Our Honored Guest: 1. The Secretary of Financial System Stability Committee, Mr. Arif Baharudin;
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1 Welcoming Remarks at the IDIC International Seminar on Bank Restructuring and Resolution, A Part of the Voyage to Indonesia 20 Years Asian Financial Crisis: Strengthening Infrastructures for Financial Crisis Resolution Grand Ballroom, Fairmont Hotel, Indonesia Wednesday, February 28, 2018 Bismillahirrahmaanirrahim The Honorable: 1. IDIC Board of Commissioner member and CEO Mr. Fauzi Ikhsan; 2. IDIC Board of Commissioner members: a. Ms. Destry Damayanti, b. Mr. Erwin Rijanto, c. Mr. Heru Kristiyana, and d. Mr. Robert Pakpahan Our Honored Guest: 1. The Secretary of Financial System Stability Committee, Mr. Arif Baharudin; The Honorable: 1. Former Chairman of IDIC, Mr. C. Heru Budiargo; 2. Former IDIC Board of Commissioner member and CEO Mr. Kartika Wirjoatmodjo, which is also one of our distinguished speaker today; 3. Former IDIC Board of Commissioner members: a. Mr. A. Fuad Rahmany, b. Mr. Rizal Bambang Prasetijo, c. Mr. Ronald Waas Our Distinguished Speakers: 1. Mr. Andrew Sheng (Distinguished Fellow of Asia Global Institute, The University of Hong Kong), 1/5
2 2. Mr. Glenn Yusuf (Former Chairman of Indonesia Bank Restructuring Agency), 3. Dr. Seung Kon Oh (Chief Researcher of KDIC), 4. Mr. Nobuhiro Koyama (Executive Director, Research Department, DICJ), 5. Mr. Lee Yee Ming (Senior General Manager and Head of Risk Assessment and Resolution Division, MDIC), 6. Mr. Didik Madiyono (Executive Director of Research, Surveillance, and Examination, IDIC) 7. Mr. Imansyah (Senior Advisor, Strategic Committee and Research Centre, OJK), 8. Mr. Taizo Makino (General Manager, Corporate Planning Division, Government, and Regulatory Affairs of MUFJ Financial Group), and 9. Mr. Louis L.S Han (Senior Regional Manager, Loan Management Unit, Asia Pacific of the HSBC), and all of our distinguished guests and participants, 2/5
3 Assalamu alaikum Warahmatullahi Wabarakatuh, Welcome and good morning to all of you. First of all, I would like to praise the Almighty for His blessings so that we all could gather here in this delighted moment. I would like also to extend our gratitude to respected speakers and guests for participating in this international seminar. On behalf of the Indonesia Deposit Insurance Corporation, it is a great honor and pleasure for me to greet all of you to the IDIC International Seminar on Bank Restructuring and Resolution. This seminar is part of the Voyage to Indonesia s program, a preliminary program toward the IMF - World Bank Annual Meeting that will be organized in Bali, October This program is also a part of the IDIC s initiatives and a flagship program to strengthen its capacity in banking restructuring and banking resolution, not only for IDIC internally, but also for its stakeholders at national and international levels. It has been almost two decades after the 1997 Asian Financial Crisis and a decade after the 2008 Global Financial Crisis. Quoting the first President of Republic of Indonesia, Soekarno, Do not ever forget the history or in Bahasa, Jangan sekali-kali meninggalkan sejarah, which implies that it is utmost important to learn from what have happened in the history, including from the financial crises. The Asian Financial Crisis has shown us the danger of excessive shortterm foreign borrowing and fragile regulation in financial industry, which causes what so-called the Twin Crisis (Kaminsky and Reinhart, 1999-American Economic Review): banking crisis and currency crisis. The Global Financial Crisis has shown us once again that weak regulation in financial industry this time is in the subprime mortgages industry can cause a big hit on the economy. Laeven and Valencia (2013, IMF Economic Review) note that the median cost of financial crisis, in terms of output loss, is about 23.2% of GDP. As the world experiences more globalization and financial integration, a financial crisis can easily become contagious across countries, which can amplify further the damage to the economy. Following the crises, many countries have undergone structural changes in their financial regulatory frameworks, crisis management protocols, and economy infrastructures, aiming for more resilient economies. One of the most prominent changes is the increase of the number of 3/5
4 countries that adopt an explicit deposit insurance system. Back in 1974, there were only 12 countries with explicit deposit insurance system. Currently, there are 139 countries have adopted the deposit insurance system and 29 countries are considering the adoption of the system (IADI, September 2017). The role of a deposit insurer is also keep evolving, from a pay box system into a risk minimizer with expanding authority in bank resolution. With an effective and timely resolution, a deposit insurer can minimize the costs associated with bank failures, which enables the deposit insurer to provide more protection to depositors. In 2017, the Global Economy has shown a positive development, with an estimated Real GDP Growth of 3.0% (World Bank, 2018). This growth is the strongest Global economic growth since However, the Volatility, Uncertainty, Complexity, and Ambiguity (VUCA) are still shadowing the Global economy. In particular, China s economy rebalancing still continues, which might lead to a new level of economic growth with more focus on domestic consumption. Meanwhile, the economic policy uncertainty in United States is still relatively high, with the possibility of gradual increases in the Fed rate during the first semester of On the domestic side, Indonesia s economy shows a solid pace in 2017, growing by 5.19% in Q (FY 5.07%) supported by commodity price tailwinds, stronger global demand, accommodative monetary policy, and stronger coordination between financial safety net members. Furthermore, the banking industry shows a resilient stability with an average Capital Adequacy Ratio (CAR) of 22.65% as of January 2018 and 22.95% growth in Net Income over IDIC, as a part of the Indonesia s Financial Safety Net, has new mandates in Bank Resolution and Restructuring through The Financial System Crisis Prevention and Handling Act (PPKSK) No. 9 year The Act extends the function of IDIC to insure bank deposits and as a resolution authority. As of January 2018, IDIC has liquidated 84 rural banks and one commercial bank (PT Bank IFI, liquidated in 2009), with an average recovery rate of 31.99%. During the Global financial crisis in 2008, there was also one commercial bank (PT Bank Mutiara) that received an Open Bank Assistance from IDIC, which was then successfully resolved and sold to J Trust Co.Ltd in /5
5 Today s seminar is focusing on the theme of Bank Restructuring and Resolution. More specifically, we are going to discuss on how to strengthen our economy infrastructures to aim for a more resilient economy against a financial crisis. In the first session, we will discuss about crisis resolution through the Bank Restructuring Program from the Asia and Global Financial Crisis experiences. Second session will continue with discussing recent progress and updates on Cross-Border Resolution. Lastly, the third session talks about Recovery and Resolution Plan (RRP). IDIC particularly chooses this theme as both of the Asian and Global Financial Crisis have shown us the importance of Bank Restructuring and Resolution to attenuate the impact of the crises to the economy. However, both academic literature and technical documents on Bank Restructuring and Resolution are still relatively sparse. Thus, we aim to fill the gap through this seminar. I am aware that our agenda today is really tight, and maybe some of us are also still tired from a long trip from home. But this morning, I can still feel the warmth of enthusiasm from all of us. I hope that this will carry on, not only throughout this seminar but also when we are back to our institutions to share the lessons learned from this seminar. Let s join our hands and minds together to make our countries stronger to face any threat of a financial crisis! Ending this opening remark, on the behalf of the Indonesia Deposit Insurance Corporation, I proudly and officially open this seminar: A Voyage to Indonesia s International Seminar on Bank Restructuring and Resolution: 20 Years of Asian Financial Crisis: Strengthening Infrastructures for Financial Crisis Resolution Dr. Halim Alamsyah Chairman of the Indonesia Deposit Insurance Corporation Jakarta, February 28, 2018 *** The End of the Opening Speech *** 5/5
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