PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
89
25. FUND BORROWINGS
December 31, December 31,
April 30, 2004
2003 2003
Rupiah: Bank Indonesia a
943,089 1,199,492
1,378,444 Bank Ekspor Indonesia b
313,528 908,929
1,706,449 PT Permodalan Nasional Madani Persero d
414,011 359,254
236,438 Others f
316,378 150,000
- 1,987,006
2,617,675 3,321,331
Foreign Currency: Bank Ekspor Indonesia b
903,310 1,296,290
840,640 Exchange Offer Loans c
1,690,799 4,362,486
8,053,380 Direct Offshore Loans e
529,245 252,750
260,265 Others f
1,956,133 5,968
182,663 5,079,487
5,917,494 9,336,948
7,066,493 8,535,169
12,658,279
As of December 31, 2004 and 2003, and April 30, 2003, fund borrowings from related parties amounted to Rp126,378, RpNil and RpNil, respectively.
a Bank Indonesia This account represents a credit liquidity facility obtained from Bank Indonesia BI, which was
re-loaned to Bank Mandiri customers under the Government Credit Program. The management and monitoring of the credit facility are performed by PT Permodalan Nasional Madani
Persero, a state-owned company, based on Law No. 231999 dated May 17, 1999 regarding BI, BI Regulation No. 23PBI2000 dated February 1, 2000 and BI Regulation No. 520PBI2003
dated September 17, 2003 regarding the Hand-over of Management of Credit Liquidity of Bank Indonesia Under Credit Program. This facility is subject to interest at rates ranging from 3 to
10 per annum and will mature on various dates through 2017. The details of this account are as follows:
December 31, December 31,
April 30, 2004
2003 2003
Rupiah: Investment Loans KI
155,811 303,917
444,770 Small-Scale Working Capital Loans KUK - KKPA
520,650 514,679
525,871 Small-Scale Investment Loans KIK
266,628 380,846
407,753 Working Capital Loans KMK
- 50
50
943,089 1,199,492
1,378,444
b Bank Ekspor Indonesia This account represents credit facilities for export working capital obtained from Bank Ekspor
Indonesia based on the facility agreement No. 064PPF122000 dated December 12, 2000 between PT Bank Ekspor Indonesia Persero and PT Bank Mandiri Persero. The agreement
was for the period from December 20, 2000 until December 19, 2001, and was extended with new agreement No. 062PPF122004 to December 16, 2005. The facilities were re-loaned to
direct and indirect exporter customers of Bank Mandiri and bear interest at market rates.
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
90
25. FUND BORROWINGS continued
c Exchange Offer Loans In accordance with the Government’s debt restructuring program for banks, Bank Mandiri
exchanged certain non-Rupiah denominated obligations obtained from foreign banks for new borrowings with extended maturities, and guaranteed by Bank Indonesia pursuant to the
exchange offer memorandum in the Master Loan Agreement as follows:
December 31, 2004 December 31, 2003
US Rupiah
US Equivalent
Full amount Equivalent
Full amount Rupiah
Exchange Offer Loan II 182,100,000
1,690,799 517,802,500
4,362,486 April 30, 2003
US Rupiah
Full amount Equivalent
Exchange Offer Loan II 928,290,000
8,053,380
Exchange Offer Loan II with original maturities before January 1, 2002 will mature in four tranches every June 1 from 2002 to 2005. These borrowings bear interest calculated every six
months equal to six months LIBOR for the periods plus an applicable margin determined for each maturity period.
The Bank settled the Exchange Offer Loan II with a nominal value amounting to US335,702,500 full amount in May 2004, and early settled US49,152,500 full amount in
November 2003.
d PT Permodalan Nasional Madani Persero This account represents credit facilities obtained from PT Permodalan Nasional Madani
Persero, which borrowings were re-loaned by Bank Mandiri to the members of the Primary Cooperative Kredit Koperasi Primer kepada Anggotanya [KKPAI]. These facilities are subject
to interest at 9 per annum. The loan terms and installment payments schedule reflect the terms of the individual loan agreements.
e Direct Off-shore Loans As of December 31, 2004 the direct off-shore loans represent borrowings from Bayerische Hypo-
und Vereinsbank AG BHV, Singapore branch, United Overseas Bank UOB, Singapore branch and Sumitomo Mitsui Banking Corporation SMBC, Singapore branch amounting to
US15,000,000 full amount, US12,000,000 full amount and US30,000,000 full amount, respectively, and bear interest at six months LIBOR plus an applicable margin, six months
SIBOR plus an applicable margin and three months SIBOR plus an applicable margin, respectively. As of December 31, 2003 and April 30, 2003, the direct off-shore loans represent
borrowings from Sumitomo Mitsui Banking Corporation SMBC amounting to US30,000,000 full amount, with interest at the rate of three months SIBOR plus a margin.
