2012年-IMF国际货币组织全球_Indonesia_Financial_Sector_Assessment_ProgramBasel_Core_Principles_AssessmentDetailed_Assessment_of_Compliance_101页_1019kb

报告摘要

Summary of Indonesia's Financial Sector Assessment Program—Basel Core Principles Assessment

Core Content

This document presents a detailed assessment of Indonesia's compliance with the Basel Core Principles (BCP) for Effective Banking Supervision, conducted as part of the Financial Sector Assessment Program (FSAP) in 2009. The assessment was carried out by a team from the World Bank and the IMF, focusing on the essential criteria of the BCP, and limited to commercial banks due to the small market share of sharia and rural banks.

The assessment outlines the institutional and macroeconomic framework of Indonesia, highlighting the role of Bank Indonesia (BI) as the central bank and the Indonesian Deposit Insurance Corporation (IDIC/LPS) in regulating and supervising the financial sector. It also evaluates the preconditions for effective banking supervision, such as macroeconomic policies, public infrastructure, market discipline, and the financial safety net.

Main Findings

Banking Sector Overview

The banking sector accounts for 80% of Indonesia's financial sector assets, with commercial banks representing 98.6% of the total banking assets.
There are 121 commercial banks, including 4 state-owned, 26 regional government-owned, 86 private, and 5 sharia banks.
Rural banks make up the remaining 1.4% of the banking system.
The largest state-owned bank, Bank Mandiri, holds a significant market share, and foreign banks (including branches and joint ventures) have a 30% market share.
The top five banks account for 50% of the market share, with 14 major banks holding 70%.

Financial Performance (as of September 2009)

The total assets of commercial banks reached IDR 2,386 trillion (approximately USD 239 billion).
The capital adequacy ratio was 17.9%, which is above the regulatory minimum but had declined slightly in 2008 due to credit expansion.
The gross non-performing loan (NPL) ratio was 3.9%, and the net NPL ratio was 1.7%, indicating a relatively healthy risk profile.
Credit growth slowed in 2009 to 4.4%, compared to 30.5% in 2008.
The loan-to-deposit ratio was 73.6%, showing a stable lending environment.
The net interest margin (NIM) and return on assets (ROA) remained relatively stable at 5.4% and 2.6%, respectively.

Regulatory and Supervisory Framework

BI regulates and supervises the banking sector under the Banking Act (No. 7/1992, as amended) and the BI Act (No. 23/1999, as amended).
BI has eight directorates handling bank regulation and supervision, with three Deputy Governors overseeing them.
BI has established a Debtor Information System (SID) to support its supervision efforts, though non-bank financial institutions (NBFI) participation remains limited.
BI uses monetary instruments such as interest rate caps, statutory reserve requirements, and open market operations to maintain stability and ensure compliance with the BCP.

Accounting and Auditing Standards

Indonesia's accounting standards are PSAK, which are mostly aligned with IFRS, but some standards have gaps.
23 PSAK are uniquely local, while 8 PSAK are fully aligned with IFRS and 19 PSAK have minor gaps.
The auditing standard setter, IAPI, aims to converge with ISA by 2011, but practical steps have not yet been taken.
The quality of financial reporting is affected by inadequate implementation of internationally comparable standards, leading to distorted financial information.

Legal Infrastructure and Enforcement

The legal framework for the financial sector has seen substantial improvements over the last decade.
However, enforcement of laws related to collateral, creditor rights, and contract execution remains weak, leading to low recovery rates (below 15%) and high bankruptcy costs (18% of the estate).
Bankruptcy procedures in Indonesia take 5–6 years, and contract enforcement requires 570 days with costs reaching 123% of the claim.
These shortcomings undermine the effectiveness of banking supervision and increase systemic risk.

Market Discipline

BI has implemented disclosure requirements for banks, including ownership details, risk exposures, and audited financial statements.
A deposit insurance interest rate cap was introduced to increase market discipline and discourage excessive deposit rates.
The cap excludes high-rate deposits from insurance coverage, promoting more cautious behavior among banks and depositors.

Financial Safety Net

BI and LPS have established liquidity facilities to support systemically important institutions.
The short-term liquidity facility provides support up to 90 days, while the emergency liquidity assistance (ELA) can extend up to 180 days with government guarantees.
The deposit insurance coverage limit was raised from IDR 100 million (USD 10,000) to IDR 2 billion (USD 200,000) in 2008 to enhance financial stability.
The draft FSSN Law was rejected by Parliament, and the Coordination Committee under the LPS Law remains the primary mechanism for crisis management.

Key Recommendations

Strengthen the legal framework for corporate, bankruptcy, and contract enforcement to improve recovery rates and reduce bankruptcy costs.
Implement internationally comparable accounting and reporting standards to enhance the accuracy and transparency of financial information.
Improve the enforcement of auditing standards by ensuring accountants and auditors adhere to ethical guidelines and quality control mechanisms.
Enhance the capacity of audit practices, especially small and medium-sized firms, to ensure consistent compliance with standards.
Promote the establishment of a formal Financial System Safety Net (FSSN) to provide systemic protection and crisis resolution mechanisms.
Improve the coordination between BI, LPS, and the Ministry of Finance to ensure effective crisis management and policy implementation.