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Ada Pertanyaan? Hubungi Kami Marcell Sihombing, ANT
Deposit Insurance Corporation. Photo: LPS
Commenting on this issue, LPS Executive Chairman, Mr. Fauzi Ichsan, asserted that two premium fees must be paid by the banking industry in the future, namely the savings premium (premi simpanan) and the PRP premium. At present, the LPS only collects the savings premium twice a year, which is currently set at 0.2% of a bank’s savings. The premiums collected by the LPS now amount to some IDR 60 trillion.
Mr. Ichsan further explained that PRP premium fees would only be levied on Domestic Systematically Important Banks (DSIB), and that it will take some time before this policy could be effectively implemented. The LPS must first propose an amendment to the LPS Regulation governing the amount of premiums. Moreover, the actual levels of the PRP premium fees themselves must first be discussed by the House of Representatives, as well as various banks working in the industry.
“We [the LPS] need to discuss this matter first in order to avoid placing an additional burden on the banking industry,” asserted Mr. Ichsan after attending the PPSK Law Dissemination event, which was held on Thursday, 23 June 2016. “And even if the regulatory framework has already been completed, the premiums themselves will not be immediately enforced. Indeed, it will take some time to implement this policy,” Mr. Ichsan added.
Article 39 of the PPKSK Law regulates the sources of the restructuring program (PRP). The law stipulates that PRP premium fees should derive from additional capital provided by a bank’s stockholders or other parties, as well as from the conversion of debt into capital, the management of assets and liabilities, contributions from the banking industry, and loans obtained by the LPS.
Meanwhile, the bank restructuring program (PRP) is ultimately under the control of the President, who can act based on recommendations made by the Financial System Stability Committee (Komite Stabilitas Sistem Keuangan – KSSK). However, Suahasil Nazara, Head of the Fiscal Policy Institution at the Ministry of Finance, believes that in the final analysis, President Joko Widodo has the authority to ignore any KSSK recommendations regarding what constitutes an economic crisis. Mr. Nazara asserted that the determination of financial crisis is in fact not solely based on the recommendations made by the four members of the KSSK [i.e. the Central Bank of Indonesia (BI), the Financial Services Authority (OJK), the Ministry of Finance and the LPS], because this constitutes a political decision which must be taken by the President.
“Can the President have his own opinion? I must clearly state that yes he can, because the President is responsible for any political actions that he takes, and this includes the responsibility for the handling of any financial crisis,” asserted Mr. Nazara. “Each KSSK member makes recommendations based upon their specific area of expertise: monetary advice from BI, fiscal advice from the Ministry of Finance, financial sector advice from the OJK and bank resolution advice from the LPS, however the President will also have his own point of view”.
Additionally, Mr. Nazara pointed to each KKSK member’s obligation to formulate implementing regulations in order to stave off any potential financial crisis prevention, as well as a countermeasures protocol. One such protocol which is currently in the process of being finalized is the protocol for the determination of the list of DSIBs by the LPS and the OJK. Banks which are eventually included on this list of DSIBs will be placed under special surveillance and the list itself will be evaluated periodically.
“We [the KSSK] are stressing the fact that the protocol used in order to determine DSIBs must be both clear and definitive. Any list of DSIBs must not be modified after a financial crisis status has already been announced. This is in contrast with the past, when a bank could suddenly be designated as DSIB in the middle of the night,” asserted Mr. Nazara.
Mr. Nazara further revealed that the KSSK was planning to determine a list of DSIBs in July of this year, in accordance with the recently issued PPKSK Law Action Plan. Banks can become a DSIB if they have a widespread business network, as well as connections with other sectors across the financial industry. The KSSK will also tighten surveillance on these DSIBs, to ensure that any negative effects can be immediately mitigated and do not end up infecting the whole financial industry sector.
Boedi Armanto, the OJK’s Deputy Commissioner for Banking Oversight II, was also present at the dissemination event and added that DSIBs were obliged to meet mandated capital-adequacy ratios (CAR) and liquidity provisions. Moreover, DSIBs must first report any corporate-action plans in order to gain approval from the OJK. By way of example, Mr. Armanto asserted that DSIBs must have a CAR of 16%.
“As for the matter of banks having many subsidiary companies, we can count them as conglomerations. Thus, we can implement integrated surveillance methods [against any such banks],” asserted Mr. Armanto.
Note that the OJK and LPS had previously announced that the identity of DSIBs would not be revealed to the public in order to comply with the policy made by the Bank for International Settlements, an international financial institution which is affiliated with many central banks across the globe.
(hs/sp)
Marcell Sihombing, ANT
Deposit Insurance Corporation. Photo: LPS
Commenting on this issue, LPS Executive Chairman, Mr. Fauzi Ichsan, asserted that two premium fees must be paid by the banking industry in the future, namely the savings premium (premi simpanan) and the PRP premium. At present, the LPS only collects the savings premium twice a year, which is currently set at 0.2% of a bank’s savings. The premiums collected by the LPS now amount to some IDR 60 trillion.
Mr. Ichsan further explained that PRP premium fees would only be levied on Domestic Systematically Important Banks (DSIB), and that it will take some time before this policy could be effectively implemented. The LPS must first propose an amendment to the LPS Regulation governing the amount of premiums. Moreover, the actual levels of the PRP premium fees themselves must first be discussed by the House of Representatives, as well as various banks working in the industry.
“We [the LPS] need to discuss this matter first in order to avoid placing an additional burden on the banking industry,” asserted Mr. Ichsan after attending the PPSK Law Dissemination event, which was held on Thursday, 23 June 2016. “And even if the regulatory framework has already been completed, the premiums themselves will not be immediately enforced. Indeed, it will take some time to implement this policy,” Mr. Ichsan added.
Article 39 of the PPKSK Law regulates the sources of the restructuring program (PRP). The law stipulates that PRP premium fees should derive from additional capital provided by a bank’s stockholders or other parties, as well as from the conversion of debt into capital, the management of assets and liabilities, contributions from the banking industry, and loans obtained by the LPS.
Meanwhile, the bank restructuring program (PRP) is ultimately under the control of the President, who can act based on recommendations made by the Financial System Stability Committee (Komite Stabilitas Sistem Keuangan – KSSK). However, Suahasil Nazara, Head of the Fiscal Policy Institution at the Ministry of Finance, believes that in the final analysis, President Joko Widodo has the authority to ignore any KSSK recommendations regarding what constitutes an economic crisis. Mr. Nazara asserted that the determination of financial crisis is in fact not solely based on the recommendations made by the four members of the KSSK [i.e. the Central Bank of Indonesia (BI), the Financial Services Authority (OJK), the Ministry of Finance and the LPS], because this constitutes a political decision which must be taken by the President.
“Can the President have his own opinion? I must clearly state that yes he can, because the President is responsible for any political actions that he takes, and this includes the responsibility for the handling of any financial crisis,” asserted Mr. Nazara. “Each KSSK member makes recommendations based upon their specific area of expertise: monetary advice from BI, fiscal advice from the Ministry of Finance, financial sector advice from the OJK and bank resolution advice from the LPS, however the President will also have his own point of view”.
Additionally, Mr. Nazara pointed to each KKSK member’s obligation to formulate implementing regulations in order to stave off any potential financial crisis prevention, as well as a countermeasures protocol. One such protocol which is currently in the process of being finalized is the protocol for the determination of the list of DSIBs by the LPS and the OJK. Banks which are eventually included on this list of DSIBs will be placed under special surveillance and the list itself will be evaluated periodically.
“We [the KSSK] are stressing the fact that the protocol used in order to determine DSIBs must be both clear and definitive. Any list of DSIBs must not be modified after a financial crisis status has already been announced. This is in contrast with the past, when a bank could suddenly be designated as DSIB in the middle of the night,” asserted Mr. Nazara.
Mr. Nazara further revealed that the KSSK was planning to determine a list of DSIBs in July of this year, in accordance with the recently issued PPKSK Law Action Plan. Banks can become a DSIB if they have a widespread business network, as well as connections with other sectors across the financial industry. The KSSK will also tighten surveillance on these DSIBs, to ensure that any negative effects can be immediately mitigated and do not end up infecting the whole financial industry sector.
Boedi Armanto, the OJK’s Deputy Commissioner for Banking Oversight II, was also present at the dissemination event and added that DSIBs were obliged to meet mandated capital-adequacy ratios (CAR) and liquidity provisions. Moreover, DSIBs must first report any corporate-action plans in order to gain approval from the OJK. By way of example, Mr. Armanto asserted that DSIBs must have a CAR of 16%.
“As for the matter of banks having many subsidiary companies, we can count them as conglomerations. Thus, we can implement integrated surveillance methods [against any such banks],” asserted Mr. Armanto.
Note that the OJK and LPS had previously announced that the identity of DSIBs would not be revealed to the public in order to comply with the policy made by the Bank for International Settlements, an international financial institution which is affiliated with many central banks across the globe.
(hs/sp)