Some Indonesian banks might lose more than half of their funds in NV De Indonesische Overzeese Bank (Indover) as the liability payment capacity of BI subsidiary firm here in liquidation is only 47 percent.
Despite the payment capacity to the third party is less than half, the participation of BI to Indover Bank could be 100 percent returned.
Indover is BI subsidiary firm which is one of the pioneers of national bank located in Amsterdam. Formerly, Indover was the branch of De Javasche Bank established in 1891.
Indover is BI subsidiary firm which is one of the pioneers of national bank located in Amsterdam. Formerly, Indover was the branch of De Javasche Bank established in 1891.
On the worst economy crisis in October 2008, bank had got problem on liquidity and default. Thus, the Dutch court liquidated Indover in December 1 following the absence of BI rescue on October 31, 2008 as the latest.
Some Indonesian banks placed their funds at Indover including BRI with US$60 million, Bank Mandiri US$31 million, BNI US$27 million, Bank Lippo (now merged into Bank CIMB Niaga) US$5 million and Bank Ekonomi Raharja 19,239 euros. Besides, there were 14 banks provided syndicated credits to Indover worth US$197 million.
Some Indonesian banks placed their funds at Indover including BRI with US$60 million, Bank Mandiri US$31 million, BNI US$27 million, Bank Lippo (now merged into Bank CIMB Niaga) US$5 million and Bank Ekonomi Raharja 19,239 euros. Besides, there were 14 banks provided syndicated credits to Indover worth US$197 million.
The short term Indover liability stood at 452.3 million euros and syndicated loan and bilateral loans 156.5 million euros. Public fund stood at 11 million euros.
Amsterdam district court last year started to pay the liability of Indover Bank. But the Dutch regulation stipulates the initial obligation payment will be the third party fund and shareholders, and then the creditors.
Not only based in Amsterdam, Indover is also located in Hong Kong and Singapore. Both is deemed standalone entity but included in the consolidation calculation.
Amsterdam district court last year started to pay the liability of Indover Bank. But the Dutch regulation stipulates the initial obligation payment will be the third party fund and shareholders, and then the creditors.
Not only based in Amsterdam, Indover is also located in Hong Kong and Singapore. Both is deemed standalone entity but included in the consolidation calculation.
Based on the curator pledge, the claim disbursement process will be done by end of the year or early 2011 which is expected the curator and central bank policies go along with the expectation.
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