2014年-FSB全球金融稳定委员会_FSB_Chair039s_Letter_to_G20_Ministers_and_Governors_on_financial_reforms_2页_37kb

FSB Peer Review Summary: Indonesia

Core Content

The Financial Stability Board (FSB) completed a peer review of Indonesia on 28 February 2014, focusing on two critical areas for financial stability: regulatory structure changes and crisis management arrangements. This review was conducted as part of the FSB’s ongoing efforts to evaluate the implementation and effectiveness of financial sector standards and policies across member jurisdictions.

Main Topics and Findings

1. Regulatory Structure Changes

• Indonesia established the OJK (Otoritas Jasa Keuangan), an integrated supervisory authority, which took over regulatory and supervisory responsibilities for capital markets and non-bank financial institutions on 31 December 2012.
• On 31 December 2013, the OJK also assumed responsibility for banking regulation and supervision, previously held by the central bank.
• The FSB noted good progress in implementing reforms based on the 2010 Financial Sector Assessment Program (FSAP) recommendations, but emphasized that the reforms are still ongoing.

2. Crisis Management Arrangements

• Indonesia has made significant progress in building a comprehensive crisis management framework.
• Key developments include:
  • Revised prompt corrective action regulation and emergency liquidity provision framework.
  • Improved coordination through the Financial System Stability Coordination Forum.
  • Establishment of a nationwide crisis management protocol to guide crisis prevention and resolution.
• The FSB highlighted that crisis simulation exercises have been conducted to test the framework, which is a positive sign of preparedness.

Key Recommendations and Challenges

• The FSB recommended further work to ensure the effectiveness of the crisis management framework and to fully address some FSAP recommendations.
• Specific areas needing attention include:
  • Enactment of the Financial System Safety Net Law to establish a solid legal basis for crisis management.
  • Finalization of an assessment methodology to identify domestically systemically important banks (D-SIBs) early and apply appropriate prudential and recovery/resolution planning requirements.
  • Revisions to the legal framework to avoid prioritizing open bank assistance and nationalization as resolution options for failing D-SIBs.

Legal and Institutional Protections

• The FSB stressed the importance of legal protection for financial sector regulators and supervisors, as well as public officials involved in crisis management and resolution.
• This is seen as a prerequisite for the success of the reforms.

Peer Review Process

• The peer review was the tenth country review by the FSB and the fourth using the revised objectives and guidelines from the December 2011 Handbook for FSB Peer Reviews.
• The review was led by Lesetja Kganyago, Deputy Governor of the South African Reserve Bank, and involved a team of experts from FSB member institutions.
• It benefited from dialogue with Indonesian authorities and discussions in the FSB Standing Committee on Standards Implementation.

FSB Overview

• The FSB is an international organization that coordinates the work of national financial authorities and international standard-setting bodies.
• It includes 24 countries and jurisdictions, international financial institutions, sector-specific groups, and central bank expert committees.
• The FSB also engages with 65 other jurisdictions through its six regional consultative groups.
• The FSB is chaired by Mark Carney, Governor of the Bank of England, and its Secretariat is located in Basel, Switzerland, hosted by the Bank for International Settlements.

Conclusion

The peer review of Indonesia reflects positive steps toward strengthening the country’s financial regulatory and crisis management systems. While progress has been made, the FSB emphasized the need for continued efforts to ensure the long-term effectiveness of these reforms. The review underscores the importance of legal and institutional support in achieving sustainable financial stability.