LPS Targets Policy Guarantee Programs To Be Completed In Mid-2025

JAKARTA - Chairman of the Board of Commissioners of the Purbaya Deposit Insurance Corporation (LPS) Yudhi Sadewa targets the preparation of the policy guarantee program to be completed by mid-2025.

"I think that in the middle of this year the form of the policy guarantee program that will be carried out later," said Purbaya at a press conference on the Financial System Stability Committee (KSSK) in Jakarta, quoted by Antara, Saturday, January 25.

After the Finance Sector Development and Strengthening Law (UU P2SK) was issued, derivative regulations regarding the program were immediately prepared, including Government Regulations (PP).

Currently, his party is coordinating intensively with the Financial Services Authority (OJK), the Ministry of Finance and the State Secretariat to ensure that the PP can be issued on time.

"In the last KSSK meeting, it was decided that the PP related to the policy guarantee program would be guarded so that it could be published according to the specified time," he said.

In parallel, LPS also prepares internal regulations so that complementary regulations are ready when PP is issued.

The need for human resources (HR) to fill the policy guarantee program unit is also prepared, which is targeted to reach 60 percent of the full capacity by 2028.

LPS also sent staff to learn from similar programs at international LPS, such as Korea, Malaysia, Canada, Italy and Taiwan to ensure the readiness of the policy guarantee program.

The technology system and infrastructure will also continue to be improved to support policy coupling programs to be more prepared when the program is implemented.

"We hope that PP can come out quickly so that by the middle of the year everything can be completed. When it is finished, I will propose to the Minister of Finance so that the position of the board of commissioners for policy guarantees is immediately filled out," he said.

Meanwhile, the number of customer accounts guaranteed by all LPS until the end of December 2024 reached 99.94 percent of the total account or equivalent to 608,850,379 accounts for commercial bank customers.

For BPR/BPRRS, until the end of November 2024, the number of accounts guaranteed will reach 99.98 percent of the total BPR/BPRRS customer accounts, or equivalent to 15,817,553 accounts.