Credit Restructuring of State-Owned Banks Still Hampered
Tuesday, 23 January, 2007 | 17:31 WIB

TEMPO Interactive, Jakarta: Debt restructuring of state-owned banks is still hampered by the Finance Minister’s Decree Number S-26/MK.01/2000.

According to member of Banking Commission at the House of Representatives (DPR) Dradjad H. Wibowo, based on the decree, all debt restructuring whose values are above Rp1 trillion must be accredited by Policy Commission of the Financial Sector (KKSK).

Therefore, he summoned Finance Minister Sri Mulyani to revoke the decree of the former Finance Minister soon so that debts repayment of state-owned banks—such as PT Bank Negara Indonesia . and PT Bank Mandiri can be effective.

State-owned banks have previously been revived when the government issued Governmental Regulation Number 33/2006. In addition to the new regulation, the debts of the state-owned banks are not part of state assets.

According to Dradjad, in line with Governmental Regulation Number 33/2006, state-owned banks are indeed capable of writing off bills or hair cutting. However, there will be a new problem for banks for restructuring non performance loans if Finance Ministerial Decree Number S-26/MK.01/2000 is not revoked. Although KKSK is no longer active, it still has an indistinct position: do they exist, or have they been disbanded. In the future, he said, the Supreme Audit Agency, attorneys, police, or the Corruption Eradication Commission may consider that credit restructuring will be against the law. “The reason is that KKSK is yet to agree,” he said.

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