PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Year Ended December 31, 2006 With Comparative Figures For 2005
Expressed in millions of Rupiah, unless otherwise stated
131
56. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued
e. On January 25, 2005, Bank Mandiri has entered into an agreement with PT SCS Astragraphia Technologies for the implementation of mySAP Human Resource Solution which then known as
enterprise Human Capital Management System project eHCMS. The contract is estimated to be completed in 2006 with contract value of US1,441,001 full amount. Up to March 2006, Personnel
Management Module, Payroll, Compensation Benefit, Time Management, Recruitment, and Organization Management had been implemented and on the next stages Travel Management, Training
Event Management, Employee Self Services and Business Warehouse had been implemented in December 2006.
f. Additional Prudential Supervision Requirements from Bank Indonesia Based on the result of the meetings between Bank Mandiri and Bank Indonesia on May 23, 2003 and a
follow up meeting on August 25, 2003, Bank Indonesia through letter: No. 55DGSDPwB2 dated August 29, 2003 regarding August 25, 2003 Meeting’s Main Result
No. 58DGSDPwB2 dated November 17, 2003 regarding Progress Report of the Follow Up of August 25, 2003 Meeting’s Main Result
required Bank Mandiri to meet the following conditions before expanding its corporate credit portfolio: a. Secondary reserve liquid assetstotal assets
≥ 12 b. Cost of funds to total assets ratio
≤ 7.5 c. Core earning to total assets ratio
≥ 1.5 Based on letter No. 587DPwB2PwB21 dated December 3, 2003, Bank Indonesia also required Bank
Mandiri to achieve a maximum ratio of corporate credit to total credit of 50 by 2004. With regards to Bank Mandiri’s corporate banking portfolio that has been guarded under 50 from total
loans and referring to Bank Mandiri letter to Bank Indonesia No. COO2872005 dated July 12, 2005, Bank Mandiri sent another letter to Bank Indonesia No. DIRUT0382006 dated March 6, 2006 which
states the cancellation of ratio requirement as stated in the Bank Indonesia letter No.55DGSDPwB2 dated August 29, 2003 and No. 58DGSDPwB2 dated November 17, 2003.
Based on Bank Indonesia letter No.82DpGDPBI dated September 7, 2006, Bank Indonesia agreed on the Bank request to remove the corporate loan expansion requirement as stated in letter
No.55DGSDPwB2 dated August 29, 2003 and No.58DGSDPwB2 dated November 17, 2003.
g. Legal Matters
Bank Mandiri received a request from a customer to liquidate its current account and deposit since the Directorate General of Taxes has taken off the blockage and confiscation. Due to several
conditions, the request cannot be executed directly since Bank Mandiri has to clarify it first to IBRA. In the process, Bank Mandiri received admonition from the customer directly via the High Court to
disburse as soon as possible the above mentioned accounts. Receiving the admonition, Bank Mandiri took steps by proposing a request to consign the funds to the High Court.
When transferring the customer funds to the High Court account, Bank Mandiri received an order from the Minister of State Owned Enterprises as the Deputy of Clearance Team of IBRA to freeze the
fund transfer. Bank Mandiri also received a letter from the Minister of Finance as the Chief of Clearance Team of IBRA confirming that Bank Mandiri not to execute the disbursement of that
customer funds.
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Year Ended December 31, 2006 With Comparative Figures For 2005
Expressed in millions of Rupiah, unless otherwise stated
132
56. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued
