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NEWS UPDATES 24 August 2010

Indonesian central bank fights

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In a bid to maintain its authority over the banking industry, Bank Indonesia has proposed the establishment of a special board, made up of officials from the central bank and the Financial Services Authority (OJK).

BI Governor Darmin Nasution told lawmakers at a hearing that the authority to supervise and regulate the banking industry should not be separated from the central bank.

The hearing was held as part of a process to establish the OJK as the new financial service and banking authority as demanded by 2004 Bank Indonesia Law. The separation of banking authority and monetary authority is sought to avoid conflicts of interest.

“We can prevent any conflict of interest by simply taking away banking supervision from the BI board of governors and give to the banking supervisory board,” Darmin said. The board, he added, would structurally be under BI.

The proposed members of the board include: BI governor, BI deputy governor on financial system stability, BI deputy governor on banking supervision, OJK president commissioner and an independent board member.

Darmin said the central bank would find difficulties in conducting its monetary policies should it completely lose authority over micro-prudential supervision.

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