BANK INDONESIA
Notes to Financial Statements As at December 31, 2008
29 December 23, 2008 considering the revocation and liquidation of the banks’ BBO-
BBKU business licenses by IBRA in 2004. Bank Indonesia has adequately anticipated the estimated loss of claims due to the
interest of FSD and KUT in arrears.
b. Claim on Others in Foreign Currency
Claims on others in foreign currency as at December 31, 2008 was zero and at December 31, 2007 amounted to USD118,553,762.49 or equivalent to
IDR1,116,658 million. In accordance with Board of Governor Meeting decision dated December 23, 2008, BI has written-off claims of export notes from one of the ex-
Bank in Liquidation amounted to USD118,553,762.49, including USD112,7 million that has been transferred to the Government Ministry of Finance through Bank
Indonesia Letter Numbered 101DpGUKPA dated February 29, 2008 based on Board of Governor Meeting decision dated September 18, 2007.
12. Equity Participation
Bank Indonesia holds several equity participations in banks and other financial institutions, with details as follows:
Percentage of
Ownership December 31,
2008 Percentage
of Ownership
December 31,
2007
IDR million IDR million
Equity participation in: - Bank for International Settlements BIS
- PT. Asuransi Kredit Indonesia 0.55
17.60 712,753
220,000 0.55
55.00 620,806
220,000 - NV. Indover Bank Amsterdam
100.00 100.00
53,905 - PT. Bahana Pembinaan Usaha Indonesia
BPUI 82.22
82.22
932,753 894,711
a. Bank Indonesia’s equity participation in BIS is based on Act of the Republic of Indonesia Number 23 of 1999 concerning Bank Indonesia as amended by Act of the
Republic of Indonesia Number 3 of 2004, Article 57, which states that Bank Indonesia may establish cooperation with other central banks, organizations and
international institutions. DPR-RI had approved of the equity participation in BIS. The purpose of the equity participation is to gain more access in BIS decision-making
activities, to utilize the provided facilities, as well as to increase the international investors’ confidence towards Indonesia and cooperation with other central banks
concerning monetary policy, financial system stability, payment system and banking regulation. On September 29, 2003, Bank Indonesia purchased 3000 shares 0.55
of total issued shares with nominal value of SDR5,000shares and total acquisition cost of SDR42,054,000.00. The balance of the equity participation as at December
31, 2008 is equivalent to IDR712,753 million.
BANK INDONESIA
Notes to Financial Statements As at December 31, 2008
30 b. In order to comply with Act of the Republic of Indonesia Number 23 of 1999
concerning Bank Indonesia as amended by Act of the Republic of Indonesia Number 3 of 2004, Bank Indonesia has performed several efforts to divest all equity
participation in banks and financial institutions that had been acquired before the enactment of the regulation.
The progress of the divestment up to December 31, 2008 is as follows: 1 N.V. De Indonesische Overzeese Bank Indover Bank
The divestment process of Indover Bank to one of Indonesia’s State-Owned Banks could not be continued because the bank resigned as preferred bidder of
Indover Bank in September 2008. This resignation was caused by the global financial market turbulence. On the other hand, the financial market turbulence
has also caused the freezing of Indover Bank’s operational activities by the Netherland courts on October 6, 2008, which led to Indover Bank being declared
bankrupt by the Netherland courts on December 1, 2008. The settlement of Indover Bank will be done by a trustee appointed by the Amsterdam courts
press release Stibbe dated December 1, 2008. The equity participation in Indover bank as at December 31, 2008 was zero, because Indover Bank’s equity
had a negative balance. For the explanation of Bank Indonesia’s placement of funds in Indover Bank and the liquidation process of Indover Bank please see
Note C.13 – Other Assets and Note D.3 – Commitments and Contingencies.
2 PT Asuransi Kredit Indonesia Askrindo Bank Indonesia’s equity participation in Askrindo has decreased from 55.00 in
2007 to 17.60 in 2008, due to the addition of the Government’s equity participation Penyertaan Modal Negara – PMN in Askrindo amounted to
IDR850,000 million. With this PMN, the paid-in capital has increased to IDR1,250,000 million, with the composition as follows:
- Government c.q. Ministry of Finance
IDR1,030,000 million 82.40 - Bank Indonesia
IDR220,000 million 17.60 3 PT. Bahana Pembinaan Usaha Indonesia BPUI
The beginning balance of Bank Indonesia’s equity participation in BPUI amounted to IDR18,500 million with total ownership of 82.22. The value of
Bank Indonesia’s equity participation as at December 31, 2008 was zero because BPUI has negative equity value.
Concerning AIA’s option towards 40 ownership of BPUI, Bank Indonesia has negotiated with PT. AIA to return the funds to PT. AIA by requesting a meeting
with PT AIA through the mass media 3 times with no response. Bank Indonesia has taken legal action by filing a lawsuit against AIA and is now in court.
In performing the divestment of Indover Bank, PT. Askrindo and BPUI, Bank Indonesia remains in line with Act of the Republic of Indonesia Number 23 of 1999
concerning Bank Indonesia as amended by Act of the Republic of Indonesia Number 3 of 2004, which stipulates that the divestment must be accomplished at the latest
by early 2009.
