JAKARTA - Today 18 years ago, or February 27, 2004 to be precise, the Indonesian Bank Restructuring Agency (IBRA) was dissolved. Unsatisfactory performance is the main problem. In fact, this institution was formed with the task of conducting banking restructuring and resolving problem assets after the monetary crisis. In other words, the government wants to prevent the impact of the prolonged crisis caused by 1998.
The economic recession is the thing most feared by countries around the world. Indonesia, for example. The presence of the 1997-1998 economic recession brought deep sorrow. Indonesia's economy is in disarray because of it. Almost all sectors are famous for their impact.
Ministry of Finance Office, Jakarta. (Photo: ANTARA/Ismar Patrizki)
Many companies are in danger of going out of business. Unemployment is everywhere. The recession then sparked a wave of massive demonstrations. The wave of demonstrations was able to overthrow Suharto from the presidency.
The government also learned a lot from the 1998 incident. The masters of power did not want that incident to come back like a nightmare. As a strategy, the new government established IBRA in 1998. The establishment of this state institution was to prevent the severe impact of the 1998 crisis. In other words, IBRA was formed so that the assets of the banking sector would not be disturbed.
The institution was also assigned to provide loans to all banks with a worrying label. So as not to experience asset disruption, he thought. However, in reality IBRA is not effective. The performance is not satisfactory. As a result, IBRA was dissolved by the government.
“On February 27, 2004, President Megawati Soekarnoputri abolished the existence of IBRA through Presidential Decree Number 15 of 2004 concerning Termination of Duties and Dissolution of IBRA. The institution was disbanded because its performance was deemed unsatisfactory.”
"To confirm the decision to dissolve IBRA, President Megawati Soekarnoputri appointed Finance Minister Boediono as Chair of the National Bank Restructuring Agency's Restructuring Team through Presidential Decree No. 16/2004 concerning Formation of IBRA's Clearing Team," concluded Sigit H. Samsu in the book Endless Roots (2021). \
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