2012年-IMF国际货币组织全球_Indonesia_CPSS_Core_Principles_for_Systemically_Important_Payment_Systems_28页_1mb

Summary of Indonesia's CPSS Core Principles for Systemically Important Payment Systems Assessment (November 2010)

Core Content

This document presents the findings and recommendations of the Financial Sector Assessment Program (FSAP) conducted by the IMF and World Bank in 2009-2010, focusing on the observance of the CPSS Core Principles for Systemically Important Payment Systems (CPSIPS) and the responsibilities of the Central Bank of Indonesia (BI) in applying these principles. The assessment was carried out by Alice Zanza and Bruce Summers, with the cooperation of BI and other payment system stakeholders.

Key Findings

• Legal Framework (CP I):
  The legal foundation for payment systems in Indonesia is generally sound, with statutes, regulations, agreements, and circular letters in place. However, there is no explicit recognition of netting as a legal term, which could lead to ambiguity.

• Understanding and Management of Risks (CP II-III):
  BI-RTGS functions well and is recognized as the only systemically important payment system (SIPS) in Indonesia. Participants understand the system's impact on financial risks, and the system includes features such as credit push, pre-funding, and intraday credit facilities to manage risks. The lack of a hybrid system design may affect liquidity optimization and lead to queue buildup.

• Settlement (CP IV-VI):
  BI-RTGS provides prompt final settlement on the day of value, with clear rules and procedures. Settlement is conducted in central bank money, and a collateralized intraday credit facility is in place to ensure smooth operations. The system does not support multilateral netting, so CP V is not applicable. Items in the queue may be discarded if funding is insufficient, which could affect payment system effectiveness.

• Operational Reliability and Efficiency (CP VII-VIII):
  BI has adequate contingency plans and a general security policy. The system's technologies are outdated, and the current infrastructure is at risk due to its proximity to the disaster recovery (DR) site. BI plans to implement a new second-generation system by 2011, which is expected to enhance reliability and security. The system is efficient for the economy, but there is room for improvement through cost benchmarking and hybrid design.

• Access and Governance (CP IX-X):
  Access criteria are not clear or documented based on specific indicators. BI currently allows all licensed banks direct access, which may not be optimal for risk management. There is a need to introduce objective and publicly disclosed access criteria. Governance arrangements are effective and transparent, with separation of duties and collaboration with stakeholders. Further strengthening of oversight and proactive roles is recommended.

• Central Bank Responsibilities (CBRs A-D):
  BI has defined its payment system objectives and publicly disclosed its role. However, there is a need for top-down consultation and a payment system research agenda. BI oversees the RTGS system but lacks clear responsibility for the BI-SSSS system. Cooperation with other domestic and international authorities could be improved through formal MOUs and joint working groups.

Key Recommendations

• Enact a specific law to govern payment systems and explicitly recognize netting as a legal process.
• Introduce clear, documented access criteria based on specific indicators for both direct and indirect participants.
• Establish a BI-RTGS User Group to encourage dialogue and extend oversight to RTGS participants and stakeholders.
• Widen the scope of oversight and strengthen activities through formal arrangements.
• Improve cooperation with domestic regulatory authorities (e.g., Bapepam-LK, Ministry of Information and Communication) and other central banks by signing formal MOUs and creating joint working groups.

Authorities' Response

• CP I (Legal Foundation): BI acknowledged the need for a specific law but noted that the process is time-consuming and involves many stakeholders.
• CP IX (Access and Governance): BI agreed to review access criteria to introduce clear and explicit indicators.
• CP X (Governance): BI confirmed that on-site examinations are already conducted and will extend oversight to the securities settlement system.
• CBRs B, C, D: BI fully agrees with the need to ensure full observance of all CPs and will enhance coordination with internal and external authorities.

Key Systems and Statistics

• BI-RTGS: The main real-time gross settlement system in Indonesia, owned and operated by BI. It links 149 participants, including 144 banks, 2 indirect participants, and 5 non-bank participants.
• Transaction Volume: As of end of June 2009, BI-RTGS had an average daily transaction volume of 39,250 and a value of Rp 174 trillion.
• Intraday Credit Facility: BI provides a collateralized intraday credit facility to all bank participants to support settlement.
• Pricing: Two pricing windows are in place—cheapest during the first window (Rp 7,000 per transaction) and a higher fee during the second window (Rp 14,000 per transaction).
• System Evolution: BI plans to implement a second-generation system in 2011, replacing legacy technologies with modern ones.

Conclusion

The assessment highlights the strengths of BI-RTGS in terms of functionality, risk management, and settlement efficiency, but also identifies areas for improvement, particularly in legal clarity, access criteria, and governance. BI is committed to addressing these issues and enhancing its oversight and cooperation mechanisms to ensure continued compliance with the CPSS Core Principles.