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Metamorphosis of the Role and Function of Indonesia Deposit Insurance Corporation (IDIC) in Maintaining Financial Stability

  • News
  • 15 February 2022, 14.25
  • By : Admin
Didik Madiyono

The banking industry is an essential industry and has an important role in the national economy to drive the economy and maintain financial stability. The Covid-19 pandemic has caused digitalization to develop rapidly. This makes it easier for people to gain financial literacy, especially in the current era. However, this is also accompanied by new financial system security risks in the digital era. Therefore, during a Seminar and Public Lecture (SinarKU) held on February 11, the Indonesia Deposit Insurance Corporation (LPS) was invited to share its knowledge regarding the metamorphosis of the role and function of IDIC in maintaining Indonesia’s financial stability.

The event invited Didik Madiyono, S.E., M.M., a member of the Board of Commissioners of the Indonesia Deposit Insurance Corporation (LPS) to share his knowledge with students and the public. The event was guided by Shima Dewi Mutiara Trisna, S.E., M.Sc, a lecturer at FEB UGM as a moderator.

With the hosting of this event, the Vice Dean for Research, Community Service, Cooperation and Alumni, Gumilang Aryo Sahadewo, S.E., M.A., Ph.D., hopes that the collaboration between FEB UGM and LPS can be continued in the field of research.

Based on UU No. 9 of 2016, LPS has additional functions and duties, including early involvement in the process of handling troubled banks (early involvement), having other options in handling banks other than PMS, and liquidation (Purchase & Assumption and Bridge Bank) and implementing the banking restructuring program in times of crisis.

The number of deposits guaranteed by LPS can be adjusted if one or more of the following criteria occurs โ€“ first if there was a simultaneous withdrawal of large amounts of bank funds. Second, if there has been substantial inflation in recent years. Third, if the number of customers whose entire deposits are guaranteed is less than 90% of the total number of depositors of all banks. Fourth, if there is a threat of a crisis that has the potential to lead to a decline in public confidence in banking and jeopardize the stability of the financial system.

In addition, through UU number 2 2020, the LPS mandate was extended to become a risk minimizer. The LPS transformation to become a risk minimizer was carried out through the implementation of the 2022-2026 LPS Strategic Plan. Then in its development, the IDIC continues to innovate to improve services to stakeholders through the implementation of Single Customer View (SCV) and integration of banking reporting. In terms of financial performance, LPS’s total assets reached Rp161.54 trillion, grew by 15.2% from December 2020 and the Banking Industry Deposit Guarantee Ratio was 1.65%.

Didik also said that several challenges will be faced in the future, such as the Covid-19 pandemic which threatens the world’s economic recovery, rising inflation in various countries, and global supply chain constraints, which are estimated to still occur in 2022. Then, the tightening of the monetary policy in response to the rising inflation in developed countries, increasing public awareness and understanding of the LPS deposit guarantee program through collaboration with stakeholders, and increasing public financial literacy, especially from new digital financial products.

Reportage: Zahra Dian.

Views: 418

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