Chairman of LPS: Mismanagement, Not Economic Pressure, Causes BPR Failures

Purbaya Yudhi Sadewa, the Chairman of the Board of Commissioners (DK) of the Deposit Insurance Corporation (LPS), has spoken out regarding the increasing number of rural banks (BPR) facing closure, reaching an average threshold in the first two months of this year.

As known, six BPRs have already had their licenses revoked by the Financial Services Authority (OJK) this year. The latest is PT BPR EDC Cash located in Tangerang, Banten, on February 27, 2024.

"Now, there have been 6 BPRs [that failed]. It's okay, we have enough funds, we have plenty of funds [to pay deposit claims]. If a BPR fails, it's mainly due to mismanagement, it's usually because the owners misuse the funds," he said, quoted on Friday (1/3/2024).

Purbaya stated that so far, no BPR has faced problems due to economic pressures. "I am currently looking for BPRs facing issues due to economic conditions, but with good management. Not because they were stolen, but due to economic conditions. So far, I haven't found any," said Purbaya.

He continued, mentioning that several BPRs handed over by the OJK to LPS could find new investors, eliminating the need to revoke their business licenses.

"But some BPRs, for example, are handed over to us by the OJK, and some of them could find new investors, so some are given to us. Not [having their licenses] revoked, but some will survive, at least not more than 2, I think," Purbaya said.

"Will there be more BPR failures or not? We'll wait for the OJK, I'm just the payer, I'll pay directly."

Meanwhile, LPS currently has assets totaling Rp214 trillion, more than enough to cover the deposit claims of the six BPRs that failed this year. Purbaya stated that the total value of deposit claims from these six BPRs is less than Rp1 trillion.

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