JAKARTA, KOMPAS.com - The Deposit Insurance Agency (LPS) claimed that the temporary capital funding for PT Bank Century Tbk. was Rp. 6.7 trillion, which was lower than what the bank actually needed.
Quoting the audit result from a public accounting firm, the executive chief of LPS, Firdaus Djaelani said that the bailout required to save Century Bank was Rp. 7.3 trillion. "So based on the audit, so we're saving Rp. 600 billion."
The public accounting firm hired by LPS was Amir Abdi Jusuf or AAJ Associates. "They worked from January to May, 2009."
LPS, according to Firdaus, funded Century Bank in four stages. The first stage was Rp. 4.02 trillion, which was for paying bank obligations for 8,577 customer saving accounts. The second stage was Rp. 2.25 trillion, which was in the form of assets as follows: Bank Indonesia certificates, Bank Indonesia deposit facility, government securities, and statutory reserve requirements.
The third stage was Rp. 490 billion, which was for paying interbank loans, short-term financing facilities, real time gross settlement cost, statutory reserve requirements fines, and foreign exchange purchases. And then there's the fourth, which was a new capital funding of Rp. 600 billion. "But it was not done because at that time the capital adequacy ratio was 8 percent already and there was no fund withdrawal from customers," Firdaus continued.
Regarding the Supreme Audit Agency (BPK) audit result which mentions unclear temporary capital expenses, Firdaus confessed he couldn't comment yet. "We are studying the data."
The AAJ Associates audit result becomes the argument against the previous BPK investigation audit. The BPK report found that the LPS temporary capital for Century Bank wasn't supposed to be Rp. 6.76 trillion, but only Rp. 5.72 trillion. The Rp. 1.03 trillion funding was considered inappropriate to be included as temporary capital. (Herry Prasetyo/Kontan/C17-09)
