Befuddled by banking policy
Befuddled by banking policy
From Merdeka
It's simply fantastic -- the lobbying of prominent bankers has
relegated the government to second place. The government is like
a shadow forced to follow in the bankers' steps. What have the
bankers done? No less than delaying the repayment of the Bank
Indonesia liquidity support loans, the amount of which is
astronomical. Initially, the government granted a limit of five
years to the bankers, but it has subsequently been reduced to one
year.
It is impossible to understand with common sense how the
return of that huge amount of people's money can be put on hold
without any legal certainty. One year is not a short time and
many things can happen in the meantime. Ultimately, it will only
benefit a handful of people. It contrasts with the fate of the
people who, unable to pay the installments on their house to the
state savings bank (BTN) for a couple of months, are forced to
cede their home to be auctioned by the bank. Subscribers to power
supply by state electricity company PLN are having the same
experience. Nonpayment of three consecutive monthly bills will
plunge your house into darkness.
Once again, thumbs up for the government whose inconsistencies
befuddle the people. It is proof that the government has not
succeeded in abolishing collusion, corruption and nepotism (KKN).
President B.J. Habibie should therefore take firm measures:
1. The bankers should repay all their loans plus interest
within six months. How they achieve that is their own affair.
Surely a penalty on delays should be strictly applied. If they
say their assets are worth Rp 1 billion and fetch Rp 100 million
only, it is their business and not that of the government.
2. The assets submitted to the government remain in government
hands. The value is not more than 30 percent of the value
declared by the bankers.
3. The bankers can sell their assets but under government
supervision.
4. If collusion or corruption is indicated, there should be no
hesitation in dismissing the finance minister, the central bank
governor as well as the Indonesian Bank Restructuring Agency
(IBRA) officials.
TAUFIK KARMADI
Jakarta