PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated
161
58. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued
b. Transfer of Loans Below Rp5 billion and Loans Written-off Prior to Legal Merger and Related Recoveries to IBRA Continued
The Committee on Financial Sector Policy Komite Kebijakan Sektor Keuangan KKSK issued decree No. Kep.01K.KKSK112002 dated November 26, 2002 stipulating the following:
• All loans written-off involving loans below Rp5 billion and loans written-off prior to legal merger should be transferred to IBRA in 2002.
• IBRA would exchange the loans with recapitalization bonds Assets Bond Swap as stipulated by KKSK decision letter No. 01K.KKSK072002 dated July 11, 2002 with a recovery rate of
20. By executing the Assets Bond Swap, all recoveries related to the loans written-off involving loans below Rp5 billion and loans written-off prior to legal merger, belong to the Bank.
Following the KKSK Decree, the Bank entered into Sell-Purchase and Cessie Agreement No. 7252LXII2002 and Exchange Agreement No. 7253LXII2002 dated December 18, 2002
notarized by Teddy Anwar, S.H. SpN, with IBRA in relation to the settlement of the Bank’s obligation to transfer the loans written-off involving loans below Rp5 billion and loans written-off prior to legal
merger to IBRA.
On December 18, 2002, based on that agreement, the Bank transferred such written-off loans amounting to Rp12,600,598 and then repurchased swapped the loans with Government Bonds
amounting to Rp2,520,119 at nominal value and a cash payment of Rp615,091 full amount Note 11B.o
c. Consortium and Other Agreements Related to the Purchase of Loans from IBRA in 2003 and 2002 May 1, 2003 to December 31, 2003
During the eight-month period ended December 31, 2003, the Bank purchased Rp234,182 of sustainable loans from IBRA through Program Penjualan Aktiva Kredit III at a price of Rp234,182,
which was paid by cash through Phoenik SEA Ventures Ltd. and Trescorp Investment Ltd.
Total interest received related to loans purchased from IBRA for the eight-month period ended December 31, 2003 was Rp228,172 Note 34.
The balance of loans purchased from IBRA which are recorded as “Loans” as of December 31, 2003 amounts to Rp5,249,139. The loans purchased from IBRA which are recorded as “Other
Assets” as of December 31, 2003 amount to Rp2,031 Note 15. The cessie agreements for such loans are still in process of finalization.
January 1, 2003 to April 30, 2003
During the four-month period ended April 30, 2003, the Bank purchased Rp20,722 of sustainable loans from IBRA through Program Penjualan Aktiva Kredit III at a price of Rp18,224, which was
paid by cash, through a consortium with PT Mahanusa Securities and PT Mandari Sekuritas Indonesia.
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated
162
58. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued
