The closing of IBRA: Major events (1998-2004)

1998:

* IBRA's leadership changes hands three times, from Bambang Subianto, Iwan Prawiranata to Glenn Yusuf

* 38 closed and ailing banks are placed under the care of IBRA

* 39 large debtors sign an agreement to repay debts amounting to Rp 111.6 trillion

1999:

* The Bank Bali scandal flares up, which eventually helps foil the reelection of BJ Habibie as the country's president

2000:

* Cacuk Sudarijanto replaces Glenn, before being replaced by Edwin Gerungan

* IBRA sells Astra International in its first major asset sale program

2001:

* I Putu Ary Suta takes IBRA's top post, replacing Edwin

* Indomobil is sold, which draws controversy and leads to an investigation by the country's antimonopoly watchdog, the KPU

2002:

* The agency completes the sales of majority stakes in Bank Central Asia, after a two-year delay, and Bank Niaga

* For the seventh time, IBRA gets a new chairman, with Ary Suta handing over the post to Syafruddin Temmenggung

2003:

* Majority stakes in Bank Danamon and Bank Internasional Indonesia are sold

2004:

* A controlling stake in Bank Lippo is sold

* In a rush to finalize the debt-settlement program with large debtors, the agency issues statements for nine former bankers declaring them free of debt, which could clear them from criminal charges

* On Feb. 27, the government officially closes the agency