TABLE OF CONTENTS
Preface …………………………………………………………………………………..
iii
Report of Independent Auditor………………….………………………………….....
1
Balance Sheets…………………………………………………………………….…….
3
Surplus Deficit Statement ….…………………………………………………….…….
5
Statement of Changes in Equities and Capital Ratio …..……………………….……..
6
Cash Flow Statement…………………………………………………………………..
7
Notes to Financial Statements
A. General…………………………………………………………………….…….....
9
B. Significant Accounting Policies……………………………………………………..
10
C. Notes to Balance Sheet, Surplus Deficit Statement and Statement of Changes
in Equities and Capital Ratio………………………………………………………..
D. Others ...................…………………………………………………………….…..
16
46
Appendices
Appendix 1: Organization Chart of Bank Indonesia …………………………………
50
Appendix 2: Abbreviations ......………………………………………………………..
51
i
BOARD OF GOVERNORS OF BANK INDONESIA
As at December 31, 2008
Sitting from left to right:
Boediono, Governor.
Miranda S. Goeltom, Senior Deputy Governor.
Standing from left to right:
Ardhayadi Mitroatmodjo, Deputy Governor.
S. Budi Rochadi, Deputy Governor.
Muliaman D. Hadad, Deputy Governor.
Siti Ch. Fadjrijah, Deputy Governor.
Budi Mulya, Deputy Governor.
Hartadi A. Sarwono, Deputy Governor.
PREFACE
With praise to the Almighty God, herewith we present the Annual Financial Statements of
Bank Indonesia for the year 2008, which had been audited by the Supreme Audit Board of the
Republic of Indonesia (BPK-RI). The Financial Statements include the Balance Sheet as at December
31, 2008, as well as the Statement of Surplus Deficit, Changes in Equity, and Cash Flow, for the
period of January 1 to December 31, 2008 along with Notes to the Financial Statements.
This Annual Financial Statements of Bank Indonesia for the year 2008 has obtained
Unqualified Opinion from BPK-RI. This achievement, which is the sixth for six consecutive years, is
an achievement that we can be proud of and shows Bank Indonesia’s commitment to promote
transparency and accountability in the hope of achieving good governance. In turn, we hope this
will increase stakeholders’ trust, therefore Bank Indonesia can perform its future duties better.
According to BPK-RI’s audit on the Annual Financial Statements of Bank Indonesia for the
year 2008, the ratio of capital to monetary liabilities is 10.38%. On the other hand, as stated in Act
of the Republic of Indonesia Number 23 of 1999 concerning Bank Indonesia as amended by Act of
the Republic of Indonesia Number 6 of 2009, the surplus of Bank Indonesia shall be distributed
30% for Statutory Reserves (as long as the settlement of BLBI has not been completed, the
Statutory Reserves shall be set at 10%) and the remainder shall be reinvested as General Reserves so
that the sum of capital and General Reserves becomes 10% of the monetary liabilities. Therefore,
there is an excess of surplus accruing to the Government amounted to 0.38% of Bank Indonesia’s
monetary liabilities or amounted to IDR2,646 billion. As stated in the Agreement between the
Government and Bank Indonesia dated November 27, 2006, the excess surplus will be used to
redeem the principal balance of Treasury Bond (Obligasi Negara) Number SRBI-01/MK/2003. With
that payment, up to now there has been three payments made to redeem the principal balance of
iii
Treasury Bond (Obligasi Negara) Number SRBI-01/MK/2003 through redemption originating from
Bank Indonesia’s surplus.
In this occasion, the Board of Governors of Bank Indonesia wishes to express our sincere
appreciation to BPK-RI for their advices and recommendations intended for a continuing
improvement in Bank Indonesia. Our sincere gratitude also goes to the heads of all working units
and parties in Bank Indonesia, who have shown strong commitments and cooperation in
performing their tasks and implementing the advices and recommendations from BPK-RI, so that
Bank Indonesia can maintain the Unqualified Opinion.
Alongside with the publication of this book, Annual Financial Statements for the year 2008
are also published through our website (http://www.bi.go.id), as well as a part of Bank Indonesia
Annual Report.
Finally, hopefully these Financial Statements will serve as a beneficial reference and offer
added value to the public.
Jakarta, May
, 2009
DEPUTY GOVERNOR OF BANK INDONESIA
Ardhayadi M.
iv
THE SUPREME AUDIT BOARD
REPUBLIC OF INDONESIA
Number: 05/01/LHP/XV/04/2009
REPORT OF INDEPENDENT AUDITOR
We have audited the accompanying balance sheets of Bank Indonesia as at Desember 31, 2008 and
Desember 31, 2007, and the related statements of surplus deficit, changes in equity, and cash flows
for the years ended. These financial statements are the responsibility of the management of Bank
Indonesia. Our responsibility is to express an opinion on these financial statements based on our
audits.
We have also performed tests on internal control and Bank Indonesia’s compliance to regulations.
The structures of internal control and the compliance to regulations are the responsibility of the
management of Bank Indonesia. The results of this examination are reported separately from
Independent Auditor Report of the Financial Statements of Bank Indonesia.
We conducted our audits in accordance with Government Auditing Standards (SAP) established by
the Supreme Audit Board of the Republic of Indonesia (BPK-RI), which incoporate the Professional
Public Accounting Standards (SPAP) established by the Indonesian Institute of Accountants (IAI). The
standards require that we plan and perform our audits to obtain reasonable assurance whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporing the amounts and disclosure in the finacial statements. An audit also includes
assessing the accounting principles used and significant estimation made by management, as well
as evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinión.
In our opinion, the financial statements as mentined above present fairly, in all material
respects, the financial position of Bank Indonesia as at Desember 31, 2008 and Desember
31, 2007, and the results of its operations, as well as cash flow for the years then ended in
conformity with generally accepted accounting principles and specific accounting policies
generally adopted by Central Banks as discussed in Note B to the Financial Statements.
1
As elaborated in Note C.9 Notes to the Financial Statements, Bank Indonesia recorded a claim to
the Government in the form of Treasury Bond (ON) Number SRBI-01/MK/2003 amounted to
IDR129,34 trillion. One of the bond’s conditions stated that the source of the bond’s payment is
from Bank Indonesia’s surplus, which is accruing to the Government and shall be performed in the
event that the capital to monetary liabilities ratio of Bank Indonesia has reached 10% (ten percent).
Such payment mechanism may cause uncertainty regarding the time and the amount of the bond’s
payment by the Government in the future.
The results of the compliance test to regulations and internal control are delivered in separate
reports Number 05/02/LHP/XV/04/2009 and Numnber 05/03/LHP/XV/04/2009 dated April 15, 2009.
Jakarta, April 15, 2009
The Supreme Audit Board
Republic of Indonesia
Signed
Syafri Adnan Baharuddin, Ak. MBA
State Registered No.D-4844
2
BANK INDONESIA
BALANCE SHEETS
As at December 31, 2008 and December 31, 2007
(In Millions of Rupiah)
Notes
December 31, 2008
December 31, 2007
I. ASSETS
1.
Gold
B.6, C.1
22,230,636
18,492,363
2.
Foreign Currencies
B.4, B.7, C.2
11,055
8,844
3.
Special Drawing Rights
B.4, B.8, C.3
373,952
93,582
4.
Demand Deposits
B.4, B.9, C.4
34,263,410
24,767,545
5.
Time Deposits
B.4, B.10, C.5
7,078,295
42,730,046
6.
Marketable Securities
B.4, B.11, C.6
499,632,381
592,984,296
7.
Government Bonds
B.12, C.7
19,558,846
15,849,567
8.
Securities Purchased Under
B.13, C.8
2,885,392
239,466
284,512,763
286,986,045
B.4, B.14, C.9
263,735,827
264,174,935
Resale Agreements
9.
Claims
9.1
On Government
9.2
On Banks
B.15, C.10
11,978,714
12,318,440
9.3
On Others
B.4, B.16 C.11
8,798,222
10,492,670
932,753
894,711
9,194,090
7,690,761
(16,474,382)
(17,710,243)
864,199,191
973,026,983
10. Equity Participation
11. Other Assets
12. Allowance for Bad Debts
B.17, C.12
B.18, B.19 C.13
B.20, C.14
TOTAL ASSETS
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
BANK INDONESIA
BALANCE SHEETS
As at December 31, 2008 and December 31, 2007
(In Millions of Rupiah)
Notes
December 31, 2008
December 31, 2007
264,399,922
220,794,779
185,447,235
192,066,106
II. LIABILITIES AND EQUITY
A. LIABILITIES
1. Currency in Circulation
B.21, C.15
2. Demand Deposits
2.1 Government
B.4, B.22, C.16
97,228,550
21,918,360
2.2 Bank
B.4, B.22, C.17
85,197,077
168,612,400
2.3 Others
B.4, B.22, C.18
3,021,608
1,535,346
3. Bank Indonesia Certificates
B.23, C.19
175,342,804
244,570,156
4. Bank Indonesia Sharia Certificates
B.24, C.20
2,824,300
2,598,500
5. Bank Indonesia Deposit Facilities
B.25, C.21
75,673,367
48,925,248
0
0
6. Securities Sold Under Repurchase
Agreements
B.26
7. Loans from Government
B.4, B.27, C.22
206,023
223,614
8. Foreign Borrowings
B.4, B.28, C.23
7,479,880
6,798,280
B.19, C.24
2,980,279
145,420,665
714,353,810
861,397,348
9. Other Liabilities
TOTAL LIABILITIES
B. EQUITY
1. Capital
C.25
7,610,885
7,610,885
2. General Reserves
C.26
49,663,865
50,767,097
3. Statutory Reserves
C.26
13,364,549
13,683,337
B.29, C.27
61,957,127
40,990,336
17,248,955
(1,422,020)
TOTAL EQUITY
149,845,381
111,629,635
TOTAL LIABILITIES AND EQUITY
864,199,191
973,026,983
4. Unrealized Gains/Losses
5. Current Year Surplus (Deficit)
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
BANK INDONESIA
SURPLUS DEFICIT STATEMENT
For the period of January 1 to December 31, 2008
and January 1 to December 31, 2007
(In Millions of Rupiah)
Notes
January 1 to
December 31,
2008
January 1 to
December 31,
2007
A. REVENUES
1. Monetary Operations
1.1 Foreign Reserve Management
1.2 Money Market Activities
1.3 Credit and Financing
2. Payment System Services
3. Banking Services
4. Others
TOTAL REVENUES
C.28
C.29
C.30
C.31
B. EXPENSES
1. Monetary Operations
1.1 Open Market Operations
1.2 Foreign Reserve Management
1.3 Foreign Loan Management
1.4 Others
2. Payment System Operations
2.1 Currency Circulation
2.2 Payment System Sponsoring
3. Banking Regulations and Supervisions
4. General and Others
4.1 Human Resources and Logistics
4.2 Others
C.32
C.33
C.34
C.35
C.36
TOTAL EXPENSES
SURPLUS (DEFICIT)
44,731,394
40,203,455
249,644
4,278,295
168,974
180,546
250,236
45,331,150
28,387,328
24,213,515
78,047
4,095,766
153,123
145,864
350,158
29,036,473
21,272,917
20,837,295
36,313
260,808
138,501
1,650,612
1,585,365
65,247
158,202
5,000,464
4,105,046
895,418
25,032,584
24,463,229
25,624
368,070
175,661
1,646,299
1,568,871
77,428
153,288
3,626,322
3,541,579
84,743
28,082,195
30,458,493
17,248,955
(1,422,020)
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
BANK INDONESIA
STATEMENT OF CHANGES IN EQUITIES AND CAPITAL RATIO
For the period of January 1 to December 31, 2008
(In Millions of Rupiah)
December 31,
2007
I.
EQUITY
1.
Capital
2.
Addition
December 31,
2008
Deduction
7,610,885
0
0
7,610,885
General Reserves
50,767,097
318,788
1,422,020
49,663,865
3.
Statutory Reserves
13,683,337
0
318,788
13,364,549
4.
Unrealized Gains (Losses)
40,990,336
20,966,791
0
61,957,127
5.
Current Year Surplus (Deficit)
(1,422,020)
17,248,955
(1,422,020)
17,248,955
111,629,635
38,534,534
318,788
149,845,381
Total
II.
MONETARY LIABILITIES
=
701,524,534
III.
CAPITAL RATIO BEFORE DEDUCTION OF GOVERNMENT’S SHARE OF BI’S
SURPLUS (Note C.37)
=
10.38%
IV.
PAYMENT OF SURPLUS TO GOVERNMENT
=
2,646,356
V.
CAPITAL RATIO AFTER DEDUCTION OF GOVERNMENT’S SHARE OF BI’S
=
10.00%
SURPLUS
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
BANK INDONESIA
CASH FLOW STATEMENT
For the period of January 1 to December 31, 2008
(In Millions of Rupiah)
January 1 to
December 31, 2008
1.
1.1
CASH FLOWS FROM OPERATING ACTIVITIES
Surplus
17,248,955
1.2
Increase in Gold
(3,738,273)
1.3
Increase in Foreign Currencies
1.4
Increase in Special Drawing Rights
1.5
Increase in Demand Deposits
(9,495,865)
1.6
Decrease in Time Deposits
35,651,751
1.7
Decrease in Marketable Securities
93,351,915
1.8
Increase in Government Bonds
(3,709,279)
1.9
Increase in Securities Purchased Under Resale Agreements
(2,645,926)
(2,211)
(280,370)
1.10 Decrease in Claims:
2,473,282
1.10.1 Decrease in Claims on Government
1.10.2 Decrease in Claims on Banks
1.10.3 Decrease in Claims on Others
1.11 Increase in Other Assets
439,108
339,726
1,694,448
(1,480,779)
1.12 Adjustments:
(1,046,339)
1.12.1 Fixed Asset Depreciation
1.12.2 Decrease in Allowance for Bad Debts
1.12.3 Intangible Asset Amortization
1.13 Increase in Currencies in Circulation
197,725
(1,235,861)
(8,203)
43,605,143
1.14 Decrease in Demand Deposits:
(6,618,871)
1.14.1 Increase in Government Demand Deposits
1.14.2 Decrease in Bank Demand Deposits
1.14.3 Increase in Other Demand Deposits
1.15 Decrease in Bank Indonesia Certificates
1.16 Increase in Bank Indonesia Sharia Certificates
1.17 Increase in Bank Indonesia Deposit Facilities
1.18 Increase in Securities Sold Under Repurchase Agreements
1.19 Decrease in Other Liabilities
75,310,190
(83,415,323)
1,486,262
(69,227,352)
225,800
26,748,119
0
(142,440,386)
(21,380,686)
Net Cash Flows from Operating Activities
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
BANK INDONESIA
CASH FLOW STATEMENT
For the period of January 1 to December 31, 2008
(In Millions of Rupiah)
January 1 to December
31, 2008
2.
CASH FLOWS FROM FINANCING ACTIVITIES
2.1
Increase in Equity Participation
2.2
Increase in Fixed Assets
2.3
Decrease in Leasing Assets
2.4
Decrease in Intangible Assets
(38,042)
(228,610)
0
16,538
Net Cash Flows from Financing Activities
(250,114)
3.
CASH FLOWS FROM INVESTING ACTIVITIES
3.1
Increase in Government Equity Participation
3.2
Decrease in Loans from Government
(17,591)
3.3
Increase in Foreign Borrowings
681,600
3.4
Decrease in Capital
3.5
Decrease in General Reserve
3.6
Decrease in Statutory Reserve
3.7
Increase in Unrealized Gains/Losses
3.8
Distribution of Previous Year Surplus
0
(1,103,232)
(318,788)
20,966,791
1,422,020
21,630,800
Net Cash Flows from Investing Activities
4.
0
NET INCREASE/DECREASE IN CASH FLOWS/CASH
0
EQUIVALENTS
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
A. General
Bank Indonesia is the Central Bank of the Republic of Indonesia that was established 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.
In accordance with Article 7 of Act of the Republic Indonesia Number 23 of 1999
concerning Bank Indonesia as amended by Act of the Republic of Indonesia Number 3 of
2004, the objective of Bank Indonesia is to achieve and maintain the stability of the Rupiah.
To accomplish the objective, Bank Indonesia has several duties as follows:
(i) To formulate and to implement monetary policies;
(ii) To regulate and to safeguard the smoothness of the payment system; and
(iii) To regulate and to supervise banks.
In relation to those duties, activities of Bank Indonesia are not performed on commercial
basis, but more directed on controlling base money and supervising the national banking
system.
In performing its duties, Bank Indonesia is led by the Board of Governors that consists of a
Governor, a Senior Deputy Governor and assisted by at least 4 (four) and not more than 7
(seven) Deputy Governors. The members of the Board of Governors for the period ended
December 31, 2008 were as follows:
Governor
Senior Deputy Governor
Deputy Governor
:
:
:
Boediono
Miranda S. Goeltom
Hartadi A. Sarwono
Siti Ch. Fadjrijah
Muliaman D. Hadad
S. Budi Rochadi
Budi Mulya
Ardhayadi Mitroatmodjo
In the period of January 1 to December 31, 2008, Governor Burhanuddin Abdullah has been
respectfully discharged due to the completion of their service period. Afterward, in
accordance with Presidential Decree Number 34/P 2008 dated May 15, 2008, Boediono was
appointed as Governor.
Bank Indonesia's headquarter is located on Jl. MH Thamrin No. 2 Jakarta, with 41 (forty-one)
branches around Indonesia and 4 (four) overseas representative offices. Total employees as
at December 31, 2008 were 6.091 persons.
9
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
B. Significant Accounting Policies
The presentation of the Annual Financial Statements of Bank Indonesia for the year 2008
was in accordance with the Circular Letter of Bank Indonesia Number 8/82/INTERN dated
December 26, 2006 concerning the Financial Statements of Bank Indonesia.
The accounting policies adopted by Bank Indonesia are regulated in Bank Indonesia Financial
Accounting Guidance (Pedoman Akuntansi Keuangan Bank Indonesia - PAKBI). PAKBI is in
conformity with the Indonesian Financial Accounting Standards (Standar Akuntansi
Keuangan - SAK), International Accounting Standards (IAS), Bank Indonesia’s internal
regulations and best practices in other central banks, as well as the agreements among Bank
Indonesia, the Supreme Audit Board of the Republic of Indonesia (Badan Pemeriksa
Keuangan Republik Indonesia – BPK RI) and the Financial Accounting Standards Board of the
Indonesian Institute of Accountants (Ikatan Akuntan Indonesia - IAI). In order to maintain its
updated conformity with SAK and IAS, PAKBI has been continuously revised, most recently
as declared in the Circular Letter Number 8/50/INTERN dated September 28, 2006
concerning Bank Indonesia Financial Accounting Guidance.
The significant accounting policies that have been consistently applied by Bank Indonesia on
the Financial Statements for the period of January 1 to December 31, 2008 are as follows:
1.
Basis for Preparation of Financial Statements
The financial statements of Bank Indonesia are presented in millions of Rupiah, and
prepared on the accrual basis using the historical cost concept, except for certain
accounts that are presented using other measurements as stated in the accounting
policy of each account.
2.
Management Estimations
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimations and assumptions that
may affect the amount of assets and liabilities, disclosure of contingent assets and
liabilities at the date of financial statements and the amount of revenues and expenses
reported during the year. The actual results may differ from those estimations.
3.
Recognition of Interest Income
Interest income from investment of Bank Indonesia’s funds is recognized on accrual
basis. Accrued interest income that was previously recognized is reversed at the time
when the placements are classified as nonperforming.
4.
Transactions in Foreign Currencies
Transactions in foreign currencies are recorded in Rupiah using exchange rate
prevailing at transaction date. For the financial reporting purposes, assets and liabilities
in foreign currencies are translated into Rupiah using exchange rates prevailing at the
balance sheet date. The differences of amount arising from the periodical translations
are recorded at the Exchange Rate Revaluation Reserves account, which is presented
on the balance sheet in the Exchange Rate and Foreign Security Revaluation Reserves
10
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
under Equity section, until the foreign exchanges are decreased. Bank Indonesia uses
Net Currency Position (NCP) method in administrating and recording foreign currency
assets and liabilities. With this method, the result of the revaluation of foreign
currency assets and liabilities is calculated from the multiplication of the net position
of the foreign currency assets and liabilities with the difference between the balance
sheet exchange rate and average cost of the foreign exchange currencies.
The rates of major foreign exchanges as at December 31, 2008 were
IDR10,950.00/USD, IDR15,432.40/EUR, IDR15,802.51/GBP, IDR16,948.52/SDR and
IDR12,122.90/JPY100.00.
5.
Related Parties
Related parties of Bank Indonesia are as follows:
a. Institutions/entities that are controlled or directed by Bank Indonesia. These
include among others entities in which Bank Indonesia’s ownership is more than
20%.
b. The employees of Bank Indonesia and entities/foundations/enterprises that
represent interests of the employees of Bank Indonesia. These include among
others Bank Indonesia Pension Fund (Dana Pensiun Bank Indonesia – DAPENBI)
and Bank Indonesia Employees Welfare Foundation (Yayasan Kesejahteraan
Karyawan Bank Indonesia – YKK-BI).
c. Entities/institutions/foundations that are established to support activities of Bank
Indonesia. These include among others Indonesian Banking Development
Foundation (Yayasan Pengembangan Perbankan Indonesia – YPPI).
All significant transactions with related parties, whether or not made under similar
terms and conditions as those conducted with third parties, are disclosed in the
financial statements.
6.
Gold
Gold consists of gold bars, gold time deposits, and gold marketable securities, which
are revalued periodically at fair market values. The differences due to the changing of
market price of Gold are recorded in the Gold Revaluation Reserves account in
Exchange Rate and Marketable Securities Revaluation Reserves item under Equity
section.
7.
Foreign Currencies
Foreign Currencies are presented on the balance sheet at nominal value.
8.
Special Drawing Rights
Special Drawing Rights (SDRs) represent mandatory reserves in the International
Monetary Fund (IMF) denominated in SDR. SDRs are presented on the balance sheet at
nominal value that are added with accrued interest on holding and remuneration.
9.
Demand Deposits
Demand Deposits in foreign currencies in other central banks or correspondent banks
are presented on the balance sheet at nominal value.
11
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
10.
Time Deposits
Time Deposits in foreign currencies in correspondent banks are presented on the
balance sheet at nominal value that are added with the accrued interest.
11.
Marketable Securities
Marketable Securities (SSB) in Rupiah and foreign currencies are classified based on
the purpose of ownership; i.e. Held to Maturity (HTM), which is presented at cost after
premium/discount amortization, Trading and Available for Sale (AFS), which are
presented at fair market value. The differences due to the changing of market price of
Available for Sale securities are recorded in the Marketable Securities Revaluation
Reserves Account, and presented in Unrealized Gains/Losses item, under Equity
section, while the differences due to the changing of market price of Trading
securities are recorded as gains or losses for the current year. Accrued interests are
presented as a part of the Marketable Securities account.
12.
Government Bonds
Government Bonds consist of:
a.
Treasury Bills (SPN)
Treasury Bills are State Debt Securities with up to one-year period.
b.
Marketable Treasury Bonds (ON)
The marketable treasury bonds are State Debt Securities with more than one-year
period.
SPN and Available-for-Sale ON owned by Bank Indonesia are presented at fair market
value. The difference due to the market value changes of SPN and Available-for-Sale
ON is recorded on Marketable Securities Revaluation Reserves account in Unrealized
Gains or Losses item under Equity section. The accrued interests of SPN and Availablefor-Sale ON are presented as a part of Government Bonds item.
13.
Securities Purchased Under Resale Agreements
Securities Purchased Under Resale Agreements are securities owned by banks that are
sold to Bank Indonesia with an agreement to repurchase under a specific price and
terms. Securities Purchased Under Resale Agreements are presented at their selling
price. The differences between the selling price and the repurchase price are
recognized as interest income.
14.
Claims on Government
Claims on Government consist of State Debt Securities (Surat Utang Pemerintah –
SUP), Government Bonds (Obligasi Negara – ON), and other claims on government.
a.
State Debt Securities
1)
State Debt Securities are long-term bonds issued by the Government to Bank
Indonesia which are non-transferable and non-marketable, with regulated
payment schedule of outstanding value and interest.
2)
State Debt Securities are presented at their outstanding nominal value.
12
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
b.
Government Bonds
Government Bonds in this item are long-term bonds issued by the Government to
Bank Indonesia which are non-transferable and non-marketable, and presented at
their outstanding nominal value.
c.
Other Claims on Government
Other claims on Government, including interests of the claims, are presented on
the balance sheet at the outstanding value of the claims.
15.
Claims on Banks
Claims on Banks are presented on the balance sheet at the outstanding value plus
accrued interests.
16.
Claims on Others
Claims on Others, which include other claims on Operation-Suspended Banks (Bank
Beku Operasi – BBO) and Business-Activity-Suspended Banks (Bank Beku Kegiatan
Usaha - BBKU), channeling credits, and remaining program credits, are presented on
the balance sheet at the outstanding value.
17.
Equity Participation
In accordance 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 may conduct an equity participation in legal entities or other entities
deemed necessary in the implementation of the tasks of Bank Indonesia.
Equity participation with less than 20 percent ownership is presented at cost;
meanwhile equity participation with the ownership more than 20 percent is presented
at cost price added by profit or loss of the subsidiary company subsequent to the
equity participation.
Equity participation conducted by Bank Indonesia before the enactment of 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, should be divested before January
2009; therefore, such kind of equity participation is not consolidated in the Financial
Statements of Bank Indonesia.
In case of permanent impairment in the value of equity participation, the recorded
value of equity participation is adjusted accordingly.
18.
Fixed Assets
Fixed assets are presented on the balance sheet as part of other assets at cost less
accumulated depreciation.
Fixed assets are depreciated through their economic life by using straight-line method.
Bank Indonesia revalued its fixed assets in 2000. Revalued fixed assets are stated at
revalued amount (market price or fair value) less accumulated depreciation. The
differences between the revaluation values and the book values of fixed assets are
presented on the balance sheet in the Capital item under Equity section.
13
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
19.
Employee Benefits
Bank Indonesia provides an allowance for long-term benefits and post-employment
benefits for the employees who have rendered their services and are entitled to accept
the future benefits. Bank Indonesia develops the defined benefit plan, which is funded
through contribution to Bank Indonesia Pension Fund (Dana Pensiun Bank Indonesia),
and Housing Loan (Baperum) as well as Pension Health Facility (BKP) which are funded
through contribution to YKKBI. The amount of contribution and benefit liabilities are
calculated periodically by an independent actuary.
The costs and liabilities of employee benefits are determined separately for each plan
by using projected unit credit actuary method.
20.
Allowance for Bad Debts
Bank Indonesia provides a combined allowance for bad debts, including allowance for
claims, placements, and other assets, in order to present the assets fairly. The
allowance percentage is decided by considering the inherent rate of risk in each
particular asset, which are reflected by some factors e.g. investment rating, debtors’
financial position, performance of prior payment, bank’s composite grade, relationship
and agreement between Bank Indonesia and debtors, and other relevant factors.
21.
Currency in Circulation
Currency in circulation is presented as liabilities at total nominal value of bank notes
and coins that has been declared as legal tender by Bank Indonesia and is not under
the possession of Bank Indonesia.
22.
Demand Deposits
Demand deposits of other parties in Bank Indonesia consist of demand deposits in
Rupiah and demand deposits in foreign currencies, which are presented at nominal
value. Specifically for the IMF demand deposit which is used to record payables to IMF,
revaluation is conducted every April 30 using SDR exchange rate to Rupiah issued by
IMF at its closing book date. The IMF demand deposit is presented at nominal value.
23.
Bank Indonesia Certificates
Bank Indonesia Certificates (Sertifikat Bank Indonesia – SBI) are securities in Rupiah
that are issued by Bank Indonesia to recognize short-term payables. SBI’s are
presented on the balance sheet at nominal value deducted by a discount paid in
advance.
24.
Bank Indonesia Sharia Certificates
Bank Indonesia Sharia Certificates (Sertifikat Bank Indonesia Syariah – SBIS) was
previously called Bank Indonesia Wadiah Certificates (Sertifikat Wadiah Bank Indonesia
– SWBI) as stated in PBI No. 10/11/PBI/2008 dated March 31, 2008 on Bank Indonesia
Sharia Certificates. SBIS are certificates issued by Bank Indonesia as confirmation of
fund custodianship based on sharia principle provided by Bank Indonesia for sharia
banks and sharia business units. SBIS’s are presented at nominal value. SBIS’s bonus is
recorded at cash basis.
14
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
25.
Bank Indonesia Deposit Facilities
Bank Indonesia Deposit Facilities (Fasilitas Simpanan Bank Indonesia – FASBI) is deposit
facilities given to banks by Bank Indonesia. FASBI are presented on the balance sheet
at nominal value deducted by discount paid in advance.
26.
Securities Sold Under Repurchase Agreements
Securities Sold Under Repurchase Agreements are Bank Indonesia Certificates and/or
securities owned by BI that are purchased by banks with an agreement to resale under
a specific price and terms. These securities are presented at cost. The differences
between the purchase price and the reselling price are recognized as interest expense.
27.
Loans from Government
Loans from Government consist of loans due to Two Step Loan in Rupiah and
Government obligation in foreign currencies, which are presented at the outstanding
amount after discount amortization.
28.
Foreign Borrowings
Foreign borrowings or loan facilities received by Bank Indonesia from foreign parties in
foreign currencies are presented at the outstanding amount after calculation of
accrued interest.
29.
Unrealized Gains/Losses
Unrealized Gains/Losses present the recognition of securities revaluation, translation of
assets and liabilities in foreign exchange into Rupiah, and other assets revaluation.
30.
Derivative Transaction
BI has conducted derivative transactions to hedge the risk of exchange rate changes.
Changes of fair value of the hedging instruments are recorded as off-balance sheet
items. At the maturity date, the changes of fair value are recognized as liabilities and
at the end of the reporting period these changes are then recognized as revenues or
expenses and presented as part of revenues or expenses from exchange rate
differences.
15
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
C.
NOTES TO BALANCE SHEETS, SURPLUS DEFICIT AND STATEMENT OF CHANGES IN
EQUITIES AND CAPITAL RATIO
1. Gold
The balance of gold as at December 31, 2008 and as at December 31, 2007 was
TOZ2,347,046.3100 or equivalent to IDR22,230,636 million and TOZ2,347,046.3100 or
equivalent to IDR18,492,363 million, respectively.
The value of gold was presented based on gold current market price available in London
market at December 31, 2008, which was USD865.00/TOZ.
2. Foreign Currencies
The balances of foreign currencies as at December 31, 2008 and December 31, 2007
were equal to IDR11,055 million and IDR8,844 million respectively, with details as
follows:
December 31, 2008
OCY
IDR million
Foreign currencies in vault consist of:
USD
JPY
GBP
SGD
996,209.83
1,023,146.00
1,303.41
218,25
10,908
124
21
2
11,055
December 31, 2007
OCY
IDR million
922,103.87
1,473,969.00
1,546.63
1,090.14
8,685
123
29
7
8,844
3. Special Drawing Rights
Special Drawing Rights is a mandatory deposit due to the Indonesian Government’s
membership in the International Monetary Fund (IMF) denominated in SDR. This balance
is derived from SDR allocation and its increase is due to addition of SDR allocation,
purchase of SDR and income in SDR such as interest on SDR holding, remuneration and
refund of charges. The SDR balance decreases are due to various payments in SDR such
as commitment fee, service charges, periodic charges, SDR allocation charges and
assessment fee. SDR is issued by IMF for its members according to quota proportion of
each member of IMF at the point of issuance. SDR mainly functions as a supplementary
foreign reserve.
Total of SDR as at December 31, 2008 was SDR22,064,022.00 or equivalent to
IDR373,952 million and as at December 31, 2007 was SDR6,339,299.39 or equivalent to
IDR93,582 million.
16
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
4. Demand Deposits
Demand deposits in foreign currencies in central banks and overseas correspondent
banks as at December 31, 2008 and December 31, 2007 amounted to IDR34,263,410
million and IDR24,767,545 million respectively, with details as follows:
December 31, 2008
December 31, 2007
OCY
Central Banks
Correspondent Banks
IDR million
IDR million
USD
2,426,963,216.36
23,627,732.04
26,833,971
15,350,166
JPY
24,301,672,854.00
9,154,581,294.86
4,055,868
6,173,278
EUR
53,765,694.53
3,969,339.10
890,990
816,048
GBP
116,777,804.10
4,020,223.55
1,908,912
1,430,192
573,669
34,263,410
997,861
24,767,545
Other
Foreign
Currency
As part of demand deposit in central banks, there were also placements in Repo and
Overnight, among them in the Federal Reserve Bank of New York, New York and Bank of
Japan, Tokyo amounted to USD2,425,900,000.00 or equivalent to IDR26,563,605 million
and JPY24,292,825,279.00 or equivalent to IDR2,944,995 million respectively. Income
from Repo & Overnight was recognized on the due date.
5. Time Deposits
The balances of time deposits in foreign currencies as at December 31, 2008 and
December 31, 2007 were IDR7,078,295 million and IDR42,730,046 million respectively,
with details as follows:
Correspondent banks:
USD
GBP
EUR
AUD
NZD
Special Time Deposits:
IBRD (USD)
IMF PRGF (SDR)
IMF Trust for PRGF
(SDR)
Indover (EUR)
December 31, 2008
December 31, 2007
OCY
OCY
IDR million
IDR million
0.00
145,000,000.00
0.00
200,000,000.00
437,000,000.00
0
2,291,364
0
1,511,102
2,764,152
6,566,618
1,873,755,831.74
750,000,000.00
60,000,000.00
766,000,000.00
402,000,000.00
17,648,906
14,103,075
825,585
6,303,353
2,915,561
41,796,480
0.00
25,000,000.00
0
423,713
24,000,000.00
25,000,000.00
226,056
369,053
4,850,030.00
0.00
82,200
0
505,913
5,764
7,078,295
4,850,030.00
2,268,901.08
71,597
31,219
697,925
235,641
42,730,046
Accrued Interest
Total Time Deposits
17
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
a.
Special time deposits in International Bank for Reconstruction and Development
(IBRD) was time deposit due to Central Bank Facility at IBRD, Washington DC.
b.
Special time deposits in IMF was Poverty Reduction and Growth Facility on IMF
amounted to SDR25,000,000.00 or equivalent to IDR423,713 million as at December
31, 2008 and equivalent to IDR369,053 million as at December 31, 2007.
c.
Other special time deposits in IMF were Trust for PRGF Operations for the Heavily
Indebted Poor Countries (HIPC) and Interim PRGF Subsidy Operations (“the Trust”)
amounted to SDR4,850,030.00 or equivalent to IDR82,200 million as at December
31, 2008.
d.
Special time deposits in Indover Bank was time deposit due to loan to subsidiary
company. As at April 30, 2008 the deposits have been repaid completely by Indover
Bank.
The period and average interest rate range of the time deposits were as follows:
December 31, 2008
IDR million
Nominal value based on period:
a. Time Deposits in correspondent banks:
- less than 1 month
- 1 – 3 months
- more than 3 months
December 31, 2007
IDR million
6,566,618
0
0
5,654,637
32,892,288
3,249,555
0
0
505,913
7,072,531
0
0
697,925
42,494,405
December 31, 2008
Interest p.a.
December 31, 2007
Interest p.a.
b. Special Time Deposits:
- less than 1 month
- 1 - 3 months
- more than 3 months
Interest rate range
a. USD
- less than 1 month
- 1 - 3 months
- more than 3 months
b. GBP
- less than 1 month
- 1 - 3 months
- more than 3 months
c. EUR
- less than 1 month
- 1 - 3 months
- more than 3 months
d. AUD
- less than 1 month
- 1 - 3 months
- more than 3 months
18
-
5.100% - 5.300%
4.940% - 5.270%
5.260% - 5.350%
1.40%
-
6.250% - 6.490%
6.150% - 6.700%
-
-
4.500%
4.585% - 4.620%
-
3,75%
-
6.880% - 7.120%
-
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
December 31, 2008
Interest p.a.
Interest rate range
e. NZD
- less than 1 month
- 1 - 3 months
- more than 3 months
December 31, 2007
Interest p.a.
4,65%
-
8.750%
8.650% - 8.900%
-
-
-
< 2.00%
4.504%
f. JPY
-
less than 1 month
1 - 3 months
g. SDR
-
-
less than 1 month
1 - 3 months
more than 3 months
6. Marketable Securities
Marketable securities owned by Bank Indonesia are in foreign currency with a balance at
December 31, 2008 and December 31, 2007 of IDR499,632,381 million and
IDR592,984,296 million respectively with details as follows:
December 31, 2008
Held to Maturity
Available for Sale:
• BI Portfolio
• External Portfolio
Manager:
- Counterparty
- Asian Bond Fund
• Automatic
Investment
• Reinvestment of
cash collateral from
securities lending *)
Accrued interest
Acquisition cost
(after premium/
discount
amortization)
IDR million
December 31, 2007
Revaluation
Fair value
and Accrued
Interest
Acquisition cost
(after premium/
discount
amortization)
Revaluation
IDR million
IDR million
IDR million
IDR million
76,451,689
76,451,689
105,518,268
Fair value
and Accrued
Interest
IDR million
105,518,268
390,107,483
17,709,658
407,817,141
324,412,206
4,997,224
329,409,430
4,434,339
1,642,500
182,909
407,624
4,617,248
2,050,124
3,851,398
1,412,850
(27,752)
303,915
3,823,646
1,716,765
2,185,455
4,522
2,189,977
3,428,621
18,644
3,447,265
0
0
0
6,506,202
143,207,029
143,207,029
5,861,893
474,821,466
499,632,381
581,830,372
Note:
*) Including accumulated return on Reinvestment of Cash Collateral from Securities Lending.
592,984,296
19
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
Marketable securities are placements denominated in foreign currencies, predominantly in
JPY, USD, GBP, EUR, AUD and NZD.
As at December 31, 2008 there were no marketable securities placed in Third Party
Securities Lending (TPSL), hence the position of Reinvest Cash Collateral SL is zero.
Among Held-to-Maturity securities outstanding as at December 31, 2008 amounted to
IDR76,451,689 million, IDR30,778,488 million will be due within 1 year, IDR33,528,749
million will be due within 1 to 5 years and IDR12,144,452 million will be due within 5 to 10
years.
Among Available for Sale securities categorized in BI Portfolio and Automatic Investment, as
at December 31, 2008 amounted to IDR410,007,118 million, IDR144,183,252 million will
be due within 1 year, IDR220,270,960 million will be due within 1 to 5 years and
IDR45,552,906 million will be due within 5 to 10 years.
7. Government Bonds
The balance of Government Bonds as at December 31, 2008 and December 31, 2007
were IDR19,558,846 million and IDR15,849,567 million respectively, with details as
follows:
December 31, 2008
Fair value
Acquisition
Revaluation and Accrued
cost
Interest
IDR million
IDR million
IDR million
a.
December 31, 2007
Fair value
Acquisition
Revaluation and Accrued
cost
Interest
IDR million
IDR million
IDR million
Marketable Treasury
Bonds
- Available for Sale
- Accrued interest
17,488,804
0
(1,036,609) 16,452,195
0
(39,204)
0
15,457,429
0
16,863,863
15,496,633
2,694,983
0
0
0
2,637,609
2,694,983
0
0
20,126,413
19,558,846
15,496,633
15,849,567
17,488,804
b.
15,496,633
411,668
392,138
15,849,567
Treasury Bills
- Available for Sale
- Accrued interest
Total
2,637,609
0
57,374
0
0
0
0
0
Marketable securities in Rupiah owned by Bank Indonesia were government bonds (Surat
Utang Negara – SUN), in the form of Marketable treasury bonds (Obligasi Negara – ON)
and Treasury Bills (Surat Perbendaharaan Negara - SPN), which were classified as
Available for Sale securities.
20
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
SUN were acquired by Bank Indonesia in the secondary market starting on April 2005,
aimed for building SUN stocks, which was intended to substitute Bank Indonesia
Certificates (SBI) as monetary instruments as stated in Act of State Treasury Number 1 of
2004. This process is still under discussion between Bank Indonesia and the Government.
SPN was acquired by Bank Indonesia through the primary market starting from May
2008.
ON available for sale amounted to IDR3,030,222 million will be due within 1 to 5 years,
IDR5,923,850 million will be due within 5 to 10 years and IDR7,498,123 million will be
due over 10 years.
8. Securities Purchased under Resale Agreements
Securities Purchased under Resale Agreements as at December 31, 2008 and December
31, 2007 amounted to IDR2,885,392 million and IDR239,466 million respectively. They
consisted of Bank Indonesia Certificates–Repo (SBI–Repo) and Government Bonds – Repo
(SUN – Repo) with a period of one day, Fine Tune Expansion (FTE) transaction and
Government Marketable Sharia Securities – Repo (Surat Berharga Syariah Negara Repo –
SBSN Repo) with a period of up to 14 days.
9. Claims on Government
Claims on Government as at December 31, 2008 and December 31, 2007 amounted to
IDR263,735,827 million and IDR264,174,935 million respectively, with details as follows:
December 31, 2008
IDR million
-
a.
Claims on Government in IDR
Claims on Government in Foreign
Currency
December 31, 2007
IDR million
263,703,880
264,147,455
31,947
263,735,827
27,480
264,174,935
Claims on Government in IDR
Claims on Government in IDR as at December 31, 2008 and December 31, 2007
were IDR263,703,880 million and IDR264,147,455 million respectively, with details
as follows:
December 31, 2008
IDR million
-
Government Bonds (SUP)
-
Treasury Bonds (ON)
No. SRBI-01/MK/2003
Other claims on Government in Rupiah
-
21
December 31, 2007
IDR million
128,816,069
130,034,662
129,344,302
5,543,509
263,703,880
129,344,302
4,768,491
264,147,455
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
1) Government Bonds (SUP)
The values of SUP as at December 31, 2008 and December 31, 2007 were as
follows:
December 31, 2008
IDR million
Nominal value:
- SU-002/MK/1998
- SU-004/MK/1999
- SU-005/MK/1999
- SU-007/MK/2006
a)
20,000,000
53,779,500
1,218,592
53,817,977
128,816,069
December 31, 2007
IDR million
20,000,000
53,779,500
2,437,185
53,817,977
130,034,662
SUP Number SU-002/MK/1998 (SU-002)
SU-002 was issued on October 23, 1998 based on Presidential Decree
Number 55 of 1998 concerning Domestic Loans in the form of Debt
Securities in relation with Government Regulation Number 60 of 1998
concerning Addition of The Republic of Indonesia’s Equity Participation in PT
Bank Ekspor Impor Indonesia (PT. BEII).
The nominal value of SU-002 was IDR20,000,000 million, non-transferable
and non-marketable.
As stated in Minister of Finance Letter Number S-505/MK.08/2006 dated
November 24, 2006, since January 1, 2006 the terms and conditions of SU002 has been amended as follows:
(1) SU-002 interest rate is 1% per annum calculated based on the
outstanding principal balances, without indexation and paid in cash by
the Government to Bank Indonesia semi-annually on April 1 and October
1. The first payment was settled on December 1, 2006 to settle interest
due on April 1, 2006 and October 1, 2006.
(2) Principal repayment is divided into 31 installments. The first installment is
due on April 1, 2010, the next installments will be due on April 1 and
October 1 each year until the final installment is due on April 1, 2025.
Principal repayment may be settled in form of cash or marketable
treasury bonds.
This amendment of SU-002 is part of the Agreement between the Minister of
Finance and the Governor of Bank Indonesia dated April 18, 2006 regarding
the Restructurization of Government Bond Number SU-002/MK/1998 and
SU-004/MK/1999, that was supported by Commission XI of the DPR-RI in the
work meeting between Commission XI DPR-RI with the Minister of Finance
and the Governor of Bank Indonesia dated October 11, 2006.
Based on Act No. 41 of 2008 dated November 10, 2008 concerning
Government Income and Expenditure Budget for the year 2009, the Minister
22
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
of Finance has issued the fifth addendum of SU-002 that amends the interest
rate from 1% to 0.1% per annum and has been effective since January 1,
2009.
b) SUP Number SU-004/MK/1999 (SU-004)
SUP Number SU-004/MK/1999 was issued on May 28, 1999 based on
Presidential Decree Number 55 of 1998 concerning Domestic Loans in the
Form of Debt Securities in relation with Agreement between the Government
and Bank Indonesia dated February 6, 1999.
The nominal value is IDR53,779,500 million, non-transferable and nonmarketable.
As stated in Minister of Finance Letter Number S-505/MK.08/2006 dated
November 24, 2006, since January 1, 2006 the terms and conditions of SU004 has been amended as follows:
(1) SU-004 interest rate is 3% per annum calculated based on the
outstanding principal balances, without indexation and paid in cash by
the Government to Bank Indonesia semi-annually on June 1 and
December 1. The first payment was settled on December 1, 2006 to
settle interest due on June 1, 2006 and December 1, 2006.
(2) Principal repayment is divided into 32 installments. The first installment is
due on June 1, 2010, the next installments will be due on December 1
and June 1 each year until the final installment is due on December 1,
2025. Principal repayment may be settled in form of cash or marketable
treasury bonds.
This amendment of SU-004 is part of the Agreement between the Minister of
Finance and the Governor of Bank Indonesia dated April 18, 2006 regarding
the Restructurization of Government Bond Number SU-002/MK/1998 and
SU-004/MK/1999, that was supported by Commission XI of the DPR-RI in the
work meeting between Commission XI DPR-RI with the Minister of Finance
and the Governor of Bank Indonesia dated October 11, 2006.
Based on Act No. 41 of 2008 dated November 10, 2008 concerning
Government Income and Expenditure Budget for the year 2009, the Minister
of Finance has issued the fifth addendum of SU-004 that amends the interest
rate from 3% to 0.1% per annum and has been effective since January 1,
2009.
c)
SUP Number SU-005/MK/1999 (SU-005)
In order to finance the credit program, the Government has issued SU-005
on December 29, 1999 amounted to IDR9,970,000 million.
The amount of SUP that can be withdrawn by the Government is based on
the amount of Bank Indonesia Liquidity Credit (Kredit Likuiditas Bank
23
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
Indonesia - KLBI) that has been realized by the implementing banks which
was due within 2000-2001 period, and has been repaid to Bank Indonesia
amounted to IDR3,097,979 million. Up to the final SU-005 withdrawal time
limit dated November 10, 2007, the Government has withdrawn the fund
amounted to IDR3,046,481 million.
As stated in Minister of Finance letter Number S-270/MK.06/2004 dated
August 18, 2004, the terms and conditions of the bond has been amended
as follows:
(1) Interest arising from Bond Number SU-005/MK/1999 is calculated based
on the realized principal that is paid semi-annually. The interest is
calculated using 3 - month term SBI that is periodically adjusted.
(2) The Bond has a 10-year maturity period with a 7 year and 6 month grace
period.
(3) The principal will be settled in 2 years 6 months with 5 pro-rate principal
installments, and will be paid semi-annually on June 10 and December 10.
The first installment was settled on December 10, 2007 and the final
installment will be settled on December 10, 2009.
On December 10, 2008, the Government has paid the third installment of
SU-005 amounted to IDR609,296 million resulting in an outstanding amount
at December 31, 2008 of IDR1,218,592 million.
d) SUP Number SU-007/MK/2006 (SU-007)
SU-007 was issued on November 24, 2006 based on Act of the Republic of
Indonesia Number 24 of 2002 concerning Government Bonds and the
Agreement between the Minister of Finance and the Governor of Bank
Indonesia dated April 18, 2006 concerning Restructurization of Government
Bond Number SU-002/MK/1998 and SU-004/MK/1999.
The nominal value of SU-007 is IDR54,862,150 million and is non-tradable.
SU-007 was issued to substitute the interest and indexation claim of SU-002
and SU-004 until December 31, 2005, with details as follows:
(1) SU-002 interest claim amounted to IDR4,637,583 million.
(2) SU-004 interest claim amounted to IDR12,291,887 million.
(3) SU-002 indexation claim amounted to IDR11,231,072 million.
(4) SU-004 indexation claim amounted to IDR26,701,608 million.
The terms and conditions of SU-007 are:
(1) SU-007 became effective on January 1, 2006 and will be due on August
1, 2025.
24
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
(2) SU-007 interest rate is 0.1% per annum calculated based on the
remaining principal balances, and paid in cash by the Government to
Bank Indonesia semi-annually on February 1 and August 1. The first
interest payment was settled on December 1, 2006 to pay for interest
due on February 1, 2006 and August 1, 2006.
(3) Principal repayment is divided into 38 installments. The first installment is
due on February 1, 2007, the next installments will be due on August 1
and February 1 each year until the final installment is due on August 1,
2025. Principal repayment may be settled in form of cash or marketable
treasury bonds.
On February 1, 2008, the Government has paid the third installment of SU007 amounted to IDR561,561 million resulting in an outstanding amount as
at February 1, 2008 decreased to IDR53,256,417 million. Subsequently, as
stated in Minister of Finance Letter No. S-33/MK.8/2008 dated April 10, 2008
and No. S-344/MK.08/2008 dated July 10, 2008 and Bank Indonesia Letter
No. 10/12/DpG/DKBU dated September 23, 2008, the installment paid on
February 1, 2008 was exchanged as SU-005 installment that was due on
December 10, 2008 resulting in the outstanding principal of SU-007 as at
December 2008 to return to the previous amount of IDR53,817,977 million.
This was followed up by the Minister of Finance by issuing the fourth
addendum of SU-007 dated December 24, 2008.
2) Treasury Bond (ON) Number SRBI-01/MK/2003
ON was issued as the substitute for SUP Number SU-001/MK/1998 and SU003/MK/1999 in relation to the implementation of Agreement between the
Government and Bank Indonesia concerning the Settlement of BLBI and the
Financial Relationship between the Government and Bank Indonesia dated
August 1, 2003. The nominal value of the Bond is IDR129,344,302 million.
The terms and conditions of ON are as follows:
a) ON became effective on August 1, 2003, without indexation, has a 30-year
maturity period and is extendable.
b) Interest on ON is 0,1% per annum calculated based on the remaining
principal balances, which will be paid by the Government semi-annually on
February and August.
c) ON redemption is funded from the surplus of Bank Indonesia which is
accruing to the Government and shall be performed in the event that the
capital to monetary liabilities ratio of Bank Indonesia has exceeded 10%. If
the capital to monetary liabilities ratio is less than 3%, the Government is
obliged to pay charge in order to maintain the ratio at 3% level. If the
redemption of the ON SRBI-01 is accomplished before 30 years from the
25
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
surplus of Bank Indonesia that is accruing to the Government, Treasury Bond
will be stated settled and will be revoked.
ON has been amended twice, with details as follows:
a) First amendment of ON by Minister of Finance Letter Number S10/MK.8/2006 dated December 19, 2006 due to principal payment of 2006
amounted IDR1,522,471 million from Bank Indonesia’s surplus for the year
2005 accrued to the Government. The remaining principal of ON SRBI-01 was
IDR143,013,623 million.
b) Second amendment of ON by Minister of Finance Letter Number S68/MK.8/2007 dated May 15, 2007 due to principal payment of 2007
amounted IDR13,669,321 million from Bank Indonesia’s surplus for the year
2006 accrued to the Government, resulting the outstanding position as at
December 31, 2007 of IDR129,344,302 million.
3) Other Claims on Government in Rupiah
December 31, 2008
IDR million
- Claims due to Government membership
in international institutions
- Claims due to loan interests
- Other claims in Rupiah
2,826,956
2,697,772
18,781
5,543,509
December 31, 2007
IDR million
2,826,956
1,931,761
9,774
4,768,491
Other than claims due to loan interests, other claims on Government in Rupiah
were claims effective before the enactment of 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, with details as follows:
a) Claims due to Government membership in International Institutions
amounted to IDR2,826,956 million, consisted of IMF membership fee
amounted to IDR2,764,861 million, membership in IBRD amounted to
IDR57,434 million and other memberships amounted to IDR4,661 million.
Subsequent resolution of those claims is currently being discussed between
Bank Indonesia and the Ministry of Finance.
b) Claims due to loan interest amounted to IDR2,697,772 million, consisted of:
- Interest claim of SU-002, SU-004, SU-005 and SU-007 amounted to
IDR2,090,098 million.
As stated in Minister of Finance Letter No. S-33/MK.8/2008 dated April
10, 2008 and No. S-344/MK.08/2008 dated July 10, 2008 and Bank
Indonesia Letter No. 10/12/DpG/DKBU dated September 23, 2008, the
payment of interest for SU-002, SU-004, and SU-007 due in 2008 is
postponed and will be paid in 2009;
- Interest claim of ON SRBI-01 amounted to IDR53,776 million;
26
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
- Claim due to subsidy of credit program interest rate amounted to
IDR553,898 million. The amount decreased due to payment of accrued
Subsidy of Credit Program Interest Rate by the Government for the period
of 1998/1999 to 2002 amounted to IDR1,070,599 million as stated in
Minister of Finance Letter No. S-634/MK.05/2008 dated November 20,
2008.
c) Other claims in Rupiah amounted to IDR18,781 million consisted of claim on
Government due to the commercial loan restructuring amounted to
IDR18,589 million which is in the settlement process with the Government
and other claims amounted to IDR192 million.
b.
Claims on Government in Foreign Currency
Claims on Government in Foreign Currency consisted of claims that were effective
before the enactment of 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. These claims were due to the commercial loan restructurization
amounted to USD2,917,495.37 or equivalent to IDR31,947 million as at December
31, 2008 and equivalent to IDR27,480 million as at December 31, 2007. These
claims are in the settlement process between the Government and Bank Indonesia.
10. Claims on Banks
Claims on banks in Rupiah as at December 31, 2008 and December 31, 2007 amounted
to IDR11,978,714 million and IDR12,318,440 million respectively, with details as follows:
- Subordinated loans (SOL)
- Bank Indonesia Liquidity Credit (KLBI)
- Short Term Funding Facility (FPJP)
- Two Step Loans (TSL)
- Claims of interest for SOL and KLBI
- Other claims of interest
- Subordinated loans
- Bank Indonesia Liquidity Credit
- Two Step Loans (TSL)
December 31, 2008
IDR million
3,945,691
1,958,422
689,394
13,522
49,437
5,322,248
11,978,714
December 31, 2007
IDR million
4,082,378
2,842,119
0
14,649
57,046
5,322,248
12,318,440
December 31, 2008
Interest p.a.
0.20% - 13.00%
0.00% - 20.00%
9.5%
December 31, 2007
Interest p.a.
0.20% - 10.00%
0.00% - 20.00%
7.8333%
Short Term Funding Facility (Fasilitas Pendanaan Jangka Pendek – FPJP) amounted to
IDR689,394 million was a short term funding facility to one national private bank. That
bank, since November 20, 2008, has been included in the recovery program of the
27
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
Savings Guarantee Institution (Lembaga Penjamin Simpanan – LPS). That FPJP has been
redeemed on February 11, 2009.
Interest claims of Debit Balance Facility (Fasilitas Saldo Debet – FSD) to three taken-over
banks (BTO) were given in 1998. FSD principal claims had been transferred to IBRA by
assignment of contract rights certificate in 1999. The interest claims of FSD had not been
transferred to IBRA, however IBRA had calculated these claims upon recapitalization
process of BTO. Bank Indonesia has proposed confirmation to the Government regarding
the settlement of the interest claims of FSD, the most current letter No. 10/15/DpG/DKBU
dated December 12, 2008, but as at December 31, 2008 there has not been any
response.
Bank Indonesia has adequately anticipated the estimated loss of the claims.
11. Claims on Others
Claims on others as at December 31, 2008 and December 31, 2007 respectively were
IDR8,798,222 million and IDR10,492,670 million, with details as follows:
December 31, 2008
IDR million
8,798,222
0
8,798,222
- Claim on Others in Rupiah
- Claim on Others in Foreign Currency
Total
a.
December 31, 2007
IDR million
9,376,012
1,116,658
10,492,670
Claim on Others in Rupiah
Claims on others as at December 31, 2008 and December 31, 2007 respectively
were IDR8,798,222 million and IDR9,376,012 million, with details as follows:
-
Debit Balance of BBO/BBKU
Claims on appointed State-Owned
Enterprises due to credit program hand-over
- Claims on channeling loan
- Other claims
Total
December 31, 2008
IDR million
0
December 31, 2007
IDR million
41,130
2,560,594
5,829,957
407,671
8,798,222
2,524,662
5,840,134
970,086
9,376,012
Included in claims on channeling loan was KUT in arrears amounted to IDR5,709,602
million. Settlement of this claim is still waiting for the result of risk sharing discussion
with the Government.
Bank Indonesia has written-off claims to ex-BBO/BBKU that was recorded as Debit
Balance of BBO/BBKU and Other Claims amounted to IDR537,336 million. The writeoff of those claims was based on BI’s Board of Governor Meeting Decision dated
28
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
December 23, 2008 considering the revocation and liquidation of the banks’ (BBOBBKU) 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 exBank 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 10/1/DpG/UKPA 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
%
Equity participation in:
- Bank for International Settlements (BIS)
- PT. Asuransi Kredit Indonesia
- NV. Indover Bank Amsterdam
- PT. Bahana Pembinaan Usaha Indonesia
(BPUI)
a.
December 31,
2008
IDR million
Percentage
of
Ownership
%
December 31,
2007
IDR million
0.55
17.60
100.00
712,753
220,000
0
0.55
55.00
100.00
620,806
220,000
53,905
82.22
0
932,753
82.22
0
894,711
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 SDR5,000/shares 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.
29
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
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.
30
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
The divestment of Bank Indonesia’s equity participation in PT Askrindo and BPUI will
be performed in accordance with the Agreement between Bank Indonesia, the
Ministry of Finance, and the Ministry of State-Owned Enterprises dated September
24, 2008.
13. Other Assets
Other Assets consists of Fixed Assets, Financial-Leased Assets, Intangible Assets, Other
Assets in IPBV, Currency Inventory and Currency Procurement Advances, and Other
Assets.
The balances of Other Assets as at December 31, 2008 and December 31, 2007 were
IDR9,194,090 million and IDR7,690,761 million respectively with details as follows:
-
December 31, 2008
December 31, 2007
IDR million
IDR million
Fixed Assets, Financial-Leased Assets,
and Intangible Assets (Book value)
6,589,294
6,566,744
-
Other Assets in IPBV
438,031
493,996
-
Currency Inventory and Currency Procurement
Advances
415,999
440,802
-
Other assets
1,750,766
189,219
9,194,090
7,690,761
a. Fixed assets, Financial-Leased Assets and Intangible Assets
The book value of fixed assets, financial-leased assets and intangible assets as at
December 31, 2008 and December 31, 2007 were IDR6,589,294 million and
IDR6,566,744 million respectively with details as follows:
December 31, 2008
IDR million
December 31, 2007
IDR million
Cost of Fixed Assets
- Land and Building
- Non Land and Building
Intangible Assets
Financial-Leased Assets
Self-constructed assets
Accumulated
Depreciation/Amortization
- Building
- Non Building
Financial-Leased Assets
Intangible Assets
Book Value
31
6,112,234
1,210,873
56,740
83,209
364,573
6,086,410
1,126,410
58,306
83,209
261,221
7,827,629
7,615,556
477,899
668,946
83,209
8,281
403,834
545,286
74,892
24,800
1,238,335
1,048,812
6,589,294
6,566,744
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
b. Other Assets in Indo Plus BV (IPBV)
Other Assets in IPBV consists of the non-performing loans (NPL) of ex-Indover Bank
that has been transferred to IPBV. The balance of the NPL is stated in a Floating
Principal Note (FPN). IPBV issues FPN quarterly to reflect the selling value of the NPL at
a certain position. The First FPN was issued on January 26, 2004 and amounted to
USD294,232,949.00.
The latest FPN based on IPBV Report was dated September 30, 2008 and amounted to
USD38,598,104.78 or equivalent to IDR422,649 million. Other than the FPN value,
there were also other claims to IPBV amounting USD1,398,024.92 or equivalent to
IDR15,308 million that was being used as allowance for IPBV’s operational expenses
and amounting to EUR4,751.16 or equivalent to IDR73 million which are Bank
Indonesia’s receivables from recovery that has not been received by Bank Indonesia,
maintained by IPBV in Indover Bank.
c. Others
Included in Others is the placement of funds in Indover Bank Amsterdam and Indover
Bank Hongkong amounted to USD128,797,259.98 or equivalent to IDR1,410,330
million and EUR4,983,376.69 or equivalent to IDR76,905 million at December 31,
2008, and Other Assets amounted to IDR263,531 million. Indover Bank has been
declared bankrupt (Note C.12 – Equity Participation).
14. Allowance for Bad Debts
Total allowance for bad debts as at December 31, 2008 and December 31, 2007 were
IDR16,474,382 million and IDR17,710,243 million respectively, with details as follows:
- Beginning Balance
- Assets recovery
- Assets write-off
- Addition/(decrease) of allowance for
bad debt
- Ending Balance
December 31, 2008
IDR million
17,710,243
48
(2,003,061)
December 31, 2007
IDR million
31,214,833
56
(13,451,262)
767,152
16,474,382
(53,384)
17,710,243
Use of Allowance for Bad Debts was among others for write-off of claims on banks exBBO-BBKU as explained in Note. C.11 – Claims on Others.
32
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
15. Currency in Circulation
Currency in Circulation is valid payment instrument not under possession of Bank
Indonesia with a position as at December 31, 2008 and December 31, 2007 amounted
to IDR264,399,922 million and IDR220,794,779 million respectively with details as
follows:
December 31, 2008
IDR million
319,010,796
316,004,689
2,995,614
10,493
(920,998)
(53,673,281)
(16,595)
264,399,922
Printed Money:
- Bank Notes
- Coins
- Special edition
Currency withdrawn from circulation
Currency inventory
Others
Currency in circulation
December 31, 2007
IDR million
279,158,691
276,312,782
2,835,416
10,493
(1,834)
(58,361,352)
(726)
220,794,779
16. Government Demand Deposits
In performing its function as the account holder of the Government, Bank Indonesia
manages Government demand deposits, with details as follows:
December 31, 2008
IDR million
32,053,286
65,175,264
97,228,550
In Rupiah
In Foreign Currency
December 31, 2007
IDR million
11,012,224
10,906,136
21,918,360
a. Government demand deposits in Rupiah as at December 31, 2008 included as
follows:
1) General State Treasury (Bendaharawan Umum Negara - BUN) account amounted
to IDR26,714,560 million, including sub BUN account for the purpose of
guarantee program amounted to IDR83,443 million raised from the issuance of
SUP Number SU-004/MK/1999.
2) Government account for accrued interest on subsidy of credit program amounted
to IDR1,203,327 million.
b. Government demand deposits in foreign currency as at December 31, 2008 included
State Cash Account amounted to USD3,822,775,722.45 or equivalent to
IDR41,859,394 million and IMF account for SDR allocation amounted to
SDR238,956,000.00 or equivalent to IDR4,049,951 million.
33
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
For Government demand deposits, Bank Indonesia has not yet provided interest as stated
in Act of Republic of Indonesia Number 1 of 2004 concerning State Treasury, Article 23,
paragraph (1), because Bank Indonesia and the Government are still discussing the issue.
17. Bank Demand Deposits
Bank demand deposits are the balance of demand deposits of commercial banks in
order to comply with Minimum Reserve Requirement (Giro Wajib Minimum - GWM).
GWM is regulated by Bank Indonesia Regulation Number 10/19/PBI/2008 dated October
14, 2008 concerning Minimum Reserve Requirement of Commercial Banks in Bank
Indonesia in Rupiah and Foreign Currency. As stated in Bank Indonesia Regulation
Number 10/25/PBI/2008 dated October 23, 2008 concerning the Amendment of Bank
Indonesia Regulation Number 10/19/PBI/2008, GWM in Rupiah is determined at 7,5%
of Third Party Funds (Dana Pihak Ketiga - DPK) in Rupiah, while GWM in foreign
currency at 1% of DPK in foreign currency.
Bank Indonesia provides compensation for the part of the balance of bank demand
deposits account in Rupiah that is intended to fulfill the obligation of additional GWM in
Rupiah. As of October 24, 2008, as stated in Bank Indonesia Regulation Number
10/25/PBI/2008 dated October 23, 2008, Bank Indonesia does not provide
compensation for the balance of bank demand deposits in Rupiah in Bank Indonesia.
The obligation to maintain GWM in Rupiah and in foreign currency is also applied to
banks that perform their activities based on Sharia Principles (Sharia banks), including
banks and the representative offices of banks whose head office is domiciled overseas
(foreign banks) that perform their activities based on conventional and Sharia Principles
referred to as Sharia Business Units (Unit Usaha Syariah – UUS). According to Bank
Indonesia Regulation Number 6/21/2004 dated August 3, 2004 concerning Minimum
Reserve Requirement in Rupiah and Foreign Currency for commercial banks that
perform their activities based on sharia principles, as amended by Bank Indonesia
Regulation Number 10/23/PBI/2008 dated October 16, 2008, GWM in Rupiah for Sharia
Banks is determined at 5% of DPK in rupiah and GWM in foreign currency is
determined at 1% of DPK in foreign currency. Other than that, for Sharia banks with
DPK more than IDR1 trillion and the ratio of funding in Rupiah to DPK in Rupiah is less
than 80%, additional GWM in Rupiah is applied at 1%, 2%, and 3%, depending on the
amount of DPK of the banks. Bank Indonesia does not provide compensation to the
balance of bank demand deposits account of Sharia banks. Bank Demand Deposits as at
December 31, 2008 and December 31, 2007 were as follows:
December 31, 2008
IDR million
79,678,015
5,519,062
85,197,077
In Rupiah
In Foreign Currency
34
December 31, 2007
IDR million
158,668,351
9,944,049
168,612,400
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
18. Other Demand Deposits
December 31, 2008
IDR million
December 31, 2007
IDR million
IMF
1,230,493
1,149,437
IBRD
ADB
Others
1,119,637
18,987
652,491
19,156
18,104
348,649
3,021,608
1,535,346
The IMF Demand Deposit account is used to record quota payment in Rupiah, loan
withdrawal in Stand By Arrangement (SBA), Extended Fund Facility (EFF) and New EFF
(IMF Account Number 1), as well as administrative transaction account between the
Indonesian Government and IMF (IMF Account Number 2).
As a member of IMF, Indonesia is obliged to contribute to reserves set by the IMF in the
form of a quota. The amount of the quota is determined by IMF Board of Governors
Meeting. The reserves are utilized as fund sources for IMF activities. Indonesia’s total
quota as at December 31, 2008 was SDR2,079 million. The accumulated total of the
member’s of IMF’s quotas is a source of fund for IMF loan facilities such as SBA, EFF, and
Supplemental Reserve Facility (SRF).
The balance of IMF Demand Deposits Account is revalued every April 30 based on the
exchange rate at the closing date of IMF. This exchange rate adjustment is allocated to
Bank Indonesia and the Government. Bank Indonesia is liable for the exchange rate
adjustment for loan withdrawal (IMF Account No. 1), while as the Government is liable
for the exchange rate adjustment in relation to the quota payment in Rupiah (IMF
Account No. 1) and administrative transaction account between the Indonesian
Government and IMF in local currency (IMF Account No. 2). The revaluation that the
Government is liable for, if settled by Promissory Note, will add or subtract the balance
of the Government’s promissory note administered and kept by Bank Indonesia. The
promissory note as at December 31, 2008 amounted to IDR25,766,791 million. In this
amount are included quota payments in rupiah and revaluation of Fund’s Securities
Account.
19. Bank Indonesia Certificates
Bank Indonesia Certificates as at December 31, 2008 and December 31, 2007 amounted
to IDR175,342,804 million and IDR244,570,156 million respectively, with details as
follows:
35
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
December 31, 2008
IDR million
Nominal value by period
- 1 month
- 3 months
- 6 months
Less: Un-amortized discount (interest
paid in advance)
SBI discount rate range:
- 1 month
- 3 months
- 6 months
December 31, 2007
IDR million
122,024,993
18,066,000
37,212,599
245,328,400
0
0
(1,960,788)
175,342,804
(758,244)
244,570,156
7.93% -11.24%
7.83% - 11.50%
9.63% - 12.25%
8.00% -9.75%
7.83% - 8.10%
20. Bank Indonesia Sharia Certificates
Bank Indonesia Sharia Certificates as at December 31, 2008 and December 31, 2007
amounted to IDR2,824,300 million and IDR2,598,500 million respectively, with details as
follows:
December 31, 2008
IDR million
Nominal Value by period:
- 7 days
- 14 days
- 28 days
SWBI Bonus rates range based on:
- Sharia Inter-bank Money Market
- Investasi Mudharabah Antar (IMA) Deposit
1 month BI Sharia Certificate bonus rate range
0
0
2,824,300
2,824,300
December 31, 2007
IDR million
1,663,000
636,000
299,500
2,598,500
3.70686% - 11.55717%
6.78073% - 8.06887%
7.97451% - 11.24053%
21. Bank Indonesia Deposit Facilities
Bank Indonesia Deposit Facilities as at December 31, 2008 and December 31, 2007
amounted to IDR75,673,367 million (including Fine Tune Contraction/Fine Tune Kontraksi
– FTK amounted to IDR71,547,400 million) and IDR48,925,248 million respectively.
Details of FASBI and FTK are as follows:
36
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
December 31, 2008
December 31, 2007
IDR million
IDR million
Nominal value of 1-14 days period
Less: Un-amortized discount (interest
paid in advance)
FASBI discount rate range
- 1 day Over Night
- 7 days
FTK discount rate range
- 1 day Over Night
- 2 – 14 days
75,770,600
(97,233)
75,673,367
48,933,400
(8,152)
48,925,248
3.00% - 8.75%
3.00% - 4.75%
7.34% - 9.50%
6.98% - 10.66%
-
22. Loans from Government
Loans from Government consisted of:
December 31, 2008
IDR million
159,675
46,348
206,023
In Rupiah
In Foreign Currency
December 31, 2007
IDR million
175,772
47,842
223,614
Loans from Government in Rupiah consisted of Government loans revenue due to Two
Step Loans (TSL), i.e. ASEAN Japan Development Fund for Indonesia (AJDF) for Major
Commercial Field (Perkebunan Besar Swasta Nasional - PBSN) program amounted to
IDR144,357 million.
Loans from Government in foreign currency as at December 31, 2008 consisted of loans
from Government due to Two Step Loans from Asian Development Bank (ADB)
amounting to USD4,232,700.00 or equivalent to IDR46,348 million.
23. Foreign Borrowings
Foreign borrowings consisted of:
December 31, 2008
IDR million
7,424,909
47,279
7,692
7,479,880
a. Syndicated loans from foreign banks
b. Non-syndicated loans from foreign banks
c. Deferred interest payables
37
December 31, 2007
IDR million
6,713,994
44,058
40,228
6,798,280
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
a. Syndicated Loans from Foreign Banks
Syndicated loans from foreign banks represent syndicated loans from international
banks to Bank Indonesia on behalf of the Government for monetary reserve
purposes. Syndicated loans consisted of:
December 31, 2008
IDR million
1,938,772
5,486,137
7,424,909
1) Syndicated loans of 1994
2) Syndicated loans of 1995
1)
December 31, 2007
IDR million
2,148,914
4,565,080
6,713,994
Syndicated loans of 1994
Represents a syndicated loan from foreign creditors with Mitsubishi Securities,
Hong Kong Branch as the agent, amounted to USD500,000,000.00, and was
signed on March 28, 1994. Principal repayments are conducted semi annually
on March and September. First principal repayment was settled on March 28,
2002 and the final repayment will be due on March 28, 2013. The interest rates
are LIBOR + 0.625% for the first year and LIBOR + 0.875% for subsequent
years.
From the ceiling amount of USD500,000,000.00, the amount withdrawn was
USD350,000,000.00. In order to comply with the comparability treatment
principle adopted from the agreement of Paris Club I and Paris Club II, the
syndicated loan principal has been rescheduled through the agreement of
London Club I and II. In London Club I, the first amendment took place on
March 28, 1999, i.e. to reschedule loan principal amounted to
USD210,000,000.00 for the payment period of September 28, 2000 to March
29, 2009. Meanwhile in London Club II, the second amendment took place on
September 28, 2000, i.e. to reschedule loan principal amounted to
USD150,000,000.00 for the payment period of March 28, 2002 to March 28,
2013. The interest rates amended were LIBOR + 0.875% and TIBOR + 0.875%.
The balances in foreign currency as at December 31, 2008 amounted to
USD123,287,290.05 and JPY4,856,724,715.00.
2)
Syndicated loans of 1995
Represents a syndicated loan from foreign banks with The Mizuho Corporate
Bank, Ltd., Singapore Branch as the agent, amounted to USD500,000,000.00,
and was signed on June 14, 1995. Principal repayments are conducted semi
annually on June and December. First principal repayment was settled on June
14, 2002 and the final repayment will be due on December 14, 2013. The
interest rates are LIBOR + 0.625% and TIBOR + 0.625%.
In order to comply with comparability treatment principle adopted from the
agreement of Paris Club II and Paris Club III, the syndicated loan principal has
been rescheduled through the agreement of London Club II and III. In London
38
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
Club II, the amendment took place on September 28, 2000, i.e. to reschedule
loan principal amounted to USD200,000,000.00 for payment period of June 14,
2004 to December 14, 2013. Interest rates for the amended loan are LIBOR +
0.875% and TIBOR +0.875%. Meanwhile, in London Club III, the second
amendment took place on September 6, 2002, i.e. to reschedule loan principal
amounted to USD300,000,000.00 for payment period of December 14, 2008 to
December 14, 2019. The interest rates amended were LIBOR + 0.875% and
TIBOR + 0.875%. The balances as at December 31, 2008 amounted to
USD386,179,200.00 and JPY10,372,723,491.00.
b. Non-syndicated Loans from Foreign Banks
The balance of non-syndicated loans amounted to USD4,317,716.64 or equivalent to
IDR47,279 million as at December 31, 2008, and USD4,677,526.36 or equivalent to
IDR44,058 million as at December 31, 2007. The loans were provided by the
International Cooperation and Development Fund (was The Export Import Bank of
the Republic of China -Taipei) with the ceiling amounted to USD10,000,000.00 and
interest rate of 3.5% per annum, and utilized to continue, improve, and expand or
introduce cooperative credit programs. The loan will be repaid in 36 semiannual
installments, starting from April 27, 2003 and the final repayment will be due on
October 27, 2020.
c. Deferred Interest Payables
Deferred Interest Payables of Foreign Borrowings amounted to IDR7,692 million as at
December 31, 2008 and IDR40,228 million as at December 31, 2007.
24. Other Liabilities
Other Liabilities as at December 31, 2008 and December 31, 2007 consisted of:
December 31, 2008
IDR million
- Cash collateral
- Collateral for opening L/C in foreign currency
- Employee benefits liabilities
- Others
0
378,003
2,246,677
355,599
2,980,279
December 31, 2007
IDR million
143,213,778
43,149
1,973,033
190,705
145,420,665
a. Cash Collateral
Cash collateral represents the collateral in the form of cash received from the borrower
of the marketable securities lent under the Third-Party Securities Lending program. The
balance of cash collateral as at December 31, 2008 amounted to zero.
39
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
b. Employee Benefits
Bank Indonesia provides post and long-term employment benefit program. The actuarial
calculation on post and long-term employment benefit program was performed by an
independent actuary for the position of December 31, 2008 with a discount rate of
12%.
Post employment programs consists of defined benefit pension plan managed by
DAPENBI, Old Age Benefit Program (Tunjangan Hari Tua - BKP and Baperum) managed
by YKKBI, other post employment benefit programs without funding, which consists of
Pre-Retirement Transition Paid Leave (Uang Masa Persiapan Pensiun - MPP) and benefit
payable upon termination at normal retirement age and other long-term benefits such
as Grand Leaves and Long Service Awards.
Employee benefits assets, liabilities and expenses movement for the period of January 1
up to December 31, 2008 are as follows:
Asset/(Liability) Balance
as at Dec 31, 2007
Employee Benefits
Expense*
BI Contribution
Benefit Payment
Asset/(Liability)
Balance as at Dec 31,
2008
Other
Long-term
Benefits
Tax
Total
THT
Other Post
Employment
Benefits
IDR million
IDR million
IDR million
IDR million
IDR million
IDR million
(1)
(2)
(3)
(4)
(5)
(6)
Pension
Benefits
(231,401)
(647,484)
(173,717)
(797,484)
(122,946)
(1,973,032)
(175,927)
(363,425)
(120,122)
(132,228)
(38,421)
(830,123)
62,051
0
304,101
0
0
25,363
0
125,597
0
39,366
366,152
190,326
(345,277)
(706,808)
(268,476)
(804,115)
(122,001)
(2,246,677)
* See Notes C.36 – General and Other Expenses
Total Employee Benefits liabilities for pension benefits, Old Age Benefit Program (THT),
Other Post Employment Benefits, Other Long-Term Benefits and Tax as at December 31,
2008 amounted to IDR2,246,677 million.
As at December 31, 2008, DAPENBI’s funding was derived from employees’ and Bank
Indonesia’s contribution amounted to 7% and 13% respectively, based on basic
pension salary. As at December 31, 2008, YKKBI funding was derived from Old Age
Benefit Program (THT) from Bank Indonesia amounted to 20% of basic salary with
consideration to the city index. Starting September 2008, Bank Indonesia has
discontinued additional THT contributions to YKKBI as stated in Governor of Bank
Indonesia Decree Number 10/41/KEP.GBI/INTERN/2008. Additional THT contributions up
to October 2008 amounted to IDR193,272 million as stated in Governor of Bank
Indonesia Decree Number 6/14/KEP.GBI/INTERN/2004 dated June 14, 2004.
40
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
25. Capital
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, the capital
of Bank Indonesia shall be at least IDR2,000,000,000,000 (two trillion Rupiahs). The
capital shall be increased up to 10% (ten percent) of the total monetary liabilities, with
funds to be derived from general reserves or asset revaluation reserves. The capital of
Bank Indonesia as at December 31, 2008 is the same as at December 31, 2007
amounted to IDR7,610,885 million. This amount is derived from the capital amounted to
IDR2,948,029 million and fixed asset revaluation reserve amounted to IDR4,662,856
million.
26. General and Statutory Reserves
According to Article 62 of 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, the surplus of Bank Indonesia shall be distributed as follows:
a. 30% for the Statutory Reserves;
b. the remainder to be reinvested as General Reserves so that the sum of capital and
General Reserves becomes 10% of the monetary liabilities as referred to in Article 6
paragraph (2).
Furthermore, as stated in Article II Number 3, as long as the settlement of BLBI has not
been completed, Statutory Reserves shall be set at 10%.
According to the explanation of Article 62 as mentioned above, Statutory Reserves is
used, among other things, to finance the replacement and or renewal of fixed assets, the
procurement of required equipment, and the development of organization and human
resources in implementing the tasks and authority of Bank Indonesia, as well as the
investment needed in implementing the tasks of Bank Indonesia. The Statutory Reserves
used during 2008 amounted to IDR318,788 million with details as follows:
- Replacement/renewal of fixed assets amounted to IDR270,747 million.
- Development of organization and human resources amounted to IDR48,041 million.
The balances of Statutory Reserves and General Reserves as at December 31, 2008
amounted to IDR49,663,865 million and IDR13,364,549 million respectively.
27. Unrealized Gains/Losses
The balances of Unrealized Gains/Losses as at December 31, 2008 and December 31,
2007 amounted to IDR61,957,127 million and IDR40,990,336 million respectively, with
details as follows:
41
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
- Differences in foreign exchange rate
- Revaluation of gold price
- Revaluation of marketable securities in foreign currency
- Revaluation of marketable securities in Rupiah
December 31, 2008
IDR million
23,121,427
21,510,222
18,304,713
(979,235)
61,957,127
December 31, 2007
IDR million
18,009,228
17,649,873
5,292,031
39,204
40,990,336
28. Revenues from Foreign Reserve Management
Revenues from foreign reserve management for the year 2008 and 2007 consisted of:
2008
IDR million
20,681,135
1,863
19,520,457
40,203,455
- Interest in foreign exchange sector
- Provision in foreign exchange sector
- Other foreign exchange revenues
2007
IDR million
18,281,541
1,307
5,930,667
24,213,515
Included in other foreign exchange revenues were the revenues from foreign exchange
differences amounted to IDR14,751,748 million for the year 2008, and IDR3,430,021
million for the year 2007.
29. Revenues from Credit and Financing
Revenues from credit and financing amounted to IDR4,278,295 million for the year
2008 and IDR4,095,766 million for the year 2007. Included in that amount are accrual
revenues from Government Bonds’ interest, amounted to IDR3,928,289 million for the
year 2008 and IDR3,714,942 million for the year 2007.
30. Revenues from Payment System Services
Revenues from payment system services for the year 2008 amounted to IDR168,974
million, consisted of clearing service fee amounted to IDR91,949 million and account
administration fee amounted to IDR77,025 million.
31. Other Revenues
Other revenues consisted of:
2008
IDR million
- Decrease of Allowance for Bad Debts
- Other Revenues
0
250,236
250,236
42
2007
IDR million
53,384
296,774
350,158
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
32. Open Market Operations Expenses
Open Market Operations Expenses consists of:
-
Research for Base Money
Policy Development, Endorsement and Execution for Base Money
Operational Execution for Base Money
Policy Execution for Base Money
2008
IDR million
5,337
26
8,533
20,823,399
20,837,295
2007
IDR million
8,510
2,213
5,225
24,447,281
24,463,229
Open market operations expenses is Bank Indonesia’s largest expense, amounted to
IDR20,837,295 million (74.20% of total expenses) in 2008 and amounted to
IDR24,463,229 million (80.32% of total expenses) in 2007.
Included in Policy Execution Expenses are SBI and FASBI Discount amounted to
IDR19,931,010 million, SWBI Bonus expenses amounted to IDR60,044 million, SBIS
Bonus expenses amounted to IDR87,330 million, compensation for bank demand
deposits amounted to IDR744,950 million, and other activities supporting policy
execution amounted to IDR65 million.
33. Foreign Reserves Management Expenses
Foreign reserves management expenses consisted of:
- Research for Foreign Reserves Management
- Policy Development, Endorsement and Execution for Foreign
Reserves Management
- Operational Execution for Foreign Reserves Management
2008
IDR million
112
5,115
2007
IDR million
236
4,887
31,086
36,313
20,501
25,624
34. Foreign Loan Management Expenses
Foreign loan management expenses for the year 2008 and 2007 were IDR260,808
million and IDR368,070 million respectively.
35. Payment System Operations Expenses
Included in the payment system services expenses amounted to IDR1,650,612 million for
the year 2008 and IDR1,646,299 million for the year 2007, is currency procurement
expenses and currency printing expenses amounted to IDR485,909 million and
IDR1,035,460 million. Currency printing expenses are based on temporary Currency
Printing Price (Harga Cetak Uang – HCU).
43
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
36. General and Other Expenses
General and Other Expenses for the year 2008 and 2007 consisted of:
Human Resources
Logistics and Security Management
Information Technology System
Others:
- Internal Finance
- Internal Control
- Legislature and Law
- Administration, Archive and Expedition
Withdrawal from accounts that have been inactive
for more than 2 years and have been recognized as
income
Addition of Allowance for Bad Debts
2008
IDR million
3,235,905
740,973
128,168
2007
IDR million
2,726,172
735,298
80,109
60,180
5,026
44,025
19,035
13,378
6,252
14,388
17,254
0
767,152
5,000,464
33,471
0
3,626,322
According to 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, salary,
other income and facilities of the Governor, Senior Deputy Governor and Deputy
Governor shall be prescribed by the Board of Governors. The amount of such salary and
other income of the Governor shall be determined at the maximum of 2 (two) times the
salary and other income of an employee of the highest rank in Bank Indonesia.
Included in the General and Other expenses were salaries, incentives, holiday bonus
(tunjangan hari raya), and compensation on annual leaves (uang penggantian cuti
tahunan) for the Board of Governors amounted to IDR15,872 million and IDR17,143
million for the year 2008 and 2007, respectively. The Board of Governors also receives
other income in the form of grand leaves (cuti besar), post retirement benefits, benefit
payable to members of the Board of Governors due to expiration of terms of office, long
service awards, benefit payable upon termination at normal retirement age, benefit
payable upon termination due to the death of employee or his/her spouse or his/her
children (bantuan uang duka), and other facilities inluding housing, transportation,
medical/health, telecommunication, insurance, credit card and memberships.
Included in the Organization and Human Resource Management expenses were
employee benefit expenses amounted to IDR830,123 million for the year 2008 (see
Notes C.24 – Other Liabilities).
44
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
37. Capital Ratio
The ratio of Capital (Capital, General Reserves, and Current Year Surplus) to Monetary
Liabilities as at December 31, 2008 was 10.38%. The Capital and Monetary Liabilities
used in the Capital Ratio calculation at December 31, 2008 amounted to IDR72,798,810
million and IDR701,524,534 million, respectively. The Capital, Monetary Liabilities, and
Capital Ratio as at December 31, 2008 is as follows:
IDR million
a. Capital
- Capital
- General Reserves
- 90% of Current Year Surplus
Total
7,610,885
49,663,865
15,524,060
72,798,810
b. Monetary Liabilities
- Currency in Circulation
- Government Demand Deposits
- Bank Demand Deposits
- International Financial Institutions Demand Deposits (not
including IMF Demand Deposit, World Bank Demand Deposit,
and ADB Demand Deposit)
- Bank Indonesia Certificates
- Loans from Government
Total
264,399,922
97,228,550
85,197,077
652,491
253,840,471
206,023
701,524,534
c. Capital Ratio
Capital + General Reserves + 90% of Current Year Surplus
Monetary Liabilities
45
=
10.38%
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
D. Others
1. Related Party Transactions
Related party transactions consisted of:
December 31, 2008
IDR million
- Claims on Indover Bank
- Employee loans
1,487,235
408,097
1,895,332
December 31, 2007
IDR million
1,283,528
306,274
1,589,802
Furthermore, there is Land/Building used by the Indonesia Banking Development
Foundation (Yayasan Pengembangan Perbankan Indonesia (YPPI) / Bank Indonesia’s
Employee Welfare Foundation (Yayasan Kesejahteraan Karyawan Bank Indonesia (YKKBI)
/ Bank Indonesia Retired Empoyees Association (Persatuan Pensiunan Bank Indonesia –
PPBI) / Bank Indonesia KORPRI Unit Foundation (Yayasan Perguruan KORPRI Unit Bank
Indonesia - YASPORBI) / Bank Indonesia Employee’s Wives association (Persatuan Isteri
Pegawai Bank Indonesia (PIPEBI) in the form of loan/rent/build, operate and transferred
(BOT).
2. Employee Welfare Funds
Based on Act of the Republic of Indonesia Number 13 of 1968, article 47 paragraph (6),
Bank Indonesia is obliged to allocate 7.5% of its after-tax income that has been validated
to employee welfare funds (Dana Kesejahteraan Pegawai - DKP). DKP is a source of
employee loans. Meanwhile, the remainder of the idle funds are placed in time deposits
and government bonds. Based on the Governor of Bank Indonesia Decree Number
3/11/KEP/GBI/INTERN/2001 dated June 29, 2001, YKK-BI was appointed as the fund
manager of DKP.
As at December 31, 2008, the balance of DKP amounted to IDR864,251 million, which
consisted of Bank Indonesia employee loans amounted to IDR408,097 million,
undistributed funds for employees amounted to IDR5,872 million and funds managed by
YKK-BI amounted to IDR450,282 million.
3. Commitments and Contingencies
a.
Two Step Loans
Two Step Loans (TSL) are loans from financial foreign institutions, such as World
Bank, Japan Bank for International Cooperation and Asian Development Bank, for
the Government of the Republic of Indonesia to be channeled to banks through
Bank Indonesia. The role of Bank Indonesia in these credit schemes is as the account
46
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
holder of the Government, to distribute the loans and to collect payments from the
local banks. Thus, these local banks bear the credit risk and distribute the loans to
qualified debtors.
The letter of the Minister of Finance Number S-2147/LK/2000 dated May 16, 2000
stated that Bank Indonesia only acts as the executing agent of these schemes and
therefore bear no credit risk.
The borrower of TSL is the Government of Republic of Indonesia, except for the
borrower of loans from EXIM Taiwan, which is Bank Indonesia and in turn channeled
to Bank Bukopin.
TSL is distributed to recipient banks in IDR, USD and EUR with balance as at
December 31, 2008 equaled to IDR938,488 million.
There were also Government claims to State-owned Enterprises (Badan Usaha Milik
Negara - BUMN)/Region-owned Enterprises (Badan Usaha Milik Daerah BUMD)/Regional Government (Pemerintah Daerah – Pemda), where the SLAs were
signed by Bank Indonesia based on authorization from Minister of Finance for the
purpose of Project Aid. The fund was originated from Foreign Exchange Loan (FEL)
and Investment Fund Account (Rekening Dana Investasi - RDI) with outstanding
value as at December 31, 2008 equaled to IDR680,525 million.
b.
Foreign Currency Transactions
As at December 31, 2008, commitment receivables and commitment payables of
marketable securities, time deposits, and spot trading were equal to IDR204,979
million and IDR1,297,575 million, respectively.
c.
Bank Indonesia as a Legal Entity
Bank Indonesia’s position as an independent state institution as stated in 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 gives logical judicial
consequence that Bank Indonesia has the authorities to regulate or formulate/issue
regulations that are derived from Acts and binds every individual or entity in the
Republic of Indonesia. Furthermore, in order to enhance legal development in the
economic, banking and monetary sectors, Bank Indonesia also participates as advisor
in the preparation of act drafts, composing academic scripts and performing
disseminations, particularly in relation with Bank Indonesia’s tasks.
In order to perform the tasks and authorities of Bank Indonesia, the Board of
Governors of Bank Indonesia provides legal protection to persons performing official
duties (members and ex-members of Board of Governors or Directors, employees
and ex-employees, local staffs and ex-local staffs, as well as temporary and extemporary employees) as stated in the Board of Governors Regulation (PDG) of Bank
Indonesia Number 7/16/PDG/2005 dated July 13, 2005 concerning Law Protection in
Relation to Performing Official Duties of Bank Indonesia.
47
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
Bank Indonesia provides legal protection with the intention to support a favorable
working environment in performing the tasks and authorities of Bank Indonesia’s
employees, therefore promoting productivity as long as the tasks are performed with
goodwill and the intention to achieve Bank Indonesia’s goals.
Bank Indonesia does not provide legal protection to members of the Board of
Governors, ex members of the Board of Governors, ex Directors, employees, or ex
employees that are positioned by Bank Indonesia in other institutions or who are
performing duties other than Bank Indonesia’s duties unless agreed upon by the
Board of Governors and was pledged beforehand. Up to December 31, 2008, Bank
Indonesia has provided legal protection to 10 (ten) persons performing official
duties.
Bank Indonesia as a legal subject entity, in order to perform its tasks, also copes with
various civil charges as well as state administration charges over the policies issued
by Bank Indonesia. As at December 31, 2008, Bank Indonesia faced 103 outstanding
lawsuits consisting of 94 civil lawsuits, 9 State Administration lawsuits. From those
lawsuits, there are 4 lawsuits that was filed by Bank Indonesia. The completion of
the charges varied starting from trial process at district court (Pengadilan Pertama) to
herziening (Peninjauan Kembali).
d.
Payment of Additional Capital to YPPI
The Board of Governors of Bank Indonesia in the Board of Governors Meeting dated
June 3, 2003 has come to a decision to ask LPPI (currently named YPPI) to provide a
certain amount of funds needed by Bank Indonesia. For the first phase, LPPI was
asked to provide funds amounting to IDR100 billion. In the Board of Governors
Meeting dated July 22, 2003, The Board of Governors of Bank Indonesia has
decided that, if necessary, Bank Indonesia will provide additional capital for LPPI
amounting to IDR100 billion. The execution of this will be done in several phases to
return LPPI’s funds.
e.
N.V. De Indonesische Overzeese Bank (Indover Bank)
Since October 6, 2008, Indover Bank has been declared as a bank in emergency
condition, due to the liquidity troubles it faced. On December 1, 2008, Indover Bank
was declared bankrupt by the Amsterdam courts and its status was as being
liquidated in the Netherlands. The reason for Indover Bank’s liquidation was negative
equity, and the lack of additional capital that can be expected to cover that negative
equity, by way of additional capital from BI as the only shareholder of Indover Bank
or from other investors.
With the declaration of bankruptcy of Indover Bank by the Netherland courts,
Indover bank is under the monitoring of a trustee appointed by the Netherland
courts.
In the First Public Liquidation Report dated February 11, 2009 issued by the trustee,
it is stated that the trustee will conduct an investigation to find the cause of Indover
Bank’s liquidation.
48
BANK INDONESIA
Notes to Financial Statements
As at December 31, 2008
Based on the legal study performed by BI, BI’s responsibility as Indover Bank’s only
shareholder is limited to BI’s equity participation in Indover bank.
f.
Bank Indonesia Assets Acquired Through Court Decisions
Based on Supreme Coust Decision Number 1662K/Pid/1991 dated March 21, 1992
concerning the corruption case of Lee Darmawan, it was settled that the evidence in
the form of land and/or building is handed over to the Government c.q. BI that if
totaled has an area of +/- 1,193 hectares. Furthermore, on March 30, 1993, the
West Jakarta district court has handed over some of the evidence to the
Government c.q. BI in the form documents for land with a total area of +/- 1,001
hectares. Currently, those assets are still in the process of settlement, in
collaboration with Tridaya Foundation.
---ooo000ooo---
49
APPENDIX 1
50
APPENDIX 2
ABBREVIATIONS
ADB
AFS
AJDF
AUD
Baperum
BBKU
BBO
BKP
BI
BIS
BLBI
BPK-RI
:
:
:
:
:
:
:
:
:
:
:
:
BTO
BUMD
BUMN
BUN
DAPENBI
DKP
DPK
DPR-RI
:
:
:
:
:
:
:
:
EFF
EUR
FASBI
FEL
FPJP
FPN
FSD
FTE
FTK
GBI
GBP
GWM
HCU
HIPC
HTM
IAI
IAS
IBRA
IBRD
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
Asian Development Bank
Available for Sale
ASEAN Japan Development Fund for Indonesia
Australian Dollar
Bantuan Pemilikan Rumah (Housing Loan)
Bank Beku Kegiatan Usaha (Business-Activity-Suspended Bank)
Bank Beku Operasi (Operation-Suspended Bank)
Bantuan Kesehatan Pensiunan (Pension Health Facility)
Bank Indonesia
Bank for International Settlements
Bantuan Likuiditas Bank Indonesia (Bank Indonesia Liquidity Support)
Badan Pemeriksa Keuangan Republik Indonesia (Supreme Audit Board of the
Republic of Indonesia)
Bank Take Over (Taken Over Bank)
Badan Usaha Milik Daerah (Region-Owned Enterprises)
Badan Usaha Milik Negara (State-Owned Enterprises)
Bendaharawan Umum Negara (State General Treasury)
Dana Pensiun Bank Indonesia (Bank Indonesia Pension Fund)
Dana Kesejahteraan Pegawai (Employee Welfare Fund)
Dana Pihak Ketiga (Third Party Funds)
Dewan Perwakilan Rakyat Republik Indonesia (House of Representatives of the
Republic of Indonesia)
Extended Fund Facility
Euro
Fasilitas Simpanan Bank Indonesia (Bank Indonesia Deposit Facility)
Foreign Exchange Loan
Fasilitas Pendanaan Jangka Pendek (Short Term Funding Facility)
Floating Principle Note
Fasilitas Saldo Debet (Debit Balance Facility)
Fine Tune Expansion
Fine Tune Kontraksi (Fine Tune Contraction)
Gubernur Bank Indonesia (Governor of Bank Indonesia)
Great Britain Poundsterling
Giro Wajib Minimum (Minimum Reserve Requirement)
Harga Cetak Uang (Currency Printing Price)
Heavily Indebted Poor Countries
Held-to-Maturity
Indonesian Institute of Accountants
International Accounting Standard
Indonesian Bank Restructuring Agency
International Bank for Reconstruction and Development
51
APPENDIX 2
ABBREVIATIONS
IDR
IMA
IMF
IPBV
JPY
KLBI
LIBOR
LDR
LPPI
MPP
NCP
NPL
NV
NZD
OCY
ON
PAKBI
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
PBI
PBSN
PDG
PEMDA
PRGF
PT. AIA
PT. Askrindo
PT. BEII
PT. BPUI
RDG
RDI
SAK
SAP
SBA
SBI
SBIS
SBSN
SDR
SGD
SK
SLA
SPAP
SRF
SSB
SUN
SUP
SWBI
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
Indonesian Rupiah
Investasi Mudharabah Antar bank (Interbank Mudharabah Investment)
International Monetary Fund
Indo Plus BV
Japanese Yen
Kredit Likuiditas Bank Indonesia (Bank Indonesia Liquidity Credit)
London Inter Bank Oferring Rate
Loan to Deposit Ratio
Lembaga Pengembangan Perbankan Indonesia
Masa Persiapan Pensiun (Pre-Retirement Transition Paid Leave)
Net Currency Position
Non Performing Loan
Naamloze Venotschap
New Zealand Dollar
Original Currency
Obligasi Negara (Treasury Bond)
Pedoman Akuntansi Keuangan Bank Indonesia (Bank Indonesia Financial
Accounting Guidance)
Peraturan Bank Indonesia (Bank Indonesia Regulation)
Perkebunan Besar Swasta Nasional (Major Commercial Field)
Peraturan Dewan Gubernur (Board of Governors Regulation)
Pemerintah Daerah (Regional Government)
Poverty Reduction and Growth Facility
PT. Artha Investa Argha
PT. Asuransi Kredit Indonesia
PT. Bank Ekspor Impor Indonesia
PT. Bahana Pembinaan Usaha Indonesia
Rapat Dewan Gubernur (Board of Governor’s Meeting)
Rekening Dana Investasi (Investment Fund Account)
Standar Akuntansi Keuangan (Financial Accounting Standards)
Standar Akuntansi Pemerintahan (Government Auditing Standards)
Stand By Arrangement
Sertifikat Bank Indonesia (Bank Indonesia Certificate)
Sertifikat Bank Indonesia Syariah (Bank Indonesia Sharia Certificate)
Surat Berharga Syariah Negara (Government Marketable Sharia Securities)
Special Drawing Rights
Singapore Dollar
Surat Keputusan (Decree)
Subsidiary Loan Agreement
Professional Public Accounting Standards (SPAP)
Supplemental Reserve Facility
Surat-Surat Berharga (Marketable Securities)
Surat Utang Negara (marketable treasury bonds)
Surat Utang Pemerintah (Government Bond)
Sertifikat Wadiah Bank Indonesia (Bank Indonesia Wadiah Certificate)
52
APPENDIX 2
ABBREVIATIONS
THT
TIBOR
TOZ
TPSL
TSL
USD
UUS
YASPORBI
:
:
:
:
:
:
:
:
YKKBI
:
YPPI
:
Tunjangan Hari Tua (Old Age Benefit Program)
Tokyo Inter Bank Oferring Rate
Troy Ounce
Third-Party Securities Lending
Two Step Loan
United States Dollar
Unit Usaha Syariah (Sharia Business Unit)
Yayasan Perguruan KORPRI Unit Bank Indonesia (Bank Indonesia KORPRI Unit
Foundation)
Yayasan Kesejahteraan Karyawan Bank Indonesia (Bank Indonesia’s Employee
Welfare Foundation)
Yayasan Pengembangan Perbankan Indonesia (Indonesian Banking
Development Foundation)
53