Thursday, October 19, 2006

BNI Ready for Haircut

Thursday, 19 October, 2006 | 14:58 WIB

TEMPO Interactive, Jakarta: PT Bank Negara Indonesia Tbk is now analyzing its non-performing loans, totaling Rp4.7 trillion, in order to differentiate which are adequate to have debt cuts (haircuts) and which are not.

According to Sigit Pramono, BNI’s Managing Director, out of the total non-performing loan at BNI, around Rp10.1 trillion, Rp5.4 trillion will be solved through restructuring without haircuts.

“We will further analyze the remaining, around Rp4.7 trillion, in line with our authority,” said Sigit yesterday (18/10).

He went on to say that BNI will soon sign a credit restructuring agreement amounting to Rp1.4 trillion that belongs to a large group.

Based on Tempo notes, Raja Garuda Mas, belongs to Sukanto Tanoto, is one of the biggest debtors which is in final negotiations with BNI.

Raja Garuda Mas’ debt to BNI totals Rp1.56 trillion.

Based on Government Regulation No.33/2006—revision on Government Regulation No.14/2005 on State/Regional Account Receivable Write Off Procedures and the Finance Minister Regulation No.87/PMK.07/2006 on State/Regional Account Receivable Administration—state banks can carry out haircuts.

However, Sigit went on to say that not all debtors would receive haircuts.

“Only those that really qualify, for example because of external factors such as exchange rates or disasters,” he said.

BNI managed to restructure the non-performing loans of 328 debtors totaling Rp3.41 trillion by October 16, 2006.

The amount of non-performing loans that BNI has restructured up until October 16 is higher compared to the total in September, which reached Rp3.13 trillion.

Of this Rp3.13 trillion of BNI’s credit restructuring, the 20 biggest debtors contributed around Rp900 billion.

Six of them are from the corporate sector: PT Pupuk Iskandar Muda, PT Zeus Citra International, PT Wira Bahari Kencana, PT Gunatex Jaya, PT Bukit Panglong and PT Abadi Genteng Jatiwangi.

Sofian and Suryani Ika Sari



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