The restructuring of bank credit reached Rp 884.5 trillion

ILLUSTRATION. The Financial Services Authority (OJK) assesses the stability of the financial services sector in a stable condition

Reporter: Laurensius Marshall Sautlan Sitanggang | Editor: Wahyu T. Rahmawati

KONTAN.CO.ID – JAKARTA. The Financial Services Authority (OJK) assesses the stability of the financial services sector in a stable condition amid efforts to recover the national economy (PEN) as a result of the Covid-19 pandemic. The creation of financial sector stability as a tangible result of a series of fiscal and monetary stimulus policies pre-emptive.

OJK has implemented various policies aimed at maintaining the stability of the capital market as well as easing the burden on the community, informal sector players and MSMEs as well as other business actors. Furthermore, this policy is also intended to maintain and increase the confidence of market players.

The relaxation of the credit restructuring policy by OJK was accompanied by government policies through interest subsidies and placement of government funds in commercial banks. Bank Indonesia (BI) has also lowered the benchmark interest rate as well quantitative easing other. OJK will continue to relax the direct restructuring smoothly and determine the restructuring of only one pillar as stipulated in POJK 11/2020 which is in line and synergistic with government and BI policies.

“OJK consistently strengthens integrated supervision to be able to detect potential risks to the stability of the financial services sector early and also supports the implementation of the PEN program as a whole to accelerate economic recovery,” said OJK Deputy Commissioner for Public Relations and Logistics, Anto Prabowo in a press release, Wednesday (23 / 9) evening.

Also Read: Multi-finance restructuring has reached Rp. 166.94 trillion

Until September 7, 2020, the value of bank credit restructuring reached IDR 884.5 trillion from 7.38 million debtors. The credit relief was enjoyed by 5.82 million MSME actors with a value of Rp 360.6 trillion. Meanwhile, 1.56 million non-MSMEs received credit relief worth Rp 523.9 trillion.

Meanwhile, the realization of the restructuring of finance companies until September 8, 2020, has reached Rp. 166.94 trillion from 4.55 million financing contracts from finance companies.

OJK also monitors the management of the placement of government funds in general banking, both in the Himbara group of Rp 30 trillion and the BPD group of Rp 11.5 trillion. As of September 14, 2020, realized credit disbursement for placement of funds in the Himbara group had reached Rp. 119.8 trillion to 1.5 million debtors. As for the BPD group, up to September 16 2020, it was recorded that loans that had been disbursed amounted to Rp. 7.4 trillion.

Also Read: BI said the quantitative easing until September 2020 had reached IDR 662.1 trillion