BI closes down Bank Global

After months of unsuccessful rescue efforts, Bank Indonesia (BI) decided late on Thursday to close down the ailing Bank Global. The central bank's deputy governor, Bun Bunan Hutapea, said the move had to be taken because the bank's financial condition did not show any signs of recovery. Bun Bunan blamed the situation on the bank's management and shareholders, calling them uncooperative in salvaging the bank. Bank Global's capital adequacy ratio (CAR) -- a comparison between a bank's capital and its risk-weighted assets including loans -- stood at minus 39.11 percent, way below BI's minimum requirement of 8 percent. -- Antara