Ada Pertanyaan? Hubungi Kami 
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Ada Pertanyaan? Hubungi Kami Fathan Qorib, Christina Desy
As a developing country with fluctuating economic conditions, Indonesia must remain alert and be prepared with preventatives measures in place to deal with any economic turmoil, including the predicted fall out whenthe United States Federal Reserve (“Fed”) increases its interest rates. The Fed’s move is expected to attract more capital to the United States which will in turn cause capital flows out of other countries.
Stemming from such concerns, Kartika Wijoatmodjo, Executive Head of the Indonesia Deposit Insurance Corporation (Lembaga Penjamin Simpanan – “LPS”) emphasized that Indonesia must strive to achieve and maintain financial stability. One measure to do so is to pass the Draft Bill on Financial System Safety Net (JaringPengamanSistem Keuangan – “JPSK”), which will provide better certainty in managing collapsed banks with systematic impacts.
The draft bill will mandate the establishment of an institutionwiththe authority to determine a crisis. Furthermore, it will also set out crisis parameters and cover the matter of bail-out funds for collapsed banks.
These measures are important to avoid another bad precedent like the Bank Century case. That case showed how various parties misinterpreted Bank Century’s situation as a crisis which could systematically jeopardize other banks, and ultimately ended in allegations of criminal conduct. By having clear guidelines, stakeholders and decision makers will be more protected in organizing their responsibilities.
In addition, Mrs. Wijoatmodjo recommends that the status of the Coordination Forum for Financial System Stability (Forum Stabilitas Sistem Keuangan – “FKSSK”) be upgraded toa permanent institution. By doing so, the institution could immediately implement anticipatory measures as a crisis emerges.
Sharing this view, Hikmahanto Juwana, an international law expert from Universitas Indonesia, said he supports the issue of the JPSK draft bill. Mr. Juwana also added, however, it is important that Indonesia improve its corruption eradication systemto prevent the JPSK regulation being misused as an immunity shieldby policymakers.
(hot/kc)
Fathan Qorib, Christina Desy
As a developing country with fluctuating economic conditions, Indonesia must remain alert and be prepared with preventatives measures in place to deal with any economic turmoil, including the predicted fall out whenthe United States Federal Reserve (“Fed”) increases its interest rates. The Fed’s move is expected to attract more capital to the United States which will in turn cause capital flows out of other countries.
Stemming from such concerns, Kartika Wijoatmodjo, Executive Head of the Indonesia Deposit Insurance Corporation (Lembaga Penjamin Simpanan – “LPS”) emphasized that Indonesia must strive to achieve and maintain financial stability. One measure to do so is to pass the Draft Bill on Financial System Safety Net (JaringPengamanSistem Keuangan – “JPSK”), which will provide better certainty in managing collapsed banks with systematic impacts.
The draft bill will mandate the establishment of an institutionwiththe authority to determine a crisis. Furthermore, it will also set out crisis parameters and cover the matter of bail-out funds for collapsed banks.
These measures are important to avoid another bad precedent like the Bank Century case. That case showed how various parties misinterpreted Bank Century’s situation as a crisis which could systematically jeopardize other banks, and ultimately ended in allegations of criminal conduct. By having clear guidelines, stakeholders and decision makers will be more protected in organizing their responsibilities.
In addition, Mrs. Wijoatmodjo recommends that the status of the Coordination Forum for Financial System Stability (Forum Stabilitas Sistem Keuangan – “FKSSK”) be upgraded toa permanent institution. By doing so, the institution could immediately implement anticipatory measures as a crisis emerges.
Sharing this view, Hikmahanto Juwana, an international law expert from Universitas Indonesia, said he supports the issue of the JPSK draft bill. Mr. Juwana also added, however, it is important that Indonesia improve its corruption eradication systemto prevent the JPSK regulation being misused as an immunity shieldby policymakers.
(hot/kc)