Final Financial Safety Bill Draft Focused on Banking

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  • TEMPO.CO, Jakarta- Muliaman Dharmansyah Hadad, the head of the Board of Commissioners at the Financial Services Authority (OJK), said the Financial System Safety Net (JPSK) bill draft has been finalized and was ready to be approved by the House of Representatives.

    “I think it’s just a matter of time. The [bill] draft is ready,” he said.

    According to Muliaman, the discussion in the bill draft is focused on the banking industry due to its significant role in the national financial system. Muliaman added that public trust in the deposit insurance has improved.

    “The time deposit really depends on public trust in banks,” he said.

    The insurance industry, Muliaman added, is not covered in the JPSK bill draft since it is still a part of banking conglomeration. Currently, the government still refers to the bill set forth in Financial Services Authority Law in connection with the improvement of the Financial Sector Stability Coordination Forum’s (FKSSK) role to anticipate crisis.

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