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Ada Pertanyaan? Hubungi Kami Marcell Sihombing, Nando Narendra
OJK's Office. Photo by: RES.
In spite of the widely held belief that the recently passed Bill on the Prevention and Control of Financial-System Crises(Bill) already sets out comprehensive provisions on the control of Systematically Important Banks (SIB), the Financial Services Authority (OJK) has just stated that it has established a number of new provisions pertaining to the same matters.
Under the Bill, a bank is to be classified as an SIB if it is considered to have the potential to affect the entire financial system should it get into any trouble resulting from its asset pool, capitalization, responsibilities, network, transaction complexity, and/or close relationships with other financial sectors. Three distinct areas covering Systematically Important Banks (SIB) are set out under the Bill.
Firstly, the Bill authorizes the OJK, as the regulatory body and overseer responsible for the banking sector, to determine which banks are to be classified as SIBs. However, it should be noted that the OJK actually issued several regulations covering the determination of SIBs prior to the passage of the Bill. Specifically, in December of 2015, the OJK issued OJK Regulation No. 46/POJK.03/2015on the Determination of Systematically Important Banks and Capital Surcharges (2015 OJK Regulation). According to Article 2 of the 2015 OJK Regulation, the OJK must coordinate with Bank Indonesia (BI) when determining lists of SIBs and capital surcharges for such SIBs.
“We [the OJK] have already anticipated this issue through the issuance of the 2015 OJK Regulation,” Budi Armanto, the OJK’s Deputy Commissioner of Banking Oversight II, told hukumonline on Monday, 4 April 2016.
Mr. Armanto also stated that the 2015 OJK Regulation was not issued as an implementing regulation to the Bill however, as the fundamental provisions contained within both regulations are essentially aimed at achieving the same goal, namely the prevention of any national financial crisis.
“Essentially, the provisions regulating SIBs already existed before the Bill passed. However, the Bill now requires that the determination of SIBs be undertaken jointly by the OJK and BI before then being made available to the Financial System Stability Committee [Komite Stabilitas Sistem Keuangan – “KSSK”]. The current coordination process, which is being undertaken in conjunction with BI, seems to be going very well, especially as regards the determination of SIBs” Mr. Armanto asserted.
The second section of the bill relating to SIBs pertains to their obligations. The Bill mandates that SIBs should satisfy specific provisions relating to minimum capital-adequacy ratios and liquidity-adequacy ratios, as well as create action plans that encompass, at the least, the obligations of shareholders and/or other parties to add to a bank’s capital and transform certain types of debt into bank capital. Moreover, such action plans must first gain the approval of the OJK.
Mr. Armanto revealed to hukumonline that the OJK had already issued a regulation covering action plans for banks, specifically OJK Regulation No. 5/POJK.03/2015on Business Plans for Banks. This particular piece of regulation mandates that a bank’s Board of Directors should draw up a realistic annual business plan which must then be approved by its Board of Commissioners. This business plan must, at the least, cover prudentially principles, the implementation of risk management, and the implementation of a healthy banking system.
Mr. Armanto further stated that his institution had also regulated the area of capitalization through the issuance of OJK Regulation No. 11/POJK.03/2016on Mandatory Minimum Capital Allocations for Conventional Banks, as well as the area of liquidity through the issuance of OJK Regulation No. 42/POJK.03/2015on Mandatory Liquidity Coverage Ratio Compliance for Conventional Banks.
“Indirectly speaking, the OJK Regulation covering these matters has been incorporated into the above OJK Regulations. However, it should be stressed that these regulations do not constitute an implementing regulation as regards the Bill. Indeed, an OJK Regulation specifically formulated as an implementing regulation to the Bill will also be issued in time,” asserted Mr. Armanto.
The third section of the bill relating to SIBs pertains to action plans and recovery plans intended to maintain an SIB’s financial health. Where this area is concerned, the Bill stipulates that the OJK must ensure the implementation of an action plan or recovery plan by issuing a written directive to the SIB in question, as well as placing a statutory manager to work in the SIB, and other measures set out in Law No. 21 of 2011on the Financial Services Authority. This means that the Bill mandates for the OJK to issue a separate OJK Regulation covering these matters.
In response to this mandate, Mr. Armanto revealed that his institution was currently formulating the relevant OJK Regulation. However, he also asserted that the OJK had already regulated the issue of statutory managers through OJK Regulation No. 41/POJK.05/2015on Procedures for the Appointment of Statutory Managers for Financial Service Institutions.
Commenting on this issue in a press release obtained by hukumonline on Monday, 4 April 2016, N.E. Fatimah, Head of the Communication and Information Services Bureau at the Ministry of Finance, stated that the drawing up of a list of SIBs should be undertaken when the overall stability of the financial system was still considered normal, i.e. well in advance of any potential crisis. Moreover, Mrs. Fatimah also suggested that each list be updated every six months.
“This means that we must not wait until a bank is already experiencing difficulties before designating it as an SIB,” Mrs. Fatimah asserted.
Furthermore, Mrs. Fatimah also noted that the Bill sets out comprehensive provisions relating to SIB recovery plans. Mrs. Fatimah explained that SIBs which are currently facing liquidity issues may apply for a short-term liquidity loan or short-term sharia liquidity financing. Meanwhile, the Bill also sets out two new ways in which a troubled SIB can overcome any solvency issues that it may be experiencing.
“These two new methods encompass transferring an SIB’s assets/obligations to another bank acting as a receiver or intermediary (the so-called purchase-and-assumption mechanism), or to a newly established bank which will serve as a bridge bank,” concluded Mrs. Fatimah.
(For more information on the Bill, see ILB No. 2847and ILD No. 448)
(rfs/sp)
Marcell Sihombing, Nando Narendra
OJK's Office. Photo by: RES.
In spite of the widely held belief that the recently passed Bill on the Prevention and Control of Financial-System Crises(Bill) already sets out comprehensive provisions on the control of Systematically Important Banks (SIB), the Financial Services Authority (OJK) has just stated that it has established a number of new provisions pertaining to the same matters.
Under the Bill, a bank is to be classified as an SIB if it is considered to have the potential to affect the entire financial system should it get into any trouble resulting from its asset pool, capitalization, responsibilities, network, transaction complexity, and/or close relationships with other financial sectors. Three distinct areas covering Systematically Important Banks (SIB) are set out under the Bill.
Firstly, the Bill authorizes the OJK, as the regulatory body and overseer responsible for the banking sector, to determine which banks are to be classified as SIBs. However, it should be noted that the OJK actually issued several regulations covering the determination of SIBs prior to the passage of the Bill. Specifically, in December of 2015, the OJK issued OJK Regulation No. 46/POJK.03/2015on the Determination of Systematically Important Banks and Capital Surcharges (2015 OJK Regulation). According to Article 2 of the 2015 OJK Regulation, the OJK must coordinate with Bank Indonesia (BI) when determining lists of SIBs and capital surcharges for such SIBs.
“We [the OJK] have already anticipated this issue through the issuance of the 2015 OJK Regulation,” Budi Armanto, the OJK’s Deputy Commissioner of Banking Oversight II, told hukumonline on Monday, 4 April 2016.
Mr. Armanto also stated that the 2015 OJK Regulation was not issued as an implementing regulation to the Bill however, as the fundamental provisions contained within both regulations are essentially aimed at achieving the same goal, namely the prevention of any national financial crisis.
“Essentially, the provisions regulating SIBs already existed before the Bill passed. However, the Bill now requires that the determination of SIBs be undertaken jointly by the OJK and BI before then being made available to the Financial System Stability Committee [Komite Stabilitas Sistem Keuangan – “KSSK”]. The current coordination process, which is being undertaken in conjunction with BI, seems to be going very well, especially as regards the determination of SIBs” Mr. Armanto asserted.
The second section of the bill relating to SIBs pertains to their obligations. The Bill mandates that SIBs should satisfy specific provisions relating to minimum capital-adequacy ratios and liquidity-adequacy ratios, as well as create action plans that encompass, at the least, the obligations of shareholders and/or other parties to add to a bank’s capital and transform certain types of debt into bank capital. Moreover, such action plans must first gain the approval of the OJK.
Mr. Armanto revealed to hukumonline that the OJK had already issued a regulation covering action plans for banks, specifically OJK Regulation No. 5/POJK.03/2015on Business Plans for Banks. This particular piece of regulation mandates that a bank’s Board of Directors should draw up a realistic annual business plan which must then be approved by its Board of Commissioners. This business plan must, at the least, cover prudentially principles, the implementation of risk management, and the implementation of a healthy banking system.
Mr. Armanto further stated that his institution had also regulated the area of capitalization through the issuance of OJK Regulation No. 11/POJK.03/2016on Mandatory Minimum Capital Allocations for Conventional Banks, as well as the area of liquidity through the issuance of OJK Regulation No. 42/POJK.03/2015on Mandatory Liquidity Coverage Ratio Compliance for Conventional Banks.
“Indirectly speaking, the OJK Regulation covering these matters has been incorporated into the above OJK Regulations. However, it should be stressed that these regulations do not constitute an implementing regulation as regards the Bill. Indeed, an OJK Regulation specifically formulated as an implementing regulation to the Bill will also be issued in time,” asserted Mr. Armanto.
The third section of the bill relating to SIBs pertains to action plans and recovery plans intended to maintain an SIB’s financial health. Where this area is concerned, the Bill stipulates that the OJK must ensure the implementation of an action plan or recovery plan by issuing a written directive to the SIB in question, as well as placing a statutory manager to work in the SIB, and other measures set out in Law No. 21 of 2011on the Financial Services Authority. This means that the Bill mandates for the OJK to issue a separate OJK Regulation covering these matters.
In response to this mandate, Mr. Armanto revealed that his institution was currently formulating the relevant OJK Regulation. However, he also asserted that the OJK had already regulated the issue of statutory managers through OJK Regulation No. 41/POJK.05/2015on Procedures for the Appointment of Statutory Managers for Financial Service Institutions.
Commenting on this issue in a press release obtained by hukumonline on Monday, 4 April 2016, N.E. Fatimah, Head of the Communication and Information Services Bureau at the Ministry of Finance, stated that the drawing up of a list of SIBs should be undertaken when the overall stability of the financial system was still considered normal, i.e. well in advance of any potential crisis. Moreover, Mrs. Fatimah also suggested that each list be updated every six months.
“This means that we must not wait until a bank is already experiencing difficulties before designating it as an SIB,” Mrs. Fatimah asserted.
Furthermore, Mrs. Fatimah also noted that the Bill sets out comprehensive provisions relating to SIB recovery plans. Mrs. Fatimah explained that SIBs which are currently facing liquidity issues may apply for a short-term liquidity loan or short-term sharia liquidity financing. Meanwhile, the Bill also sets out two new ways in which a troubled SIB can overcome any solvency issues that it may be experiencing.
“These two new methods encompass transferring an SIB’s assets/obligations to another bank acting as a receiver or intermediary (the so-called purchase-and-assumption mechanism), or to a newly established bank which will serve as a bridge bank,” concluded Mrs. Fatimah.
(For more information on the Bill, see ILB No. 2847and ILD No. 448)
(rfs/sp)