PT BANK MANDIRI PERSERO AND SUBSIDIARIES
Notes to the Consolidated Financial Statements Continued December 31, 2002 and 2001
Expressed in millions of Rupiah, unless otherwise stated
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88
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30. SUBORDINATED LOANS Continued
Two-Step Loans Continued c Asian Development Bank “ADB” Continued
The interest rate on the ADB Fishery II facility shall not be lower than the annual interest rate charged by the ADB to the Government of the Republic of Indonesia plus 4 per annum.
Drawdowns of the ADB facilities are repayable within 15 years from the first drawdown inclusive of a 4-year grace period for ADB Fishery I and a 3-year grace period for ADB Fishery II facilities
and are repayable in 22 semi-annual installments starting December 15, 1989 for ADB Fishery I and 24 semi-annual installments starting March 15, 1995 for ADB Fishery II projects.
In 2000, the ADB Nescoco Plasma loan was transferred to ADB PT Perkebunan Nusantara XII. The annual interest rates on the ADB Perkebunan Nusantara XII and ADB Nescoco Inti facilities
are 9.50 and 10.00, respectively. The interest rate on the ADB Agro Industry facility is the interest rate charged by the ADB to the
Government of the Republic of Indonesia plus 1.75 or the interest rate for depositors’ interest rate less 5.00 per annum, whichever is higher. The ADB Agro Industry credit facility was fully
paid in September 2002.
The interest rate on the Second Bapindo Project facility is 1.75 per annum above the interest rate charged by ADB to the Government of the Republic of Indonesia or the interest rate for
depositors less 5.00 per annum, whichever is higher. The Second Bapindo Project facility was fully paid in May 2002.
The interest rate on the Development Financing Loan Project facility is based on the variable rate determined by Bank Indonesia every six 6 months based on the weighted average interest
rate for depositors in a foreign exchange bank but not lower than the interest rate charged by ADB plus 1.75 per annum.
PT BANK MANDIRI PERSERO AND SUBSIDIARIES
Notes to the Consolidated Financial Statements Continued December 31, 2002 and 2001
Expressed in millions of Rupiah, unless otherwise stated
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89
-
30. SUBORDINATED LOANS Continued
Two-Step Loans Continued d International Bank for Reconstruction and Development “IBRD”
This account represents credit facilities obtained from IBRD through the Government of the Republic of Indonesia, via the Ministry of Finance of the Republic of Indonesia, which re-lent the
proceeds to participating banks to finance projects in Indonesia. The details of these facilities are as follows:
Credit Facility Purpose
Repayment Period Industrial Restructuring
Program “IRP” Finance restructuring for investment
projects for engineering, pulp, paper and textile sub-sector projects.
July 27, 1989 - October 1, 2003 with the 1
st
installment on April 1, 1992. Export Development
Program II “EDP I”I Finance Export Development Project II.
September 20, 1988 - February 15, 2003 with the 1
st
installment on August 15, 1991.
Small and Medium Industrial Program “SMIEP”
Finance manufacturing industrial
projects, agro-based and the related industry including transportation and
cold storage. July 27, 1989 - October 1, 2003 with
the 1
st
installment on April 1, 1992. Financial Sector
Development Project “FSDP”
Finance Financial Sector Development Projects.
February 1, 1993 - September 15, 2007 with the 1
st
installment on March 15, 1998.
Tree Crops Processing Project “TCPP”
Finance development of Palm Oil mills. February 23, 1989 - June 1, 2001
with the 1
st
installment on June 1, 1994.
Agricultural Financing Project “AFP”
Finance production sector projects and agriculture, animal husbandry, fishery
and forestry industries. January 10, 1992 - December 1,
2006 with the 1
st
installment on June 1, 1995.
IBRD Loan No. 2277 V Project
Finance development projects specific development projects.
September 29, 1983 - February 1, 2003 with the 1
st
installment on August 1, 1985.
For the IRP, EDP II and SMIEP credit facilities, the principal amount is repayable to the Government of the Republic of Indonesia within 15 years inclusive of a 3-year grace period from
the time the agreement becomes effective. The interest rate on the IRP, EDP II and SMIEP credit facilities is determined every six 6 months by Bank Indonesia and should not be lower
than the interest rate charged by IBRD to the Government plus 1.75 per annum.
The interest rate on the FSDP credit facility is 0 per annum. The FSDP credit facility is repayable on March 15 and September 15 of every year.
The interest rate for the TCPP facilities is 10 per annum. The TCPP facility was fully paid in 2001.
The interest rate on the AFP facility is computed based on a variable interest rate for a period of six 6 months, at the lower of:
Six-months’ average interest rate for three-month Certificates of Bank Indonesia. Six-months’ average interest rate for three-month time deposits in five state-owned banks.
PT BANK MANDIRI PERSERO AND SUBSIDIARIES
Notes to the Consolidated Financial Statements Continued December 31, 2002 and 2001
Expressed in millions of Rupiah, unless otherwise stated
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90
-
30. SUBORDINATED LOANS Continued
