PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007 Expressed in millions of Rupiah, unless otherwise stated
82
25. FUND BORROWINGS continued
f Others
2008 2007
Rupiah The Hong Kong and Shanghai Banking Corporation Ltd.
150,000 130,000
PT Bank CIMB Niaga before PT Bank Lippo Tbk. 150,000
150,000 PT Bank Permata Tbk.
130,000 170,000
PT Bank DBS Indonesia 90,000
- PT Panin Bank Tbk.
75,000 20,000
Standard Chartered Bank 65,000
- PT Bank International Indonesia Tbk.
50,000 150,000
Bank Indonesia -
5,743 710,000
625,743
On May 22, 2007, the Subsidiaries and The Hong Kong and Shanghai Banking Corporation Ltd. HSBC signed credit agreement, whereby HSBC granted short-term funding facility and exposure risk limitoption
with limit amounting to USD150 million full amount and USD1 million full amount. On February 18, 2008, credit agreement between subsidiaries and HSBC was extended by short-term funding facility, revolving
loan facility and exposure risk limitoption transactions facility with the limit amounting to Rp175,000, US5,000,000 full amount and US1,000,000 full amount, respectively. The interest rate is 2.5 under
bank loan interest.
On March 9, 2006, the Subsidiaries and PT Bank CIMB Niaga Tbk. PT Bank Lippo Tbk or Bank Lippo signed credit agreement and based on the addendum agreement dated April 11, 2007, Bank Lippo granted
fixed loan on call PTX OD with limit amounting to Rp150,000. On March 26, 2008, the facility was extended until March 10, 2009 and the limit increased to become Rp175,000. The applicable interest rate
is 2 over the SBI 1-month average interest rate.
On September 3, 2008, the Subsidiaries received guarantee facility, revolving loan facility and overdraft facility from Standard Chartered Bank, which based on the credit agreement, the limit of facilities are
Rp50,000, Rp150,000 and Rp5,000 with annual interest rate 0.5, cost of fund bank +1 and 17, respectively. The agreement will mature on July 31, 2009.
26. ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES
a. Commitment and contingent transactions in the normal course of Bank Mandiri activities that have credit risk are as follows:
2008 2007
Rupiah: Bank guarantees issued Note 45
8,129,571 6,422,641
Outstanding irrevocable letters of credit Note 45 1,637,447
1,251,848 Standby letters of credit Note 45
620,382 469,000
Total Rupiah 10,387,400
8,143,489 Foreign Currency:
Bank guarantees issued Note 45 7,111,788
5,571,489 Outstanding irrevocable letters of credit Note 45
3,813,155 6,174,146
Standby letters of credit Note 45 3,683,719
2,522,294 Total Foreign Currency
14,608,662 14,267,929
24,996,062 22,411,418
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007 Expressed in millions of Rupiah, unless otherwise stated
83
26. ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES continued
b. By Collectibility:
2008 2007
Current 24,562,424
21,606,838 Special mention
370,863 709,154
Sub-standard -
6,783 Doubtful
25,033 -
Loss 37,742
88,643 Total
24,996,062 22,411,418
Less: Estimated losses 316,401
469,508
Commitments and Contingencies - net 24,679,661
21,941,910
c. Movements of estimated losses on commitments and contingencies:
2008 2007
Balance at beginning of year 469,508
514,399 Reversal during the year
221,393 61,409
Others 68,286
16,518
Balance at end of year 316,401
469,508
includes effect of foreign currency translation.
Management believes that the estimated losses on commitments and contingencies provided for is adequate.
27. TAXATION a. Taxes payable
2008 2007
Bank Mandiri Income Taxes:
Employee income tax - Article 21 56,412
43,921 Corporate income tax - Article 2529
2,865,154 1,022,689
Withholding tax - Article 4 2 208,366
145,591 Others
10,864 7,204
3,140,796 1,219,405
Subsidiaries 33,704
60,993 3,174,500
1,280,398
b. Tax expense
2008 2007
Tax expense - current: Bank Mandiri only
4,551,185 2,552,750
Subsidiaries 160,709
133,404 4,711,894
2,686,154
