«ß°“√§≈—ß°Ÿâ‡ß‘π∫“∑‰¥â‰¡à‡°‘π√âÕ¬≈– 20 ¢Õßß∫ª√–¡“≥√“¬®à“¬ª√–®”ªï∑’Ë„™â∫—ß§—∫Õ¬Ÿà„π¢≥–π—Èπ·≈–ß∫ª√–¡“≥√“¬®à“¬‡æ‘Ë¡‡µ‘¡ ·≈–√âÕ¬≈– 80 ¢Õßß∫ª√–¡“≥√“¬®à“¬∑’Ëµ—Èß‰«â ”À√—∫°“√™”√–§◊π‡ß‘πµâπ

Àπ’È “∏“√≥–§ß§â“ß ≥ ‘Èπªïß∫ª√–¡“≥ 2539 - 2553 æ—π≈â“π∫“∑

14.13 656

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√—∞«‘ “À°‘®∑’Ë‡ªìπ ∂“∫—π°“√‡ß‘π (√—∞§È”ª√–°—π) √«¡

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°.¬. 48

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10 °.¬. 39

4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

% µàÕ GDP 41.88 44.26 4,231 70 4,002 60.53 60.79 60.26 60 55.82 50.99 49.64 47.80 42.65 38.51 37.53 3,017 3,221 3,391 3,348 3,285 3,408 48.71 3,093 3,043 50 2,807 2,993 35.36 2,253 40 30 1,672

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Àπ’ÈµàÕ GDP

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96 97

1. °“√∫√‘À“√®—¥°“√√–¥—∫‡ß‘π§ß§≈—ß·≈–º≈µÕ∫·∑π‡ß‘π§ß§≈—ß ¡’‡ªÑ“À¡“¬„π°“√‡æ‘Ë¡√“¬‰¥â·≈– ≈¥√“¬®à“¬ ´÷Ëß‚¥¬ª°µ‘‡ß‘π§ß§≈—ßΩ“°‰«â°—∫∏π“§“√·Ààßª√–‡∑»‰∑¬‰¡à¡’º≈µÕ∫·∑π ¥—ßπ—Èπ ®÷ß¡’·π«∑“ß„π °“√π”‡ß‘π§ß§≈—ß‰ª∫√‘À“√®—¥°“√„Àâ‡°‘¥ª√–‚¬™πå‡æ◊ËÕ‡æ‘Ë¡√“¬‰¥â„Àâ·°à√—∞∫“≈ √«¡∑—Èß®–¡’°“√§«∫§ÿ¡√–¥—∫‡ß‘π §ß§≈—ß„ÀâÕ¬Ÿà„π√–¥—∫∑’Ë‡À¡“– ¡ “¡“√∂√Õß√—∫°“√„™â®à“¬¢Õß√—∞∫“≈‡æ◊ËÕ≈¥µâπ∑ÿπ°“√°Ÿâ‡ß‘π ´÷Ëß®–‡ªìπ°“√ ≈¥√“¬®à“¬·≈–¿“√–Àπ’È¢Õß√—∞∫“≈‰¥âÕ’°∑“ßÀπ÷Ëß¥â«¬ ∑—Èßπ’È ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–‰¥â¡’·π«∑“ß °“√¥”‡π‘π°“√∑’Ë°”Àπ¥‰«â ‰¥â·°à °“√π”‡ß‘π§ß§≈—ßΩ“°‰«â°—∫∏π“§“√·Ààßª√–‡∑»‰∑¬‚¥¬¡’º≈µÕ∫·∑π Ω“°‰«â°—∫∏π“§“√æ“≥‘™¬å π”‰ª≈ß∑ÿπ„π Reverse Repo ·≈–Ω“°‰«â∑’Ë∏π“§“√·Ààßª√–‡∑»‰∑¬ºà“π°Õß∑ÿπ¢Õß °√–∑√«ß°“√§≈—ß Õ¬à“ß‰√°Á¥’·π«∑“ßµà“ßÊ ¥—ß°≈à“«∑’Ë°≈à“«¢â“ßµâπ¡’¢âÕ¥’·≈–¢âÕ‡ ’¬´÷Ëß®”‡ªìπµâÕß¡’°“√ æ‘®“√≥“°“√¥”‡π‘π°“√Õ¬à“ß√Õ∫§Õ∫ √«¡∑—Èß°“√æ‘®“√≥“„πª√–‡¥Áπ¢âÕ°ÆÀ¡“¬µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß ‡æ◊ËÕ„Àâ “¡“√∂¥”‡π‘π°“√‰¥âÕ¬à“ß‡À¡“– ¡ ·≈–¡’ª√– ‘∑∏‘¿“æ Ÿß ÿ¥

—¥ à«πÀπ’È “∏“√≥–§ß§â“ß ≥ ‘Èπªïß∫ª√–¡“≥ 2553 4% 1% 0% √—∞∫“≈°Ÿâ‚¥¬µ√ß √—∞∫“≈°Ÿâ‡æ◊ËÕ FIDF

26% 42%

√—∞«‘ “À°‘®∑’Ë‰¡à‡ªìπ ∂“∫—π°“√‡ß‘π √—∞«‘ “À°‘®∑’Ë‡ªìπ ∂“∫—π°“√‡ß‘π (√—∞§È”ª√–°—π) °Õß∑ÿπ‡æ◊ËÕ°“√øóôπøŸœ Àπà«¬ß“πÕ◊Ëπ¢Õß√—∞

27%

2. °“√∫√‘À“√®—¥°“√Àπ’∑È √Ë’ ∞— ∫“≈„Àâ§«“¡™à«¬‡À≈◊Õ°Õß∑ÿπ‡æ◊ÕË °“√øóπô øŸ·≈–æ—≤π“√–∫∫ ∂“∫—π°“√‡ß‘π (FIDF)2 ¡’‡ªÑ“À¡“¬„π°“√≈¥√–¥—∫Àπ’È “∏“√≥–·≈–¿“√–Àπ’È¢Õß√—∞∫“≈ ´÷ËßÀπ’È∑’Ë√—∞∫“≈°Ÿâ‡ß‘π‡æ◊ËÕ™¥„™â §«“¡‡ ’¬À“¬„Àâ°—∫°Õß∑ÿπ FIDF ≥ ‘Èπªïß∫ª√–¡“≥ 2553 ¡’¬Õ¥§ß§â“ß 1,126,523 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 27 ¢ÕßÀπ’ È “∏“√≥–∑—ßÈ À¡¥ ·≈–§‘¥‡ªìπ√âÕ¬≈– 11 ¢Õß GDP ‚¥¬∑’ºË “à π¡“°“√™”√–§◊πµâπ‡ß‘π°Ÿâ¡’ —¥ à«π∑’ËπâÕ¬¡“° ·≈–‰¡à‰¥â‡ªìπ‰ªµ“¡ª√–¡“≥°“√‰«â ∑”„Àâ¿“√–¥Õ°‡∫’È¬∑’Ë°√–∑√«ß°“√§≈—ß®–µâÕß™”√–®“°ß∫ª√–¡“≥ ·ºàπ¥‘π¡’®”π«π∑’Ë Ÿß¡“°„π·µà≈–ªï ‚¥¬¿“√–¥Õ°‡∫’È¬¢Õß°Õß∑ÿπ FIDF ∑’Ë°√–∑√«ß°“√§≈—ß™”√–∑’Ëºà“π¡“ µ—Èß·µàªïß∫ª√–¡“≥ 2542 - 2553 ‡©≈’Ë¬ªï≈–ª√–¡“≥ 50,000 ≈â“π∫“∑ §‘¥‡ªìπ —¥ à«πª√–¡“≥√âÕ¬≈– 42 ¢Õßß∫ª√–¡“≥√“¬®à“¬ª√–®”ªï ´÷Ëß‡ªìπ°“√‡∫’¬¥∫—ßß∫ª√–¡“≥∑’Ë “¡“√∂π”‰ªæ—≤π“‡»√…∞°‘®·≈– —ß§¡ „π¥â“πµà“ßÊ ‰¥â ¥—ßπ—Èπ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–®÷ß¡’·π«∑“ß„π°“√·°â‰¢¿“√–Àπ’È¢Õß°Õß∑ÿπ FIDF1 ·≈– FIDF3 √«¡∑—Èß°“√∫√‘À“√®—¥°“√∑√—æ¬å ‘π¢Õß°Õß∑ÿπ‡æ◊ËÕ°“√øóôπøŸ·≈–æ—≤π“√–∫∫ ∂“∫—π°“√‡ß‘π„Àâ‡°‘¥

2 „π™à«ß«‘°ƒµ‡»√…∞°‘®∑’Ë‡°‘¥¢÷Èπ ªï 2540 °Õß∑ÿπ‡æ◊ËÕ°“√øóôπøŸ·≈–æ—≤π“√–∫∫ ∂“∫—π°“√‡ß‘π ((Financial Institutions Development Fund : FIDF) ‡ªìπºŸâ ¥”‡π‘π°“√„π°“√√—∫ª√–°—πºŸâΩ“°‡ß‘π·≈–‡®â“Àπ’È¢Õß ∂“∫—π°“√‡ß‘π √«¡∑—Èß¥”‡π‘π°“√øóôπøŸ√–∫∫ ∂“∫—π°“√‡ß‘π„π™à«ß«‘°ƒµ‘‡»√…∞°‘®∑’Ë‡°‘¥¢÷Èπ ‚¥¬ °√–∑√«ß°“√§≈—ß‡ªìπºŸâ¥”‡π‘π°“√™¥‡™¬§«“¡‡ ’¬À“¬∑’Ë‡°‘¥¢÷Èπ„Àâ·°à°Õß∑ÿπÕ’°∑Õ¥Àπ÷Ëß ‚¥¬°√–∑√«ß°“√§≈—ß‰¥â°Ÿâ‡ß‘π‡æ◊ËÕ™¥‡™¬§«“¡‡ ’¬À“¬„Àâ·°à °Õß∑ÿπ¿“¬„µâ°ÆÀ¡“¬æ‘‡»… 2 ©∫—∫ §◊Õ æ√–√“™°”Àπ¥„ÀâÕ”π“®°√–∑√«ß°“√§≈—ß°Ÿâ‡ß‘π·≈–®—¥°“√‡ß‘π°Ÿâ‡æ◊ËÕ™à«¬‡À≈◊Õ°Õß∑ÿπ‡æ◊ËÕ°“√øóôπøŸ·≈– æ—≤π“√–∫∫ ∂“∫—π°“√‡ß‘π æ.». 2541 (FIDF1) «ß‡ß‘π 500,000 ≈â“π∫“∑ ·≈–æ√–√“™°”Àπ¥„ÀâÕ”π“®°√–∑√«ß°“√§≈—ß°Ÿâ‡ß‘π·≈–®—¥°“√‡ß‘π°Ÿâ‡æ◊ËÕ™à«¬ ‡À≈◊Õ°Õß∑ÿπ‡æ◊ËÕ°“√øóôπøŸ·≈–æ—≤π“√–∫∫ ∂“∫—π°“√‡ß‘π √–¬–∑’Ë Õß æ.». 2545 (FIDF3) «ß‡ß‘π 780,000 ≈â“π∫“∑ Õ’°∑—Èß °√–∑√«ß°“√§≈—ß¬—ß¡’°“√§È” ª√–°—πæ—π∏∫—µ√∑’Ë°Õß∑ÿπÕÕ°‰ªµ“¡¡µ‘§≥–√—∞¡πµ√’ ‡¡◊ËÕ«—π∑’Ë 31 µÿ≈“§¡ 2543 (FIDF2) «ß‡ß‘π 112,000 ≈â“π∫“∑ ‚¥¬„π°“√™”√–§◊πÀπ’È¢Õß FIDF1 °“√™”√–§◊πÀπ’È∑’Ë§√∫°”Àπ¥™”√–®–π”‡ß‘π®“°°”‰√ ÿ∑∏‘∑’Ë∏π“§“√·Ààßª√–‡∑»‰∑¬π” àß‡¢â“ ç°Õß∑ÿπ‡æ◊ËÕ°“√™”√–§◊πµâπ‡ß‘π°Ÿâ™¥„™â§«“¡‡ ’¬À“¬ ¢Õß°Õß∑ÿπøóôπøŸ·≈–æ—≤π“√–∫∫ ∂“∫—π°“√‡ß‘πé „π à«π¥Õ°‡∫’È¬°√–∑√«ß°“√§≈—ß‡ªìπºŸâ√—∫¿“√–‚¥¬„™â‡ß‘πß∫ª√–¡“≥·ºàπ¥‘π à«π FIDF3 °“√™”√– §◊πÀπ’∑È §’Ë √∫°”Àπ¥™”√–®–π”‡ß‘π®“°ç∫—≠™’ – ¡‡æ◊ÕË °“√™”√–§◊πµâπ‡ß‘π°Ÿ™â ¥„™â§«“¡‡ ’¬À“¬¢Õß°Õß∑ÿπ‡æ◊ÕË °“√øóπô øŸ·≈–æ—≤π“√–∫∫ ∂“∫—π°“√‡ß‘πé ∑’Ë‰¥â®—¥µ—Èß¢÷Èπ„πΩÉ“¬°“√∏π“§“√¢Õß∏π“§“√·Ààßª√–‡∑»‰∑¬ ‚¥¬°“√π” ‘π∑√—æ¬å§ß‡À≈◊Õ„π∫—≠™’º≈ª√–‚¬™πåª√–®”ªïµ“¡°ÆÀ¡“¬«à“¥â«¬‡ß‘πµ√“ À≈—ß®“°°“√®à“¬‡¡◊ËÕ ‘Èπªï„Àâ‚Õπ‡¢â“∫—≠™’¥—ß°≈à“« „π à«π¢Õß¥Õ°‡∫’È¬°√–∑√«ß°“√§≈—ß‡ªìπºŸâ√—∫¿“√–‚¥¬„™â‡ß‘πß∫ª√–¡“≥·ºàπ¥‘π

ª√–‚¬™πå Ÿß ÿ¥ ·≈â«π”‡ß‘π¡“™”√–§◊πÀπ’È ´÷Ëß®–‡ªìπ°“√≈¥√–¥—∫Àπ’È “∏“√≥–·≈–≈¥¿“√–Àπ’È¢Õß√—∞∫“≈¥â«¬ ‚¥¬¡’·π«∑“ß ‰¥â·°à °“√ÕÕ°æ—π∏∫—µ√√—∞∫“≈ª≈Õ¥¥Õ°‡∫’È¬ (Zero Coupon) °“√ª√—∫ª√ÿßÀ≈—°‡°≥±å°“√∫—π∑÷° ∫—≠™’∑ÿπ ”√Õß‡ß‘πµ√“ °“√‡æ‘Ë¡ª√–‡¿∑ ‘π∑√—æ¬å·≈–∏ÿ√°√√¡∑“ß°“√‡ß‘π„π°“√∫√‘À“√∑ÿπ ”√Õß‡ß‘πµ√“ „ÀâÀ≈“°À≈“¬¡“°¢÷Èπ ·≈–°“√‚Õπ ‘π∑√—æ¬å®“°°Õß∑ÿπ‡æ◊ËÕ°“√øóôπøŸ·≈–æ—≤π“√–∫∫ ∂“∫—π°“√‡ß‘π¡“„Àâ °√–∑√«ß°“√§≈—ß∫√‘À“√®—¥°“√„Àâ‡°‘¥º≈ª√–‚¬™πå Ÿß ÿ¥‡æ◊ËÕπ”‡ß‘π¡“™”√–§◊πÀπ’È°Õß∑ÿπ FIDF ∑’Ë¡’Õ¬Ÿà ´÷Ëß„π∑ÿ°·π«∑“ß°“√∫√‘À“√π—Èπ ‡ªìπ°“√≈¥¿“√–Àπ’È„Àâ≈¥≈ß ´÷Ëß®– àßº≈µàÕ¿“√–¥Õ°‡∫’È¬∑’Ë√—∞∫“≈µâÕß·∫°√—∫ „Àâ≈¥≈ß‰¥â °“√¥”‡π‘ππ‚¬∫“¬‡æ◊ÕË ‡¢â“ Ÿ ¡¥ÿ≈°“√§≈—ß ‚¥¬‡æ‘¡Ë √“¬‰¥â·≈–≈¥√“¬®à“¬µ“¡·π«∑“ß∑’ Ë ”π—°ß“π∫√‘À“√ Àπ’È “∏“√≥–‰¥â°”Àπ¥‡æ◊ËÕ°“√°â“«‡¢â“ Ÿà ¡¥ÿ≈°“√§≈—ß„πÕ’° 5 ªï¢â“ßÀπâ“π—Èπ ®–µâÕß‰¥â√—∫§«“¡√à«¡¡◊Õ®“° Àπà«¬ß“π∑’Ë‡°’Ë¬«¢âÕß „π°“√æ‘®“√≥“·°â‰¢°Æ√–‡∫’¬∫µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß √«¡∑—Èß°“√ª√– “π§«“¡√à«¡¡◊Õ„π °“√ªØ‘∫—µ‘‡æ◊ËÕ„Àâ·π«∑“ß°“√‡æ‘Ë¡ª√– ‘∑∏‘¿“æ°“√∫√‘À“√‡ß‘π§ß§≈—ß·≈–Àπ’È “∏“√≥–∑’Ë‰¥â°≈à“«¢â“ßµâπ “¡“√∂∫√√≈ÿ‡ªÑ“À¡“¬·≈–‡ªìπ°≈‰≈Àπ÷Ëß„π°“√‡æ‘Ë¡√“¬‰¥â·≈–≈¥√“¬®à“¬ Õ’°∑—Èß™à«¬ àß‡ √‘¡·≈–æ—≤π“ °“√∫√‘À“√°“√§≈—ß¢Õß‰∑¬‡æ◊ËÕ°â“«‡¢â“ Ÿà ¡¥ÿ≈°“√§≈—ß„πÕ’° 5 ªï¢â“ßÀπâ“µ“¡∑’Ë¡ÿàßÀ¡“¬‰«â

98 99

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ë ∑”‰¡µâÕß®—¥Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ °“√®—¥Õ—π¥—∫§«“¡πà“‡™◊ÕË ∂◊ÕÀ√◊Õ°“√®—¥Õ—π¥—∫‡§√¥‘µ¢Õß ∂“∫—π°“√‡ß‘π∑—«Ë ‰ª‡ªìπ°“√«‘‡§√“–Àå√–¥—∫§«“¡ ‡ ’Ë¬ß∑“ß‡§√¥‘µ¢ÕßºŸâ°Ÿâ À√◊Õ ∂“∫—π∑’Ë¢Õ°Ÿâ (Borrower Risk Assessment) ‡æ◊ËÕª√–‡¡‘π§«“¡ “¡“√∂¢Õß≈Ÿ°Àπ’È µàÕ°“√™”√–Àπ’È‰¥â§√∫∑—Èß‡ß‘πµâπ·≈–¥Õ°‡∫’È¬µ√ßµ“¡°”Àπ¥‡«≈“∑’Ë√–∫ÿ„π —≠≠“‡ß‘π°Ÿâ ´÷Ëß‡ªìπªí®®—¬∑’Ë ”§—≠ Õ¬à“ß¬‘ËßµàÕ°“√µ—¥ ‘π„®„Àâ°Ÿâ¢Õß ∂“∫—π°“√‡ß‘π„π∞“π–‡®â“Àπ’È „π¢≥–‡¥’¬«°—π°“√®—¥Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ( ∫π.) ‡ªìπ°“√«—¥§«“¡ πà“‡™◊ËÕ∂◊Õ∑“ß°“√‡ß‘π¢ÕßºŸâ‡ªìπ≈Ÿ°Àπ’È¢Õß°√–∑√«ß°“√§≈—ß ´÷Ëßª√–°Õ∫¥â«¬Àπà«¬ß“π√—∞«‘ “À°‘® ∂“∫—π °“√‡ß‘π¿“§√—∞ ·≈–√«¡∂÷ßÕß§å°√ª°§√Õß à«π∑âÕß∂‘Ëπ ‡æ◊ËÕ™’È§«“¡‡ ’Ë¬ß∑“ß‡§√¥‘µ¢ÕßÀπà«¬ß“π∑’Ë¢Õ°Ÿâ‡ß‘π µàÕ®“°°√–∑√«ß°“√§≈—ß ·≈–Àπà«¬ß“π∑’Ë¢Õ„Àâ°√–∑√«ß°“√§≈—ß§È”ª√–°—π‡ß‘π°Ÿâ ´÷Ëß„™â‡ªìπÕß§åª√–°Õ∫„π°“√ æ‘®“√≥“‡√’¬°‡°Á∫§à“∏√√¡‡π’¬¡°“√„Àâ°ŸâµàÕ ·≈–°“√§È”ª√–°—π‡ß‘π°Ÿâ ‡æ◊ËÕ‡ªìπ°“√ª√–°—π§«“¡‡ ’Ë¬ß∑’Ë‡°‘¥®“° °“√§È”ª√–°—π·≈–„Àâ°ŸâµàÕ¢Õß°√–∑√«ß°“√§≈—ß

ë °ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß ë æ√–√“™∫—≠≠—µ‘°“√∫√‘À“√Àπ’È “∏“√≥– æ.». 2548 ·≈–∑’Ë·°â‰¢‡æ‘Ë¡‡µ‘¡ ë °Æ°√–∑√«ß°”Àπ¥Õ—µ√“·≈–‡ß◊ÕË π‰¢°“√‡√’¬°‡°Á∫§à“∏√√¡‡π’¬¡°“√§È”ª√–°—π¢Õß°√–∑√«ß°“√§≈—ß æ.». 2551 ë °Æ°√–∑√«ß°”Àπ¥Õ—µ√“·≈–‡ß◊ÕË π‰¢°“√‡√’¬°‡°Á∫¥Õ°‡∫’¬È ·≈–§à“∏√√¡‡π’¬¡°“√„Àâ°µŸâ Õà ¢Õß°√–∑√«ß °“√§≈—ß æ.». 2551 ë ª√–°“» ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ‡√◊ËÕß À≈—°‡°≥±å·≈–«‘∏’°“√ª√–‡¡‘πÕ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ ¢Õß√—∞«‘ “À°‘®·≈– ∂“∫—π°“√‡ß‘π¿“§√—∞

à«π‡ß‘π°Ÿâµ≈“¥‡ß‘π∑ÿπµà“ßª√–‡∑»·≈–°“√®—¥√–¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ ”π—°®—¥°“√Àπ’È 2, ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ™π—π¿√≥å æ‘»‘…∞«“π‘™ ª«’≥“ ”‡√Á® ÿ∏“«√√≥ «√√≥ ÿ°„ »√’Õ“¿“ ‡√◊Õß√ÿ®‘√– ‡¡…“¬π 2554

100 101

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ë ¢—ÈπµÕπ°“√®—¥Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ¢Õß ∫π.

‡°Á∫√«∫√«¡¢âÕ¡Ÿ≈ (Financial ·≈– Non-Financial)

«‘‡§√“–Àå (4 - 6 —ª¥“Àå)

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§à“∏√√¡‡π’¬¡°“√§È”ª√–°—π /„Àâ°µŸâ Õà

(1) = (2) =

(3) =

(4) =

(1) (2) (3) (4) «ß‡ß‘π§È”ª√–°—π/„Àâ°ŸâµàÕ§ß§â“ß x Õ—µ√“§à“∏√√¡‡π’¬¡ x (®”π«π«—π/365 «—π)

«ß‡ß‘π°Ÿâ‡∫‘°®à“¬ À—°¥â«¬ °“√™”√–§◊π (∂â“¡’) „πªïß∫ª√–¡“≥ „™â¢âÕ¡Ÿ≈Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ (2.1) ·≈–Õ“¬ÿ‡ß‘π°Ÿâ§ß‡À≈◊Õ (2.2) ‚¥¬‡∑’¬∫®“°µ“√“ß∑â“¬ °Æ°√–∑√«ßœ (2.1) º≈°“√ª√–‡¡‘πÕ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ∑’Ë ∫π. ‰¥âª√–‡¡‘π„π·µà≈–ªïß∫ª√–¡“≥ (2.2) çÕ“¬ÿ‡ß‘π°Ÿâ§ß‡À≈◊Õé ªï·√° --> π—∫µ—Èß·µà«—π‡∫‘°®à“¬ ∂÷ß«—π§√∫°”Àπ¥™”√–§◊π‡ß‘π°Ÿâ µ“¡ —≠≠“ ªï∂—¥¡“ --> π—∫µ—Èß·µà«—π‡√‘Ë¡µâπªïß∫ª√–¡“≥ ∂÷ß«—π§√∫°”Àπ¥ ™”√–§◊π‡ß‘π°Ÿâµ“¡ —≠≠“ ®”π«π«—π : ·¬°æ‘®“√≥“‡ªìπ 2 °√≥’ §◊Õ (3.1) ‡ß‘π°Ÿ„â À¡à„πªïß∫ª√–¡“≥∑’§Ë ”π«≥ : π—∫®“°«—π∑’‡Ë ∫‘°®à“¬‡ß‘π°Ÿâ ®π∂÷ß«—π ‘πÈ ªïß∫ª√–¡“≥ ∑’Ë§”π«≥ À√◊Õ«—π∑’Ë™”√–§◊π‡ß‘π°Ÿâ‚¥¬‰¡àπ—∫√«¡«—π∑’Ë™”√–§◊πµâπ‡ß‘π°Ÿâ (3.2) ‡ß‘π°Ÿ‡â ¥‘¡∑’¬Ë ß— ¡’¬Õ¥Àπ’§È ß§â“ß : π—∫®“°«—π‡√‘¡Ë µâπªïß∫ª√–¡“≥ ®π∂÷ß«—π ‘πÈ ªïß∫ª√–¡“≥ ∑’Ë§”π«≥ À√◊Õ«—π∑’Ë™”√–§◊π‡ß‘π°Ÿâ‚¥¬‰¡àπ—∫√«¡«—π∑’Ë™”√–§◊πµâπ‡ß‘π°Ÿâ µ“¡À≈—° “°≈„π°“√§”π«≥¥Õ°‡∫’È¬ ®–„™â 1 ªï ‡∑à“°—∫ 365 «—π (À“°√Õ∫ªïß∫ª√–¡“≥„¥ ¡’ 366 «—π ®–„™â 365 «—π „π°“√§”π«≥)

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ë º≈¢Õß°“√®—¥Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ ·≈–°“√‡√’¬°‡°Á∫§à“∏√√¡‡π’¬¡œ ¬°√–¥—∫√—∞«‘ “À°‘®¥â«¬ Credit Scoring ∫π. ®–®—¥Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊ÕÀπà«¬ß“π√—∞«‘ “À°‘®·≈– ∂“∫—π°“√‡ß‘π¿“§√—∞∑’Ë¡’‡ß‘π°Ÿâ∑’Ë°√–∑√«ß °“√§≈—ß§È”ª√–°—π·≈–„Àâ°ŸâµàÕ∑’Ë¡’°“√≈ßπ“¡„π —≠≠“‡ß‘π°Ÿâπ—∫µ—Èß·µà«—π∑’Ë°ÆÀ¡“¬œ ¡’º≈∫—ß§—∫„™â ·≈–®– °√–∑”µ√“∫‡∑à“∑’Ë‡ß‘π°Ÿâ¥—ß°≈à“«¬—ß¡’¬Õ¥‡ß‘π°Ÿâ§ß§â“ßÕ¬Ÿà ‚¥¬¥”‡π‘π°“√∑ÿ°ªï‡æ◊ËÕ„™âª√–°Õ∫°“√æ‘®“√≥“‡√’¬° ‡°Á∫§à“∏√√¡‡π’¬¡°“√§È”ª√–°—π·≈–„Àâ°ŸâµàÕ ‡æ◊ËÕ‡ªìπ°“√ª√–°—π§«“¡‡ ’Ë¬ß∑’Ë‡°‘¥®“°°“√§È”ª√–°—π·≈–„Àâ°ŸâµàÕ ¢Õß°√–∑√«ß°“√§≈—ß·≈â« ·≈–‡æ◊ËÕ„ÀâÀπà«¬ß“πµà“ßÊ µ√–Àπ—°∂÷ßµâπ∑ÿπ ”À√—∫°“√§È”ª√–°—π ·≈–°“√„Àâ°ŸâµàÕ ∑’Ë‡æ‘Ë¡¢÷Èπ ´÷Ëß®–π”‰ª Ÿà°“√ √â“ß«‘π—¬∑“ß°“√‡ß‘π·°à√—∞«‘ “À°‘® æ√âÕ¡∑—Èß àß‡ √‘¡„Àâ‡°‘¥°“√æ—≤π“»—°¬¿“æ ´÷Ëß‡ªìπ°“√¬°√–¥—∫√—∞«‘ “À°‘®„Àâ¥”‡π‘π°‘®°“√‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ‡æ‘Ë¡¢÷Èπ ∑”„Àâ “¡“√∂®—¥À“‡ß‘π°Ÿâ‰¥â¥â«¬ µπ‡Õß ‚¥¬‰¡àµâÕß°“√°“√§È”ª√–°—π®“°°√–∑√«ß°“√§≈—ß ´÷Ëß®–™à«¬≈¥¿“√–ºŸ°æ—π¢Õß√—∞∫“≈ ≈¥¿“√–Àπ’È∑’Ë ºŸ°æ—π¢Õß°√–∑√«ß°“√§≈—ß∑’Ë®–‡°‘¥¢÷Èπ„πÕπ“§µ (Contingent Liability) ‰¥â„π√–¬–¬“« Õ—π®–π”‰ª Ÿà°“√ ªÑÕß°—π°“√‡°‘¥«‘°ƒµ‘Àπ’È “∏“√≥–„πÕπ“§µ ·≈– àß‡ √‘¡„Àâ‡°‘¥°“√æ—≤π“ª√–‡∑»Õ¬à“ß¬—Ëß¬◊π

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ë §à“∏√√¡‡π’¬¡œ ª√–®”ªïß∫ª√–¡“≥ æ.». 2551-2553 ®—¥‡°Á∫·≈â«‰ª‰Àπ °√–∑√«ß°“√§≈—ß‰¥â‡√‘Ë¡¥”‡π‘π°“√‡√’¬°‡°Á∫§à“∏√√¡‡π’¬¡°“√§È”ª√–°—π ·≈–°“√„Àâ°ŸâµàÕ µ—Èß·µà«—π∑’Ë °ÆÀ¡“¬œ ¡’º≈∫—ß§—∫„™â §◊Õµ—Èß·µà°√°Æ“§¡ 2551 ‚¥¬‰¥â¥”‡π‘π°“√‡√’¬°‡°Á∫§à“∏√√¡‡π’¬¡œ °—∫Àπà«¬ß“π´÷Ëß¡’ ‡ß‘π°Ÿâ∑’Ë°√–∑√«ß°“√§≈—ß§È”ª√–°—π·≈–„Àâ°ŸâµàÕ √«¡ 16 ·Ààß ‚¥¬¡’√—∞«‘ “À°‘®·≈– ∂“∫—π°“√‡ß‘π¿“§√—∞√«¡ 5 ·Ààß ‰¥â™”√–§à“∏√√¡‡π’¬¡œ „Àâ·°à ∫π. ·≈â« ´÷Ëß§‘¥‡ªìπ‡ß‘π√«¡∑—Èß ‘Èπ 143 ≈â“π∫“∑ ∑—Èßπ’È §à“∏√√¡‡π’¬¡œ ∑’Ë‡°Á∫‰¥â ∫π. ‰¥â¥”‡π‘π°“√π” àß§≈—ß‡æ◊ËÕ‡ªìπ√“¬‰¥â·ºàπ¥‘πÀ≈—ß®“°‰¥â√—∫™”√–∑—π∑’

ë °â“«µàÕ‰ª·≈–∑‘»∑“ß°“√¥”‡π‘πß“π ‡æ◊ËÕ„Àâ‡°‘¥§«“¡‡À¡“– ¡·≈–‡ªìπ∏√√¡°—∫Àπà«¬ß“π¿“§√—∞ ∫π. ‰¥â„Àâ§«“¡ ”§—≠µàÕ°“√ª√—∫ª√ÿß ·≈–æ—≤π“‡∑§π‘§°“√«‘‡§√“–Àåœ Õ¬ŸàÕ¬à“ßµàÕ‡π◊ËÕß ‚¥¬‰¥â∑”°“√»÷°…“®“° ∂“∫—π°“√‡ß‘π ·≈– ∂“∫—π °“√®—¥Õ—π¥—∫‡§√¥‘µ∑—Èß„πª√–‡∑»·≈–µà“ßª√–‡∑» ‡æ◊ËÕæ—≤π“‡∑§π‘§°“√«‘‡§√“–Àå·≈–ª√–‡¡‘π§«“¡‡ ’Ë¬ß∑“ß ‡§√¥‘µœ ¢Õß ∫π. „Àâ‡ªìπ∑’Ë¬Õ¡√—∫„π√–¥—∫ “°≈ ´÷Ëß®–π”‰ª Ÿàº≈°“√®—¥Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ∑’Ë∂Ÿ°µâÕß ‡À¡“– ¡·≈–‡ªìπ∏√√¡°—∫Àπà«¬ß“π¿“§√—∞¢Õß‰∑¬¡“°∑’Ë ÿ¥ ·≈– “¡“√∂ –∑âÕπ§«“¡‡ ’Ë¬ß·≈– Õ¥§≈âÕß °—∫§ÿ≥≈—°…≥–¢Õß√—∞«‘ “À°‘®‰∑¬Õ¬à“ß·∑â®√‘ß ¡“∂÷ßµ√ßπ’È∑à“πºŸâÕà“π§ß®–¡Õß‡ÀÁπ¿“æ¢Õß°“√®—¥Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ¢Õß ∫π. ‰¥â™—¥‡®π¢÷Èπ∫â“ß ”À√—∫√“¬≈–‡Õ’¬¥¢Õß§”®”°—¥§«“¡¢ÕßÕ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ·µà≈–√–¥—∫ À≈—°‡°≥±å «‘∏’°“√®—¥Õ—π¥—∫‡§√¥‘µ ∑à“π “¡“√∂À“¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡‰¥â®“°‡«Á∫‰´µå¢Õß ∫π. (www.pdmo.go.th) À√◊Õµ‘¥µàÕ Õ∫∂“¡¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡‰¥â∑’Ë: ™π—π¿√≥å æ‘»‘…∞«“π‘™ ‚∑√ 0 2265 8050 µàÕ 5404 (Chanunporn@pdmo.go.th) ª«’≥“ ”‡√Á® ‚∑√ 0 2265 8050 µàÕ 5408 (paweena@pdmo.go.th) ÿ∏“«√√≥ «√√≥ ÿ°„ ‚∑√ 0 2265 8050 µàÕ 5152 (suthawan@pdmo.go.th)

·∫∫Õ¬à“ß§«“¡ ”‡√Á®„π°“√∫√‘À“√∑√—æ¬“°√∫ÿ§§≈ ª√–®”ªï 2553 √“ß«—≈™¡‡™¬¥â“π°“√æ—≤π“√–∫∫∫√‘À“√º≈°“√ªØ‘∫—µ‘ß“π (Performance Management Systems : PMS)

„πªïß∫ª√–¡“≥ æ.». 2553 ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–‰¥â√—∫√“ß«—≈§«“¡ ”‡√Á®„π°“√∫√‘À“√ ∑√—æ¬“°√∫ÿ§§≈ ª√–®”ªï 2553 ª√–‡¿∑√“ß«—≈™¡‡™¬¥â“π°“√æ—≤π“√–∫∫∫√‘À“√º≈°“√ªØ‘∫µ— ß‘ “π (Performance Management Systems : PMS) ‚¥¬ºà“π°“√§—¥‡≈◊Õ°·≈–µ—¥ ‘π®“° ”π—°ß“π °.æ. ·≈– ∂“∫—π‡æ‘¡Ë º≈º≈‘µ·Ààß™“µ‘ √–∫∫°“√∫√‘À“√º≈°“√ªØ‘∫—µ‘ß“π (Performance Management Systems : PMS) §◊Õ °“√∫√‘À“√·∫∫ ∫Ÿ√≥“°“√∑’Ë¡ÿàß‡πâπº≈°“√ªØ‘∫—µ‘ß“π¢Õß∫ÿ§§≈„πÕß§å°√ ‡æ◊ËÕ„ÀâÕß§å°√∫√√≈ÿ‡ªÑ“À¡“¬∑’Ë‰¥â°”Àπ¥‰«â ‡°‘¥¢÷Èπ ®“°‡®µπ“√¡≥å¢Õß ”π—°ß“π °.æ. ∑’ËµâÕß°“√æ—≤π“√–∫∫°“√ª√–‡¡‘πº≈°“√ªØ‘∫—µ‘ß“π„π√–¥—∫∫ÿ§§≈¢Õß ¢â“√“™°“√æ≈‡√◊Õπ ‚¥¬¡ÿàß„Àâ‡ÀÁπ§«“¡ ”§—≠¢Õß¢â“√“™°“√∑ÿ°√–¥—∫∑’Ë¡’µàÕ§«“¡ ”‡√Á®¢ÕßÕß§å°√ √–∫∫ ¥—ß°≈à“«‡ªìπ‡§√◊ËÕß¡◊Õ„π°“√∫√‘À“√Õß§å°√∑’Ë„Àâ§«“¡ ”§—≠°—∫°√–∫«π°“√∑”ß“π‚¥¬ ¡∫Ÿ√≥å µ—Èß·µà‡√‘Ë¡ß“π ®π ”‡√Á® ¡‘„™à‡πâπ·§à‡√◊ËÕß°“√ª√–‡¡‘π‡∑à“π—Èπ ¥—ßπ—Èπ √–∫∫∫√‘À“√º≈°“√ªØ‘∫—µ‘ß“π∑’Ë ¡∫Ÿ√≥å®÷ß √â“ß‡ √‘¡ ª√– ‘∑∏‘¿“æª√– ‘∑∏‘º≈Õß§å°√·≈–‡°‘¥§«“¡ Õ¥§≈âÕß°—π„π∑ÿ°√–¥—∫‡ªÑ“À¡“¬¢ÕßÕß§å°√ ª√–°Õ∫¥â«¬ 1. °“√«“ß·ºπ 2. °“√æ—≤π“ 3. °“√µ‘¥µ“¡ 4. °“√ª√–‡¡‘πº≈ 5. °“√„Àâ√“ß«—≈ ”π—°ß“π∫√‘À“√Àπ’ È “∏“√≥–π”√–∫∫∫√‘À“√º≈°“√ªØ‘∫µ— ß‘ “π (Performance Management Systems : PMS) ¡“„™âµ—Èß·µà 1 µÿ≈“§¡ 2552 (ªïß∫ª√–¡“≥ æ.». 2553) µ“¡∑’Ë ”π—°ß“π °.æ. °”Àπ¥ ·µàºŸâªØ‘∫—µ‘ß“π¥â“π ∑√—æ¬“°√∫ÿ§§≈‰¥â√—∫§«“¡√Ÿâ §«“¡‡¢â“„®π‚¬∫“¬·≈–·π«∑“ß°“√¥”‡π‘πß“πµ—Èß·µàªïß∫ª√–¡“≥ æ.». 2552 ‚¥¬ ”π—°ß“π °.æ. ‡ÀÁπ«à“√–∫∫¥—ß°≈à“«®–‡ª≈’Ë¬π·ª≈ß°“√¥”‡π‘πß“πª√–‡¡‘πº≈°“√ªØ‘∫—µ‘ß“π·∫∫‡¥‘¡ ´÷ËßªØ‘∫—µ‘Õ¬Ÿà ¥—ßπ—Èπ ‡ÀÁπ§«√„Àâ‡®â“Àπâ“∑’ËºŸâªØ‘∫—µ‘ß“π¡’§«“¡√Ÿâ §«“¡‡¢â“„® ‡æ◊ËÕπ”‰ª ◊ËÕ “√·≈– √â“ß §«“¡‡¢â“„®„Àâ·°à∫ÿ§≈“°√„π·µà≈–Àπà«¬ß“πµàÕ‰ª

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”π—°ß“π∫√‘À“√Àπ’ È “∏“√≥–‡≈Áß‡ÀÁπ§«“¡ ”§—≠¢Õß°“√π”√–∫∫∫√‘À“√º≈°“√ªØ‘∫µ— ß‘ “π (Performance Management Systems : PMS) ¡“„™â ‡π◊ËÕß®“°‡ªìπ‡√◊ËÕß∑’Ë‡°’Ë¬«¢âÕß°—∫º≈ª√–‚¬™πå¢Õß∫ÿ§≈“°√∑ÿ°§π ¥—ßπ—Èπ ®÷ß¡’°“√»÷°…“¢âÕ¡Ÿ≈·≈–π”‡ πÕπ‚¬∫“¬„ÀâºŸâ∫√‘À“√‡ÀÁπ™Õ∫æ√âÕ¡„Àâ§«“¡ ”§—≠„π°“√‡¢â“¡“¡’∫∑∫“∑ ”§—≠„π°“√¢—∫‡§≈◊ËÕπ√–∫∫∫√‘À“√º≈°“√ªØ‘∫—µ‘ß“π (Performance Management Systems : PMS) ¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–„Àâ‡¥‘πÀπâ“‰ª‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ Ÿß ÿ¥ ‚¥¬°”Àπ¥¥—ßπ’È 1. °“√«“ß·ºπ : °”Àπ¥„ÀâºŸâ∫—ß§—∫∫—≠™“·≈–ºŸâ„µâ∫—ß§—∫∫—≠™“‰¥â¡’°“√‡®√®“µàÕ√Õßµ—«™’È«—¥√–¥—∫∫ÿ§§≈ √à«¡°—π ‡æ◊ËÕ¡’°“√«“ß·ºπ√à«¡°—π„π°“√°”Àπ¥‡ªÑ“À¡“¬∑’Ë®–ªØ‘∫—µ‘ß“π„Àâ ”‡√Á®≈ÿ≈à«ß ¿“¬„µâ¢âÕ°”Àπ¥π’È ºŸâ∫—ß§—∫∫—≠™“·≈–ºŸâ„µâ∫—ß§—∫∫—≠™“¥”‡π‘π°“√«“ß·ºπ√à«¡°—π®√‘ß ºŸâ„µâ∫—ß§—∫∫—≠™“ ‰¥â·°à ¢â“√“™°“√ æπ—°ß“π√“™°“√ ·≈–≈Ÿ°®â“ß™—Ë«§√“« 2. °“√æ—≤π“ : °”Àπ¥„Àâº∫Ÿâ ß— §—∫∫—≠™“¡’°“√ àß‡ √‘¡·≈– π—∫ πÿπºŸ„â µâ∫ß— §—∫∫—≠™“„π°“√æ—≤π“µπ‡Õß „π∑ÿ°‡√◊ËÕß ‡√‘Ë¡µ—Èß·µà °“√·π–π” °“√„Àâ§”ª√÷°…“ °“√ Õπß“π °“√¡Õ∫À¡“¬ß“π °“√ àß„Àâ‰ªΩñ°Õ∫√¡ ‡ªìπµâπ ∑—Èßπ’È ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–‰¥â°”Àπ¥µ—«™’È«—¥√–¥—∫∫ÿ§§≈„ÀâºŸâ∫—ß§—∫∫—≠™“∑ÿ°§π‡À¡◊Õπ°—π §◊Õ √âÕ¬≈–§«“¡æ÷ßæÕ„®¢ÕßºŸâ„µâ∫—ß§—∫∫—≠™“„π°“√ Õπß“π¢ÕßÀ—«Àπâ“ß“π ‡ªìπµ—«§«∫§ÿ¡°“√ªØ‘∫—µ‘ß“π „πª√–‡¥Áπ°“√æ—≤π“¢ÕßÀ—«Àπâ“ß“π¥â«¬ 3. °“√µ‘¥µ“¡ : °”Àπ¥„Àâº∫Ÿâ ß— §—∫∫—≠™“¡’°“√µ‘¥µ“¡°“√ªØ‘∫µ— ß‘ “π¢ÕßºŸ„â µâ∫ß— §—∫∫—≠™“∑ÿ°§π ‡æ◊ÕË „Àâ °“√¥”‡π‘πß“π¡’ª√– ‘∑∏‘¿“æ Ÿß ÿ¥ ·≈–¡’ªí≠À“πâÕ¬∑’Ë ÿ¥ ¿“¬„µâ¢âÕ°”Àπ¥π’È ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– °”Àπ¥„ÀâºŸâ∫—ß§—∫∫—≠™“¡’·∫∫ª√–‡¡‘π°“√µ‘¥µ“¡°“√ªØ‘∫—µ‘ß“π¢ÕßºŸâ„µâ∫—ß§—∫∫—≠™“‡ªìπ√–¬–Ê 4. °“√ª√–‡¡‘πº≈ : °”Àπ¥„ÀâºŸâ∫—ß§—∫∫—≠™“ª√–‡¡‘πº≈°“√ªØ‘∫—µ‘ß“π¢ÕßºŸâ„µâ∫—ß§—∫∫—≠™“µ“¡·∫∫ ª√–‡¡‘π∑’Ë°”Àπ¥ ‚¥¬µâÕß¡’À≈—°∞“π„π°“√„Àâ§–·ππµ“¡µ—«™’È«—¥√–¥—∫∫ÿ§§≈¢Õß∑ÿ°§π ·≈–µâÕß¡’À≈—°∞“π„π °“√ª√–‡¡‘π ¡√√∂π–∑’Ë∂Ÿ°µâÕß™—¥‡®π ¿“¬„µâ¢âÕ°”Àπ¥π’È ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–‚¥¬§≥–°√√¡°“√ °≈—Ëπ°√Õßº≈°“√ªØ‘∫—µ‘ß“π¢Õß ”π—°ß“π ´÷Ëß‡ªìπºŸâ∫√‘À“√√–¥—∫ Ÿßª√–°“»À≈—°‡°≥±å¥”‡π‘π°“√ª√–‡¡‘πº≈ °“√ªØ‘∫—µ‘ß“πª√–°“»„Àâ∫ÿ§≈“°√∑√“∫·≈–∂◊ÕªØ‘∫—µ‘‚¥¬∑—Ë«°—π æ√âÕ¡∑—Èß§≥–°√√¡°“√°≈—Ëπ°√Õß¥—ß°≈à“«‡ªìπ ºŸâæ‘®“√≥“µ—«™’È«—¥√–¥—∫∫ÿ§§≈¢Õß∫ÿ§≈“°√∑ÿ°§π ‡æ◊ËÕ§«“¡‚ª√àß„ ·≈–‡ ¡Õ¿“§¢Õß∑ÿ°µ—«™’È«—¥

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5. °“√„Àâ√“ß«—≈ : °”Àπ¥„Àâº∫Ÿâ ß— §—∫∫—≠™“µâÕßæ‘®“√≥“„Àâ√“ß«—≈·°àº„Ÿâ µâ∫ß— §—∫∫—≠™“¥â«¬§«“¡‡ªìπ∏√√¡ µ“¡º≈°“√ªØ‘∫µ— ß‘ “π·≈–À≈—°∞“π∑’ªË √“°Ø®√‘ß ¿“¬„µâ¢Õâ °”Àπ¥π’È ”π—°ß“π∫√‘À“√Àπ’ È “∏“√≥–®—¥ √√«ß‡ß‘π à«πÀπ÷Ëß ”À√—∫°“√‡≈◊ËÕπ‡ß‘π‡¥◊Õπ„π·µà≈–√Õ∫°“√ª√–‡¡‘π„ÀâºŸâÕ”π«¬°“√ ”π—° ºŸâÕ”π«¬°“√»Ÿπ¬å ·≈– ºŸâÕ”π«¬°“√°≈ÿà¡ „π°“√æ‘®“√≥“„Àâ√“ß«—≈·°àºŸâ„µâ∫—ß§—∫∫—≠™“„π —ß°—¥µπ‡Õß ·≈–ºŸâ∫√‘À“√√–¥—∫ Ÿß°—π‡ß‘π‰«â Õ’° à«πÀπ÷Ëß„π°“√æ‘®“√≥“„Àâ√“ß«—≈‡æ‘Ë¡‡µ‘¡·°àºŸâ„µâ∫—ß§—∫∫—≠™“„π¡ÿ¡¡Õß¢ÕßºŸâ∫√‘À“√√–¥—∫ Ÿß º≈°“√¥”‡π‘πß“π‡°’¬Ë «°—∫√–∫∫∫√‘À“√º≈°“√ªØ‘∫µ— ß‘ “π (Performance Management Systems : PMS) ¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–‡ªìπ∑’Ëπà“æÕ„®Õ¬à“ß¡“° ‡π◊ËÕß®“°ºŸâ∫√‘À“√·≈–∫ÿ§≈“°√¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–„Àâ§«“¡ ”§—≠·≈–√à«¡°—π¥”‡π‘π°“√ ª√—∫ª√ÿß ‡ πÕ·π– ·≈–„Àâ§«“¡√à«¡¡◊Õ ‚¥¬®–‡ÀÁπ‰¥â«à“ „πªï ß∫ª√–¡“≥ æ.». 2554 √–∫∫∫√‘À“√º≈°“√ªØ‘∫—µ‘ß“π (Performance Management Systems : PMS) ¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– “¡“√∂¥”‡π‘π°“√‰ª‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–¡’Õÿª √√§πâÕ¬¡“° ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–‡ÀÁπ«à“ °“√¥”‡π‘π°“√¥â“π√–∫∫∫√‘À“√º≈°“√ªØ‘∫—µ‘ß“π (Performance Management Systems : PMS) ¢Õß ”π—°ß“π¡’ª√– ‘∑∏‘¿“æ Ÿß ®÷ß àßº≈ß“π‡¢â“√—∫°“√§—¥‡≈◊Õ°‡ªìπÀπà«¬ß“π ·∫∫Õ¬à“ß§«“¡ ”‡√Á®„π°“√∫√‘À“√∑√—æ¬“°√∫ÿ§§≈ ª√–®”ªï 2553 „π¥â“π°“√æ—≤π“√–∫∫∫√‘À“√º≈°“√ ªØ‘∫—µ‘ß“π (Performance Management Systems : PMS) ´÷Ëß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–‰¥â√—∫°“√æ‘®“√≥“ ®“°§≥–°√√¡°“√ ª√–°Õ∫¥â«¬ ”π—°ß“π °.æ. ·≈– ∂“∫—π‡æ‘Ë¡º≈º≈‘µ·Ààß™“µ‘ „Àâ‡¢â“‰ªπ”‡ πÕº≈ß“π „π√Õ∫·√° ·≈–¡’°“√‡¢â“µ√«®‡¬’Ë¬¡‡æ◊ËÕ Õ∫∂“¡¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡®“°§≥–°√√¡°“√„π√Õ∫∑’Ë Õß¥â«¬·≈â« ‚¥¬„π™—Èππ’È Õ¬Ÿà√–À«à“ß°“√æ‘®“√≥“µ—¥ ‘π√Õ∫ ÿ¥∑â“¬®“°§≥–°√√¡°“√ºŸâ∑√ß§ÿ≥«ÿ≤‘

¢â¢Õß ”π— Õ¡Ÿ≈°ß“π∫√‘ Àπ’ÀÈ “√Àπ’ “∏“√≥– È “∏“√≥– PUBLIC DEBT MANAGEMENT OFFICE

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¢âÕ¡Ÿ≈Àπ’È “∏“√≥–

√“¬ß“πÀπ’È “∏“√≥–§ß§â“ß ≥ «—π∑’Ë 30 °—π¬“¬π 2553 ≥ «—π∑’Ë 30 °—π¬“¬π 2553 Àπ’È “∏“√≥–§ß§â“ß¡’®”π«π∑—Èß ‘Èπ 4,230,745 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 42.3 ¢Õß GDP (‚¥¬ªï°Õà πÀπâ“Àπ’ È “∏“√≥–§ß§â“ß¡’®”π«π∑—ßÈ ‘πÈ 4,001,942 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 45.55 ¢Õß GDP) ‚¥¬ —¥ à«πÀπ’È “∏“√≥–§ß§â“ß ≥ ‘Èπªïß∫ª√–¡“≥¥—ß°≈à“«ª√–°Õ∫¥â«¬Àπ’È∑’Ë√—∞∫“≈°Ÿâ‚¥¬µ√ß 2,907,482 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 69 ¢ÕßÀπ’ È “∏“√≥–§ß§â“ß Àπ’√È ∞— «‘ “À°‘®∑’‰Ë ¡à‡ªìπ ∂“∫—π°“√‡ß‘π (SOEs) 1,083,983 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 26 ¢ÕßÀπ’È “∏“√≥–§ß§â“ß Àπ’È√—∞«‘ “À°‘®∑’Ë‡ªìπ ∂“∫—π°“√‡ß‘π (√—∞∫“≈§È”ª√–°—π) (SFIs) 177,179 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 4 ¢ÕßÀπ’ È “∏“√≥–§ß§â“ß ·≈–Àπ’°È Õß∑ÿπøóπô øŸ·≈–æ—≤π“√–∫∫ ∂“∫—π°“√‡ß‘π (FIDF) 62,100 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 1 ¢ÕßÀπ’È “∏“√≥–§ß§â“ß √“¬°“√ Àπ’È∑’Ë√—∞∫“≈°Ÿâ‚¥¬µ√ß - Àπ’È„πª√–‡∑» - Àπ’Èµà“ßª√–‡∑» Àπ’È√—∞«‘ “À°‘®∑’Ë‰¡à‡ªìπ ∂“∫—π°“√‡ß‘π Àπ’È√—∞«‘ “À°‘®∑’Ë‡ªìπ ∂“∫—π°“√‡ß‘π (√—∞∫“≈§È”ª√–°—π) Àπ’È°Õß∑ÿπøóôπøŸ·≈–æ—≤π“√–∫∫ ∂“∫—π°“√‡ß‘π √«¡∑—Èß ‘Èπ

«ß‡ß‘π (≈â“π∫“∑) 2,907,482 2,853,295 54,188 1,083,983 177,179 62,100 4,230,745

% 69% 67% 1% 26% 4% 1% 100%

—¥ à«πÀπ’È “∏“√≥– Àπ’È “∏“√≥– ≥ «—π∑’Ë 30 °—π¬“¬π 2553 ·∫àß‡ªìπÀπ’È„πª√–‡∑»√âÕ¬≈– 91 ·≈–Àπ’Èµà“ßª√–‡∑»√âÕ¬≈– 9 ´÷Ëß —¥ à«πÀπ’È„πª√–‡∑»¡’°“√‡æ‘Ë¡¢÷Èπ®“°ªï∑’Ë·≈â« ‡π◊ËÕß®“° ∫π. ¡’π‚¬∫“¬°“√√–¥¡∑ÿπ®“°„πª√–‡∑» ‡ªìπÀ≈—°·≈–¡’°“√æ—≤π“µ≈“¥µ√“ “√Àπ’¿È “¬„πª√–‡∑»¡“Õ¬à“ßµàÕ‡π◊ÕË ß ∑”„Àâ¡§’ «“¡ “¡“√∂„π°“√√–¥¡∑ÿπ ‰¥âµ“¡§«“¡µâÕß°“√°Ÿâ‡ß‘π §«∫§Ÿà‰ª°—∫°“√∫√‘À“√Àπ’Èµà“ßª√–‡∑»‡æ◊ËÕ≈¥§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π

—¥ à«πÀπ’ÕÈ µ— √“¥Õ°‡∫’¬È §ß∑’µË Õà Àπ’ÕÈ µ— √“¥Õ°‡∫’¬È ≈Õ¬µ—«‡ª≈’¬Ë π·ª≈ß®“°ªï°Õà πÀπâ“ ‚¥¬™à«ß‡«≈“ªï 2553 Õ—µ√“¥Õ°‡∫’È¬Õ¬Ÿà„π™à«ß¢“¢÷Èπ àßº≈„Àâæ—π∏∫—µ√√—∞∫“≈Õ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—«‰¥â√—∫§«“¡π‘¬¡®“°π—°≈ß∑ÿπ ·≈– ¡’º≈∑”„Àâ√—∞∫“≈ÕÕ°æ—π∏∫—µ√√—∞∫“≈Õ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—«‡æ‘Ë¡¢÷Èπ°«à“‡¥‘¡ 1 ‡∑à“ ´÷Ëß∑”„Àâ —¥ à«πÀπ’ÈÕ—µ√“ ¥Õ°‡∫’È¬≈Õ¬µ—«‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπÀπâ“ √“¬°“√ Àπ’È “∏“√≥–§ß§â“ß (≈â“π∫“∑) Àπ’È„πª√–‡∑» : Àπ’Èµà“ßª√–‡∑» —¥ à«πÀπ’È °ÿ≈‡ß‘πµà“ßª√–‡∑» (YEN:USD:EUR) Àπ’È√–¬– —Èπ* : Àπ’È√–¬–¬“« Õ“¬ÿ‡©≈’Ë¬¢ÕßÀπ’È§ß§â“ß (ATM) (ªï) Àπ’ÈÕ—µ√“¥Õ°‡∫’È¬§ß∑’Ë : Àπ’ÈÕ—µ√“¥Õ°‡∫’È¬ ≈Õ¬µ—«

∂“π– ≥ «—π∑’Ë 30 °—π¬“¬π 2552 4,001,942 90 : 10 65 : 19 : 16

∂“π– ≥ «—π∑’Ë 30 °—π¬“¬π 2553 4,230,745 91 : 9 63 : 18 : 19

6 : 94 5.49 89 : 11

5 : 95 5.35 82 : 18

À¡“¬‡Àµÿ: Àπ’È√–¬– —Èπ §◊ÕÀπ’È∑’Ë¡’Õ“¬ÿ§ß‡À≈◊ÕπâÕ¬°«à“ 1 ªï

Àπ’È „πª√–‡∑» „πªïß∫ª√–¡“≥ æ.». 2553 ∫π. ‰¥â√–¥¡∑ÿπ®“°„πª√–‡∑»‡ªìπÀ≈—°‡π◊ËÕß®“° ¿“æ§≈àÕß„πª√–‡∑» ∑’Ë¡’Õ¬Ÿà¡“°·≈–‡æ◊ËÕ‡ªìπ°“√æ—≤π“µ≈“¥µ√“ “√Àπ’È¿“¬„πª√–‡∑» ‚¥¬„πªïß∫ª√–¡“≥ æ.». 2553 ∫π. √–¥¡∑ÿπºà“π°“√ÕÕ°æ—π∏∫—µ√√—∞∫“≈‡ªìπ‡§√◊ËÕß¡◊ÕÀ≈—° ´÷Ëß§‘¥‡ªìπ√âÕ¬≈– 69 ¢Õß§«“¡µâÕß°“√√–¥¡∑ÿπ„π ªïß∫ª√–¡“≥ æ.». 2553 („πªïß∫ª√–¡“≥ æ.». 2552 °“√ÕÕ°æ—π∏∫—µ√√—∞∫“≈§‘¥‡ªìπ√âÕ¬≈– 57 ¢Õß°“√√–¥¡∑ÿπ) Õ¬à“ß‰√°Áµ“¡„πªïß∫ª√–¡“≥ æ.». 2553 ∫π. ‰¥âß¥°“√ÕÕ°æ—π∏∫—µ√√—∞∫“≈√ÿàπÕ“¬ÿ 2 ªï ·≈– 3 ªï ‡æ◊ËÕ≈¥ °“√°√–®ÿ°µ—«¢ÕßÀπ’È

112 113

Àπ’Èµà“ßª√–‡∑» °“√°Ÿâ‡ß‘π®“°µà“ßª√–‡∑»¡’§«“¡‡ ’Ë¬ß®“°§«“¡º—πº«π¢ÕßÕ—µ√“·≈°‡ª≈’Ë¬π ´÷Ëß ∫π. ¡’π‚¬∫“¬∑’Ë®–≈¥ §«“¡‡ ’Ë¬ßÀπ’Èµà“ßª√–‡∑»¢Õß√—∞∫“≈≈ß„Àâ‡À≈◊Õ»Ÿπ¬å ‚¥¬°“√∫√‘À“√Àπ’Èµà“ßª√–‡∑»¥â«¬«‘∏’°“√™”√–§◊πÀπ’È °àÕπ§√∫°”Àπ¥ (Prepayment) °“√°Ÿâ‡ß‘π¥â«¬‡ß◊ËÕπ‰¢„À¡à‡æ◊ËÕ™”√–Àπ’È‡¥‘¡ (Refinance) ·≈–°“√ªÑÕß°—π§«“¡‡ ’Ë¬ß (Hedging) ´÷ßË ªí®®ÿ∫π— √—∞∫“≈¡’ ¥— à«πÀπ’µÈ “à ßª√–‡∑»‡À≈◊Õ‡æ’¬ß 2% ¢ÕßÀπ’√È ∞— ∫“≈∑—ßÈ À¡¥ ‚¥¬ —¥ à«π¥—ß°≈à“«π—πÈ ∫π. ‰¥âªî¥§«“¡‡ ’Ë¬ß‚¥¬°“√ Swap ‰ª·≈â« 40 % πÕ°®“°π’È ∫π. ¬—ß´◊ÈÕ‡ß‘πµà“ßª√–‡∑»‰«â·≈â«Õ’° 18% ·≈–Ω“°∫—≠™’∏π“§“√‡æ◊ËÕ‡µ√’¬¡™”√–Àπ’Èµà“ßª√–‡∑»∑’Ë®–§√∫°”Àπ¥„πªï 54 ´÷Ëß°“√¥”‡π‘π°“√¥—ß°≈à“« àßº≈ „Àâ√∞— ∫“≈¡’§«“¡‡ ’¬Ë ßµàÕ§«“¡º—πº«π °ÿ≈‡ß‘πµà“ßª√–‡∑»‡À≈◊ÕÕ’° 42 % ¢ÕßÀπ’µÈ “à ßª√–‡∑»¢Õß√—∞∫“≈ ´÷ßË ∫π. ®–‡ πÕ·π«∑“ß°“√∫√‘À“√§«“¡‡ ’Ë¬ßÀπ’Èµà“ßª√–‡∑»∑’Ë‡À≈◊Õ¥—ß°≈à“«„π™à«ß‡«≈“∑’Ë‡À¡“– ¡µàÕ‰ª

Àπ’È„πª√–‡∑»¢Õß√—∞∫“≈

Àπ’Èµà“ßª√–‡∑»¢Õß√—∞∫“≈

—¥ à«πÀπ’Èµà“ßª√–‡∑»µàÕÀπ’È√—∞∫“≈∑—ÈßÀ¡¥

≈â“π∫“∑ 3,000,000

50%

2,500,000 35% 2,000,000

1,500,000

25%

1,000,000

14%

500,000 2% 0

0% 2543

2544

2545

2546

2547

2548

2549

Unhedge 42%

2550

2551

2552

FCD 18%

Àπ’Èµà“ßª√–‡∑» ¢Õß√—∞∫“≈

2% Hedge 40%

2553

Àπ’È “∏“√≥–§ß§â“ß ≥ «—π∑’Ë 30 °—π¬“¬π 2552 ·≈– ≥ «—π∑’Ë 30 °—π¬“¬π 2553 °.¬. 2552 ¢Õß GDP (1) 2,586,513.18 62,997.73 (1,879.96) 2,523,515.45 1,288,003.03

1. Àπ’È∑’Ë√—∞∫“≈°Ÿâ‚¥¬µ√ß (1.1 + 1.2) 1.1 Àπ’Èµà“ßª√–‡∑» (≈â“π‡À√’¬≠ À√—∞œ) 1.2 Àπ’È„πª√–‡∑» - ‡ß‘π°Ÿâ™¥‡™¬°“√¢“¥¥ÿ≈ß∫ª√–¡“≥ ·≈– °“√∫√‘À“√Àπ’È - æ—π∏∫—µ√ 906,437.51 - µ—Î« —≠≠“„™â‡ß‘π 100,565.52 - ‡ß‘π°Ÿâ√–¬– —Èπ 0.00 - ‡ß‘π°Ÿâ™¥‡™¬§«“¡‡ ’¬À“¬„Àâ·°à°Õß∑ÿπ 1,136,803.42 ‡æ◊ËÕ°“√øóôπøŸœ - FIDF 1 463}275.20 - FIDF 3 673,528.22 - ‡ß‘π°Ÿâµ“¡‚§√ß°“√™à«¬‡æ‘Ë¡‡ß‘π°Õß∑ÿπ¢—Èπ∑’Ë 1 33,709.00 ·≈– 2 - ‡ß‘π°Ÿâ‡æ◊ËÕøóôπøŸ·≈–‡ √‘¡ √â“ß§«“¡¡—Ëπ§ß 65,000.00 ∑“ß‡»√…∞°‘® 2. Àπ’È√—∞«‘ “À°‘®∑’Ë‰¡à‡ªìπ ∂“∫—π°“√‡ß‘π (2.1 + 2.2) 1,108,580.32 2.1 Àπ’È∑’Ë√—∞∫“≈§È”ª√–°—π 559,473.85 - Àπ’Èµà“ßª√–‡∑» 175,543.56 (≈â“π‡À√’¬≠ À√—∞œ) (5,238.51) - Àπ’È„πª√–‡∑» 411,748.63 3. Àπ’È√—∞«‘ “À°‘®∑’Ë‡ªìπ ∂“∫—π°“√‡ß‘π (√—∞∫“≈§È”ª√–°—π) 208,702.02 - Àπ’Èµà“ßª√–‡∑» 8,477.55 (≈â“π‡À√’¬≠ À√—∞œ) (252.98) - Àπ’È„πª√–‡∑» 200,224.47 4. Àπ’È°Õß∑ÿπ‡æ◊ËÕ°“√øóôπøŸ (4.1 + 4.2) 98,146.48 4.1 Àπ’È∑’Ë√—∞∫“≈§È”ª√–°—π 73,794.60 4.2 Àπ’È∑’Ë√—∞∫“≈‰¡à§È”ª√–°—π 24,351.88 5. Àπ’ÈÀπà«¬ß“πÕ◊Ëπ¢Õß√—∞ (5.1 + 5.2) 5.1 Àπ’È∑’Ë√—∞∫“≈§È”ª√–°—π 5.2 Àπ’È∑’Ë√—∞∫“≈‰¡à§È”ª√–°—π √«¡ (1 + 2 + 3 + 4 + 5) 4,001,942.00 Õ—µ√“·≈°‡ª≈’Ë¬π∫“∑µàÕ‡À√’¬≠ À√—∞œ 31.2531 (≥ «—π∑”°“√ ÿ¥∑â“¬¢Õß‡¥◊Õπ) ª√–¡“≥°“√ GDP 8,786,290.00

√âÕ¬≈–

°.¬. 2553

(2) 29.44

(3) 2,907,482.31 54,187.63 (1,784.44) 2,853,294.68 1,437,773.44

12.62

2.38

1.12

0.00

45.55

√âÕ¬≈– ¢Õß GDP (4) 29.07

‡æ‘¡Ë /(≈¥) (3)-(1) 320,969.13 (8,810.10) (95.52) 329,779.23 149,770.41

1,251,247.92 32,525.52 0.00 1,126,523.24

344,810.41 (68,040.00) (10,280.18)

463}275.20 663,248.04 2,998.00

(10,280.18) (30,711.00)

286,000.00

221,000.00

1,083,982.57 534,686.21 161,343.22 (5,313.15) 409,154.63 177,179.43 6,851.64 (225.63) 170,327.79 62,100.43 30,445.18 31,655.25 4,230,744.74 30.3668 10,000,900.00

10.84

1.77

0.62

0.00

42.30

(24,597.75) (24,787.64) (14,200.34) 74.63 (2,594.00) (31,522.59) (1,625.91) (27.35) (29,896.68) (36,046.05) (43,349.42) 7,303.37 228,802.74

115

°‘¢Õß ”π— ®°√√¡ °ß“π∫√‘À“√Àπ’È “∏“√≥– ª√–®”ªï 2553

PUBLIC DEBT MANAGEMENT OFFICE

æ‘∏’∂«“¬ —µ¬åªØ‘≠“≥‡æ◊ËÕ‡ªìπ¢â“√“™°“√∑’Ëà¥’·≈–æ≈—ß ¢Õß·ºàπ¥‘π §≥–ºŸ∫â √‘À“√ æ√âÕ¡¢â“√“™°“√ æπ—°ß“π√“™°“√·≈–≈Ÿ°®â“ß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– √à«¡æ‘∏’∂«“¬ —µ¬åªØ‘≠“≥‡æ◊ËÕ ‡ªìπ¢â“√“™°“√∑’Ë¥’ ·≈–æ≈—ß¢Õß·ºàπ¥‘π ‡æ◊ËÕ√à«¡· ¥ß∂÷ßæ≈—ß ·Ààß§«“¡ “¡—§§’ ‚¥¬¡’®ÿ¥¡ÿàßÀ¡“¬‡æ◊ËÕ„Àâ¢â“√“™°“√µ—Èß„®∑”·µà §«“¡¥’ ∂«“¬‡ªìπ√“™ —°°“√–·¥àæ√–∫“∑ ¡‡¥Á®æ√–‡®â“Õ¬ŸàÀ—« ·≈–√à « ¡ ”π÷ ° „πæ√–¡À“°√ÿ ≥ “∏‘ §ÿ ≥ ∑’Ë ‰ ¥â ∑ √ß§√Õß·ºà π ¥‘ π π’È ‚¥¬∏√√¡µ≈Õ¥¡“ ‡¡◊Ë Õ «— π æƒÀ— ∫¥’ ∑’Ë 3 ∏— π «“§¡ 2552 ≥ ÀâÕßª√–™ÿ¡ 401 ‚¥¬¡’π“¬ ÿ«‘™≠å ‚√®π«“π‘™ √ÕßºŸâÕ”π«¬°“√ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ‡ªìπª√–∏“π„πæ‘∏’

°“√°Ÿâ‡ß‘π®“°√—∞∫“≈≠’ËªÿÉπ ”À√—∫‚§√ß°“√ª√—∫ª√ÿß°‘®°“√ª√–ª“·ºπÀ≈—° §√—Èß∑’Ë 8 π“¬°√≥å ®“µ‘°«≥‘™ √—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ß ·≈– œæ≥œ π“¬ Kyoji Komachi ‡Õ°Õ—§√√“™∑Ÿµ ≠’ËªÿÉπ ª√–®”ª√–‡∑»‰∑¬ ‰¥â≈ßπ“¡„πÀπ—ß ◊Õ·≈°‡ª≈’Ë¬π«à“¥â«¬§«“¡√à«¡¡◊Õ∑“ß°“√‡ß‘π√–À«à“ß√—∞∫“≈‰∑¬ °—∫√—∞∫“≈≠’ËªÿÉπ ”À√—∫‚§√ß°“√ª√—∫ª√ÿß°‘®°“√ª√–ª“·ºπÀ≈—° §√—Èß∑’Ë 8 ¢Õß°“√ª√–ª“π§√À≈«ß ·≈– π“¬ Yasunori Onishi ºŸâÕ”π«¬°“√‚§√ß°“√§«“¡√à«¡¡◊Õ√–À«à“ßª√–‡∑»≠’ËªÿÉπ (Japan Bank for International Cooperation - JICA) ª√–®”ª√–‡∑»‰∑¬ ≈ßπ“¡ —≠≠“‡ß‘π°Ÿâ°—∫π“¬‡®√‘≠ ™—¬°‘µµ‘»‘≈ªá ºŸâ«à“°“√ª√–ª“π§√À≈«ß ‚¥¬√— ∞ ¡πµ√’ «à “ °“√°√–∑√«ß°“√§≈— ß ≈ßπ“¡„π — ≠ ≠“§È” ª√–°— π ‡ß‘ π °Ÿâ „π«— π ∑’Ë 3 ∏— π «“§¡ 2552 ≥ ÀâÕßª√–™ÿ¡ 401 °√–∑√«ß°“√§≈—ß

‡ªî¥µ—«‚§√ß°“√ àß‡ √‘¡¿“æ≈—°…≥å∑¥’Ë ¢’ ÕßÀπ’ È “∏“√≥– π“¬®—°√°ƒ»Ø‘Ï æ“√“æ—π∏°ÿ≈ ºŸÕâ ”π«¬°“√ ”π—°ß“π∫√‘À“√ Àπ’È “∏“√≥– °≈à“«‡ªî¥‚§√ß°“√ àß‡ √‘¡¿“æ≈—°…≥å∑’Ë¥’¢Õß Àπ’È “∏“√≥– ‡æ◊ËÕ„Àâ “∏“√≥™π‰¥â√—∫§«“¡√Ÿâ§«“¡‡¢â“„®∂÷ß §«“¡ ”§—≠¢Õß°“√°àÕÀπ’È “∏“√≥–µàÕ°“√æ—≤π“‡»√…∞°‘®¢Õß ª√–‡∑» √«¡∑—Èß∫∑∫“∑·≈–¿“√°‘®¢Õß ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ‚¥¬¡’ π“¬«‘ ÿ∑∏‘Ï ®—π¡≥’ ª√–∏“π‚§√ß°“√ àß‡ √‘¡ ¿“æ≈— ° …≥å ∑’Ë ¥’ ¢ ÕßÀπ’È “∏“√≥– °≈à “ «√“¬ß“π∑’Ë ¡ “·≈– «—µ∂ÿª√– ß§å¢Õß‚§√ß°“√œ ¿“¬„πß“πª√–°Õ∫¥â«¬§≥–ºŸ∫â √‘À“√ ‡®â “ Àπâ “ ∑’Ë ¢ Õß ∫π. ·≈–π— ° »÷ ° …“§≥–‡»√…∞»“ µ√å ¡À“«‘∑¬“≈—¬√—ß ‘µ √à«¡√—∫øíß°“√∫√√¬“¬ ‡√◊ËÕß çº≈°“√¥”‡π‘π π‚¬∫“¬Àπ’È “∏“√≥–µàÕ‡»√…∞°‘®·≈– —ß§¡é ∫√√¬“¬‚¥¬ π“¬∞‘µ‘‡∑æ ‘∑∏‘¬» ‡»√…∞°√™”π“≠°“√ à«πª√– “π —¡æ—π∏å π—°≈ß∑ÿπ ”π—°π‚¬∫“¬·≈–·ºπ ≥ ÀâÕßª√–™ÿ¡ 401 ”π—°ß“π ª≈—¥°√–∑√«ß°“√§≈—ß ‡¡◊ËÕ«—π∑’Ë 2 °ÿ¡¿“æ—π∏å 2553

æ‘∏’¡Õ∫√“ß«—≈ ç‡æ™√«“¬ÿ¿—°…åé §√—Èß∑’Ë 1 ª√–®”ªï 2552 π“¬°√≥å ®“µ‘°«≥‘™ √—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ß ‡ªìπª√–∏“π„πæ‘∏’¡Õ∫√“ß«—≈ ç‡æ™√«“¬ÿ¿—°…å §√—Èß∑’Ë 1 ª√–®”ªï 2552 (MOF Innovation Awards 2009)é ‚¥¬¡’ª≈—¥°√–∑√«ß°“√§≈—ß ·≈–À—«Àπâ“Àπà«¬ß“π √“™°“√µà“ßÊ „π —ß°—¥‡¢â“√à«¡„πæ‘∏’ ≥ ÀâÕßª√–™ÿ¡ 401 °√–∑√«ß°“√§≈—ß ‡¡◊ËÕ«—π∑’Ë 5 ¡’π“§¡ 2553

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°“√ª√–™ÿ ¡ ª√–®”ªï ¿“ºŸâ «à “ °“√∏π“§“√ æ—≤π“‡Õ‡™’¬ §√—Èß∑’Ë 43 °“√ª√–™ÿ¡ª√–®”ªï ¿“ºŸ«â “à °“√∏π“§“√æ—≤π“ ‡Õ‡™’ ¬ §√—È ß ∑’Ë 43 ≥ ‡¡◊ Õ ß ∑“´·§π∑å ª√–‡∑» Õÿ ´ ‡∫°‘ ∂“π ‡¡◊Ë Õ «— π ∑’Ë 1 æƒ…¿“§¡ 2553 π“¬®—°√°ƒ»Ø‘Ï æ“√“æ—π∏°ÿ≈ ºŸâÕ”π«¬°“√ ”π—°ß“π ∫√‘ À “√Àπ’È “∏“√≥–‰¥â À “√◊ Õ √–¥— ∫ ∑«‘ ¿ “§’ °— ∫ π“¬ Tom Byrne, Senior Vice President ∫√‘…—∑ ®—¥Õ—π¥—∫‡§√¥‘µ Moodyûs

æ‘∏≈’ ßπ“¡∫—π∑÷°§«“¡µ°≈ß«à“¥â«¬°“√®”Àπà“¬æ—π∏∫—µ√ÕÕ¡∑√—æ¬å ‰∑¬‡¢â¡·¢Áß ªïß∫ª√–¡“≥ 2553 §√—Èß∑’Ë 1 æ‘∏’≈ßπ“¡∫—π∑÷°§«“¡µ°≈ß«à“¥â«¬°“√®”Àπà“¬æ—π∏∫—µ√ÕÕ¡∑√—æ¬å‰∑¬‡¢â¡·¢Áß „πªïß∫ª√–¡“≥ æ.».2553 §√—Èß∑’Ë 1 «—πæƒÀ— ∫¥’∑’Ë 6 æƒ…¿“§¡ 2553 ‡«≈“ 13.30 - 14.45 π. ≥ ÀâÕßª√–™ÿ¡ 401 ™—Èπ 4 Õ“§“√ ”π—°ß“πª≈—¥°√–∑√«ß°“√§≈—ß

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ºÕ. ∫π. ‡¢â“√à«¡æ‘∏’≈ßπ“¡ —≠≠“‡ß‘π°Ÿâ√–À«à“ß√—∞∫“≈‰∑¬°—∫∏π“§“√‚≈° ·≈–√—∞∫“≈‰∑¬ °—∫∏π“§“√æ—≤π“‡Õ‡™’¬ π“¬®—°√°ƒ»Ø‘Ï æ“√“æ—π∏°ÿ≈ ºŸâÕ”π«¬°“√ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ‡¢â“√à«¡æ‘∏’≈ßπ“¡ —≠≠“‡ß‘π°Ÿâ √–À«à “ ß√— ∞ ∫“≈‰∑¬°— ∫ ∏π“§“√‚≈° ·≈–√— ∞ ∫“≈‰∑¬°— ∫ ∏π“§“√æ— ≤ π“‡Õ‡™’ ¬ ”À√— ∫ ‚§√ß°“√°à Õ √â “ ß ∑“ß “¬À≈—°‡ªìπ 4 ™àÕß®√“®√ (√–¬–∑’Ë 2) ≥ ÀâÕßª√–™ÿ¡ 401 ”π—°ß“πª≈—¥°√–∑√«ß°“√§≈—ß ‡¡◊ËÕ«—π»ÿ°√å∑’Ë 11 ¡‘∂ÿπ“¬π 2553

°“√Ωñ°Õ∫√¡°“√°Ÿ‡â ß‘π®“°µà“ßª√–‡∑» ”À√—∫ ‚§√ß°“√‡æ◊ËÕ°“√æ—≤π“‡»√…∞°‘® π“¬ª√–«‘ ™ “√°‘ ® ª√’ ™ “ ∑’Ë ª √÷ ° …“¥â “ π Àπ’È “∏“√≥– ”π— ° ß“π∫√‘ À “√Àπ’È “∏“√≥– ‡ªìπª√–∏“π„π‚§√ß°“√Ωñ°Õ∫√¡°“√°Ÿâ‡ß‘π®“°µà“ß ª√–‡∑» ”À√—∫‚§√ß°“√‡æ◊ËÕ°“√æ—≤π“‡»√…∞°‘® : ‡ß◊ËÕπ‰¢∑“ß‡≈◊Õ° ·≈–°“√∫√‘À“√§«“¡‡ ’Ë¬ß ‚¥¬¡’ ºŸâ·∑π®“° ADB , World Bank ·≈– Standard Chartered Bank Thailand √à«¡‡ «π“ ≥ ÀâÕßª√–™ÿ¡ªÜ«¬ Õ÷Íß¿“°√≥å ™—Èπ 7 ”π—°ß“π‡»√…∞°‘®°“√§≈—ß °√–∑√«ß°“√§≈—ß ‡¡◊ËÕ«—π∑’Ë 22 ¡‘.¬. 53

‚§√ß°“√«‘®—¬ ç¿“√–ºŸ°æ—π∑“ß°“√§≈—ß ¢Õß√—∞∫“≈ : Àπ’È “∏“√≥–∑’Ë´àÕπ‡√âπé π“¬ ÿ «‘ ™ ≠ ‚√®π«“π‘ ™ √ÕßºŸâ Õ”π«¬°“√ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ‡ªìπª√–∏“π„π°“√ ª√–™ÿ¡‡æ◊ÕË √—∫øíß§«“¡§‘¥‡ÀÁπ®“°Àπà«¬ß“π∑’‡Ë °’¬Ë «¢âÕß ‚¥¬¡’ π“¬∏’√—™¬å Õ—µπ«“π‘™ ºŸâÕ”π«¬°“√ ”π—°∫√‘À“√ °“√√–¥¡∑ÿ π ‚§√ß°“√≈ß∑ÿ π ¿“§√— ∞ ‡ªì π À— « Àπâ “ ‚§√ß°“√«‘®—¬ ç¿“√–ºŸ°æ—π∑“ß°“√§≈—ß¢Õß√—∞∫“≈ : Àπ’È “∏“√≥–∑’Ë ´à Õ π‡√â π é ≥ Àâ Õ ß The Library ™—È π B1 ‚√ß·√¡‚π‚«‡∑≈ ¬“¡ ·§«√å ‡¡◊Ë Õ «— π ∑’Ë 31 ‘ßÀ“§¡ 2553

‡¬’Ë ¬ ¡™¡§«“¡°â “ «Àπâ “ ß“π°à Õ √â “ ß ‚§√ß°“√°à Õ √â “ ß∑“ß‡™◊Ë Õ ¡µà Õ ∑“ßæ‘ ‡ »… “¬∫“ßæ≈’- ÿ¢ «— ¥‘Ï ∂ππ«ß·À«πÕÿµ “À°√√¡ π“¬∑«’ ‰Õ»Ÿ√¬åæ‘»“≈»‘√‘ √ÕßºŸâÕ”π«¬°“√ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ·≈–‡®â“Àπâ“∑’Ë ”π—°®—¥°“√Àπ’È 2 µ√«®‡¬’Ë¬¡‚§√ß°“√°àÕ √â“ß∑“ß‡™◊ËÕ¡µàÕ∑“ßæ‘‡»… “¬∫“ßæ≈’ - ÿ¢ «— ¥‘Ï ∂ππ«ß·À«πÕÿµ “À°√√¡ ¡’√–¬–∑“ßª√–¡“≥ 2 °‘‚≈‡¡µ√ ´÷Ëß®–™à«¬≈¥ªí≠À“§«“¡§—∫§—Ëß¢Õß°“√®√“®√ Õ’°∑—Èß‡ªìπ°“√ àß‡ √‘¡°“√„Àâ ∫√‘°“√∑“ßæ‘‡»…„Àâ¡ª’ √– ‘∑∏‘¿“æ§√Õ∫§≈ÿ¡°“√‡¥‘π∑“ß¡“°¢÷πÈ §“¥«à“®–°àÕ √â“ß·≈â«‡ √Á®·≈–‡ªî¥„Àâ∫√‘°“√‰¥â „πªï 2554 ≥ ”π—°ß“π π“¡ ∂ππªŸÉ‡®â“ ¡‘ßæ√“¬ ‡¡◊ËÕ«—π∑’Ë 9 °—π¬“¬π 2553

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°“√ª√–™ÿ¡ PDMO-Market Dialogue ª√–®”ªïß∫ª√–¡“≥ 2553 π“¬®—°√°ƒ»Ø‘Ï æ“√“æ—π∏°ÿ≈ ºŸâÕ”π«¬°“√ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ‡ªìπª√–∏“π°“√ª√–™ÿ¡ PDMO-Market Dialogue ª√–®”ªïß∫ª√–¡“≥ 2553 ‡æ◊ËÕ√—∫øíß·≈–·≈°‡ª≈’Ë¬π§«“¡§‘¥‡ÀÁπ ‡°’Ë¬«°—∫¿“«–µ≈“¥ µ√“ “√Àπ’È „ πªí ® ®ÿ ∫— π ·ºπ°“√√–¥¡∑ÿ π ¢Õß√— ∞ ∫“≈„πªï ß ∫ª√–¡“≥ 2554 ·≈–·π«∑“ß°“√æ— ≤ π“ µ≈“¥µ√“ “√Àπ’È„πª√–‡∑»‰∑¬ ≥ ÀâÕßª√–™ÿ¡ 401 °√–∑√«ß°“√§≈—ß ‡¡◊ËÕ«—π∑’Ë 17 °—π¬“¬π 2553

µ‘¥µ“¡§«“¡§◊∫Àπâ“°“√°àÕ √â“ß‚§√ß°“√ √∂‰øøÑ“¡À“π§√ “¬‡©≈‘¡√—™¡ß§≈ ™à«ß À—«≈”‚æß - ∫“ß´◊ËÕ ºÕ. ®π.2 ·≈–§≥–ºŸâ·∑π ∫π. ‡¥‘π∑“ß‡¬’Ë¬¡ ™¡·≈–µ‘¥µ“¡§«“¡§◊∫Àπâ“°“√°àÕ √â“ß‚§√ß°“√ √∂‰øøÑ“¡À“π§√ “¬‡©≈‘¡√—™¡ß§≈ ™à«ßÀ—«≈”‚æß∫“ß´◊ÕË ¢Õß°“√√∂‰øøÑ“¢π àß¡«≈™π·Ààßª√–‡∑»‰∑¬ æ√âÕ¡√—∫øíß°“√∫√√¬“¬ ‡√◊ËÕß °“√‡¥‘π√∂·≈–°“√ ∫√‘À“√®—¥°“√ ‚¥¬«‘∑¬“°√®“°∫√‘…∑— √∂‰øøÑ“°√ÿß‡∑æ ®”°—¥ (¡À“™π) ‡¡◊ËÕ«—π∑’Ë 22 °—π¬“¬π 2553

ºÕ. ∫π. √à«¡°“√‡ «π“ Asian Borrowers Forum π“¬®—°√°ƒ»Ø‘Ï æ“√“æ—π∏°ÿ≈ ºŸâÕ”π«¬°“√ ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥– ‡¢â“√à«¡°“√‡ «π“ çAsian Borrowers Forumé ®— ¥ ‚¥¬ Euromoney ‡æ◊ËÕ™—°™«ππ—°≈ß∑ÿπ ∂“∫—π√“¬„À≠à¢Õß¬ÿ‚√ª°«à“ 200 ·Ààß ‡¢â“≈ß∑ÿπ„πµ≈“¥µ√“ “√Àπ’È‰∑¬ ´÷Ëß‰¥â√—∫ §«“¡ π„® ·≈–°“√µÕ∫√—∫‡ªìπÕ¬à“ß¥’®“°π—°≈ß∑ÿπ ∑’Ë‡¢â“√à«¡°“√‡ «π“ ≥ °√ÿß≈Õπ¥Õπ ª√–‡∑»Õ—ß°ƒ… «—π∑’Ë 23 °—π¬“¬π 2553

√¡™.§≈—ß √à«¡≈ßπ“¡„πÀπ—ß ◊Õ·≈°‡ª≈’¬Ë π«à“ ¥â«¬§«“¡√à«¡¡◊Õ∑“ß°“√‡ß‘π√–À«à“ß√—∞∫“≈ ‰∑¬°— ∫ ≠’Ë ªÿÉ π ”À√— ∫ ‚§√ß°“√‡ß‘ π °Ÿâ √— ∞ ∫“≈ ≠’ËªÿÉπ§√—Èß∑’Ë 32 π“¬ª√–¥‘…∞å ¿—∑√ª√– ‘∑∏‘Ï √—∞¡πµ√’™«à ¬«à“°“√ °√–∑√«ß°“√§≈—ß ·≈–π“¬ Yuji Kumamaru Õÿª∑Ÿµ √—°…“°“√·∑π‡Õ°Õ—§√√“™∑Ÿµ≠’ªË πÿÉ ª√–®”ª√–‡∑»‰∑¬ ‰¥â≈ßπ“¡„πÀπ—ß ◊Õ·≈°‡ª≈’Ë¬π«à“¥â«¬§«“¡√à«¡¡◊Õ ∑“ß°“√‡ß‘π√–À«à“ß√—∞∫“≈‰∑¬°—∫≠’ËªÿÉπ ”À√—∫‚§√ß°“√‡ß‘π°Ÿâ√—∞∫“≈≠’ËªÿÉπ§√—Èß∑’Ë 32 ‚¥¬¡’ºŸâ∫√‘À“√√–¥—∫ Ÿß®“° ”π—°ß“π∫√‘À“√Àπ’È “∏“√≥–‡¢â“√à«¡æ‘∏’≈ßπ“¡¥—ß°≈à“« ≥ ÀâÕßª√–™ÿ¡ 401 °√–∑√«ß°“√§≈—ß ‡¡◊ËÕ«—π∑’Ë 28 °—π¬“¬π 2553

∫π. √à«¡„® ™à«¬‡À≈◊ÕºŸâª√– ∫¿—¬πÈ”∑à«¡ ∫π. √à«¡°—π∫√‘®“§‡ß‘π·≈–¢Õß„™â®”‡ªìπ‡æ◊ËÕ ™à«¬‡À≈◊ÕºŸâª√– ∫Õÿ∑°¿—¬ ≥ ∂“π’«‘∑¬ÿ‚∑√∑—»πå °Õß∑—æ∫° ™àÕß 5 ‡¡◊ËÕ«—π∑’Ë 28 µÿ≈“§¡ 2553

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