Banks sign deals with IBRA

Banks sign deals with IBRA

JAKARTA (JP): Shareholders of Bank Tamara and Bank Nusa
Nasional (BNN) signed agreements to settle their debts with the
Indonesian Bank Restructuring Agency (IBRA) on Friday, the agency
has said.

Based on financial and legal due diligence reports, Tamara
owes the government Rp 465.1 billion and BNN owes Rp 3.59
trillion.

The two banks were taken over by the government in March 1999.

Mahmuddin Yasin, deputy chairman of IBRA's Asset Management
Investment Unit, said the next step would involve the two banks
discussing methods to settle their obligations, including the
assets pledged by shareholders.

The discussions were expected to reach a conclusion by
September 2000, he said. (10)