These consolidated financial statements are originally issued in Bahasa.
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2015 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated
48
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
h. Current accounts with Bank Indonesia and other banks continued
The minimum statutory reserve continued Based on Bank Indonesia Regulation No.1019PBI2008 dated October 14, 2008 concerning
Statutory Reserves of Commercial Banks in the Bank Indonesia in Rupiah and Foreign Currency, as amended by Bank Indonesia Regulation No. 1025PBI2008 dated October 23, 2008 as
amended by Bank Indonesia Regulation No. 1219PBI2010 dated October 4, 2010 as amended by Bank Indonesia Regulation No. 1310PBI2011 dated February 9, 2011 which has been
amended with PBI No. 1515PBI2013 dated December 24, 2013 and updated by Bank Indonesia Regulation No.1721PBI2015 dated November 26, 2015, the Bank should comply with a
minimum reserve requirement GWM in Bank Indonesia in Rupiah and foreign currencies. Minimum reserve requirement in Rupiah consists of Primary GWM, Secondary GWM and Loan to
Funding Ratio LFR GWM.
Primary GWM in Rupiah is set at 7.50 2014:8.00 from the Rupiah third party funds, secondary GWM in Rupiah is set at minimum 4.00 from the Rupiah third party funds and GWM
LFR in Rupiah is calculated by the difference between lower disincentive parameter or higher disincentive parameter with the difference between Bank’s LFR and target LFR by taking into
account the difference between Bank’s Capital Adequacy Ratio CAR and incentive CAR. Primary GWM and secondary GWM are applied effectively starting November 1, 2010 and GWM LDR is
applied effectively starting 1 March 2011. GWM LFR applied effectively on August 3, 2015 to replace GWM LDR.
GWM in foreign currency is set at 8.00 of foreign currency third party fund. Subsidiary company that engaged in business operation using Sharia principle, had implemented
the Minimum Statutory Reserve in accordance with Bank Indonesia Regulation No. 621PBI2004 dated August 3, 2004 regarding the Minimum Statutory Reserve in Rupiah and foreign currencies
for Commercial Bank that engaged in business operation based on Sharia principle, which amended by Bank Indonesia Regulation No. 823PBI2006 dated October 5, 2006 and the latest
amendment using Bank Indonesia Regulation No. 1023PBI2008 dated October 16, 2008 and subsequently replace by PBI No.1516PBI2013 dated December 24, 2013, where every bank is
obliged to maintain the Minimum Statutory Reserve in Rupiah by 5.00 from TPF in Rupiah and in foreign currencies by 1.00 from TPF in foreign currencies.
i. Placements with Bank Indonesia and other banks
Placements with Bank Indonesia and other banks represent placements in the form of Bank Indonesia deposit facility FASBI, sharia FASBI FASBIS, call money, “fixed-term” placements,
time deposits and others.
Placements with Bank Indonesia and other banks are stated at amortised cost using effective interest rate less any allowance for impairment losses.
Placement with Bank Indonesia and other banks are classified as loans and receivables. Refer to Note 2c for the accounting policy of loans and receivables.
These consolidated financial statements are originally issued in Bahasa.
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2015 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated
49
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
j. Marketable securities
Marketable securities consist of securities traded in the money market such as Certificates of Bank Indonesia SBI, Sharia Certificates of Bank Indonesia SBIS, Surat Perbendaharaan Negara
SPN, Negotiable Cerfiticates of Deposits, Medium Term Notes, Treasury Bills issued by government of other country and Government of Republic of Indonesia, export bills, securities
traded on the capital market such as mutual fund units and securities traded on the stock exchanges such as shares of stocks and bonds including Sharia Corporate bonds.
Marketable securities are classified as financial assets at fair value through profit or loss, available for sale, held to maturity, loan and receivables and at cost. Refer to Note 2c for the accounting
policy of financial assets at fair value through profit or loss, available for sale, held to maturity, loan and receivables and at cost.
Investments in mutual fund units are stated at market value, in accordance with the net value of assets of the mutual funds at the consolidated statement of financial position date.
For marketable securities which are traded in organised financial markets, fair value is generally determined by reference to quoted market prices by the stock exchanges at the close of business
on the consolidated statement of financial position date. For marketable securities with no quoted market price, a reasonable estimate of the fair value is determined by reference to the current
market value of another instrument which substantially have the same characteristic or calculated based on the expected cash flows of the underlying net asset base of the marketable securities.
Any permanent impairment in the fair value of marketable securities classified as held to maturity and available for sale is charged to current year’s consolidated statement of profit or loss and other
comprehensive income.
Reclassification of marketable securities to held to maturity classification from available for sale are recorded at fair value. Unrealised gains or losses are recorded in the equity section and will be
amortised up to the remaining live of the marketable securities using the effective interest rate method to consolidated statement of profit or loss and other comprehensive income.
In 2015, a Subsidiary, AXA Mandiri Financial Services AMFS has reclassified the marketable securities bonds directly held by the subsidiary related to insurance technical reserves
shareholders fund reserves in the financial statements. The subsidiary has changed the classification of the aforementioned marketable securities from financial assets at fair value
through profit or loss to available-for-sale financial assets. This change is deemed as change in accounting policy therefore applied retrospectively. Since the impact of this change to the prior
year’s financial statements as a whole is immaterial, therefore the impact of the change is directly charged to the current year’s financial statements. No restatement of the prior year’s financial
statements is considered necessary.
k. Government bonds
Government bonds represent bonds issued by the Government of the Republic of Indonesia. Government bonds consists of Government Bonds from the recapitalisation program and
government bonds purchased from the market.
Government bonds are classified as financial assets at fair value through profit or loss, available for sale, held to maturity and at cost. Refer to Note 2c for the accounting policy of financial assets
at fair value through profit or loss, available for sale, held to maturity and at cost.
