PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006 Expressed in millions of Rupiah, unless otherwise stated
72
21. DEPOSITS FROM OTHER BANKS - TIME DEPOSITS continued
Based on the agreement counterparty bank has option rights to pre-terminate the transaction by early terminationwithdrawal of the Rupiah and US Dollar deposits on any of the redemption date each
year. The Agreement requires the Bank to add top up Rupiah deposit placement to counterparty bank during the period of transaction based on the movement of Rupiah against US Dollar spot rate.
On June 15, 2006, the Bank has excercised the right to early terminate the facility of US50,000,000 full amount with effective date May 17, 2005. On December 15, 2006, the Bank also has exercised
the right to early terminate the facility of US50,000,000 full amount with effective date June 8, 2005. In the event that counterparty bank excercise the option then the outstanding placement in Callable
Zero Coupon Deposit is not automatically terminated.
Based on the agreement, counterparty bank has option right to early terminate the agreement in effect of unwind events, which is the Bank failed to pay Rupiah deposit top up as required in the
agreement. If counterparty bank exercised their option right to early terminate the agreement due to unwind
events, the Bank has to pay unwind cost to counterparty bank as determined later by the counterparty bank.
In addition counterparty bank has option right to early terminate the transaction if counterparty bank assess the fund received in the form of callable zero coupon deposits has higher interest rate than the
market interest rate, as the counterparty bank has executed on May 28, 2007 and June 25, 2007.
On May 28, 2007, counterparty bank terminated the callable zero coupon deposits with beginning balance amounting Rp634,000 and paid cash as settlement of the transaction on settlement date
June 20, 2007.
On June 25, 2007, counterparty bank terminated the callable zero coupon deposits with beginning balance amounting Rp634,000 and paid cash as settlement of the transaction on settlement date
December 21, 2007. 22. SECURITIES SOLD WITH AGREEMENTS TO REPURCHASE
As of December 31, 2007, securities sold with agreements to repurchase are as follows:
Securities Nominal
Value Commen-
cement Date
Maturity Date
Repurchase Value
Unamortized Prepaid
Interest Expense
Net Value Government Bonds
Rupiah Bonds VR0013
617,500 06072005
01072008 617,500
- 617,500
Bonds VR0031 669,000
12192007 01032008
602,746 259
602,487 Bonds VR0031
446,000 12192007
01032008 401,829
172 401,657
Bonds VR0019 355,652
05182005 05182010
316,356 -
316,356 Bonds FR0040, FR0043
and FR0047 283,000
12282007 01282008
297,527 34
297,493 Bonds FR0019
231,028 11032004
11032009 285,060
- 285,060
Bonds VR0017 289,859
11042004 11042009
284,062 -
284,062 Bonds FR0020, FR0027
and FR0033 100,000
12282007 01112008
110,021 293
109,728
Total 2,992,039
2,915,101 758
2,914,343
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006 Expressed in millions of Rupiah, unless otherwise stated
73
22. SECURITIES SOLD WITH AGREEMENTS TO REPURCHASE continued
As of December 31, 2006, securities sold with agreements to repurchase were as follows:
Securities Nominal
Value Commen-
cement Date
Maturity Date
Repurchase Value
Unamortized Prepaid
Interest Expense
Net Value Governmnet Bonds
Rupiah Bonds VR0013
617,500 06072005
01072008 617,500
- 617,500
Bonds VR0019 355,652
05182005 05182010
316,356 -
316,356 Bonds FR0019
231,028 11032004
11032009 285,060
- 285,060
Bonds VR0017 289,859
11042004 11042009
284,062 -
284,062 Bonds VR0019
111,915 12282006
01252007 100,700
625 100,075
Bonds FR0040 6,000
12222006 06202007
6,545 314
6,231 Total
1,611,954 1,610,223
939 1,609,284
Foreign Currency Bonds FR0019, FR0023,
FR0034 50,588
12152006 01152007
50,828 116
50,712 Bonds FR00038 and
FR0040 47,725
12112006 01272007
48,054 182
47,872 Bonds FR0034 and
FR0040 16,226
12212006 01222007
16,305 54
16,251 Total
114,539 115,187
352 114,835
Total 1,726,493
1,725,410 1,291
1,724,119 Non Government Bonds
Rupiah Bonds
30,000 09292006
09282007 31,994
3,194 28,800
Bonds 27,000
09292006 09282007
26,426 2,396
24,030 Medium Term Notes
21,000 12222006
06202007 22,097
1,097 21,000
Bonds 14,000
09292006 09282007
14,087 1,347
12,740 Medium Term Notes
10,000 09292006
09282007 10,057
822 9,235
Bonds 10,000
09292006 09282007
9,915 915
9,000 Bonds
9,000 12222006
06202007 9,550
550 9,000
Bonds 6,500
12222006 06202007
7,028 398
6,630 Bonds
5,000 09292006
09282007 5,304
504 4,800
Bonds 5,000
09292006 09282007
5,001 476
4,525 Bonds
2,000 12222006
06202007 2,125
112 2,013
Bonds 2,000
12222006 06202007
2,111 104
2,007 Bonds
1,900 12222006
06202007 2,004
123 1,881
Total 143,400
147,699 12,038
135,661
Total 1,869,893
1,873,109 13,329
1,859,780
The agreements to repurchase Government Bonds with counterparty banks serial numbers VR0013, VR0017, FR0019 and serial numbers VR0019 are associated with cross currency swap transactions
with the respective counterparties. There is no premium or discount on these contracts.
23. ACCEPTANCES PAYABLE
a. By Currency, Related Parties and Third Parties:
2007 2006
Rupiah: Payable to other banks
Related parties Note 47a -
322 Third parties
74,688 290,261
Payable to debtors Third parties
118,195 21,477
Total Rupiah 192,883
312,060