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Jakarta – Bank Century has become a very popular bank in Indonesia after the bailout that was supposed to contain political elements and hurt the country. Now, Bank Century has sold the property to Japanese investors, whose name is now JTrust Bank, which serves businesses and retail.
The former governor of Bank Indonesia (BI) Boediono spoke about the rescue of Bank Century. At that time, he made a decision with the members of the Financial System Stability Committee (KSSK), geared to economic risks.
"At that time, the decision-making process was conducted in an open and transparent way, nor was it a decision made by one person and the atmosphere was very serious," Boediono said. during a discussion at the Jakarta Theater on Wednesday (28/11/2018).
The decision to save Bank Century was taken in the Ministry of Finance building at the KSSK meeting. On November 20, 2018, a letter from the Governor of the Bank of Indonesia (BI) number: 10/2 / GBI / DPNP / Secret was issued and the content requested to the Minister of Finance, in his capacity as President of the KSSK, to hold a meeting.
Indeed, on November 21, 2018, BI ensured that Bank Century failed to clean up and threaten the banks. After that, BI indicated whether Century Bank should be considered a bankrupt bank with a systemic impact.
On November 21, the KSSK finally determined that Century Bank was a bankrupt bank through KSSK Decision No. 04 / KSSK.03 / 2008. KSSK requested the Deposit Insurance Corporation (LPS) to take over Century Bank.
In accordance with KSSK Decision 01 / KK.01 / 2008, Century Bank has been officially "supported" by LPS to solve the problem.
Boediono revealed that there were no other projects at the decision – making meeting of 10 years ago. According to him, decision makers think only in the best way to make decisions. Only in this way is the Indonesian economy no longer slumped as a result of the 1997-1998 crisis.
According to him, if it is wrong to adopt a policy, the economic costs such as rising unemployment, health costs and the costs of education are high.
"At that time, I never thought of political risk, what we think is only economic risk, if we know (to be a political risk) we do not know what policy We are trying to take the best policy in order to move to the general guarantee, "he explained. The comprehensive guarantee is a government guarantee program for all bank bonds.
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