Good News For Those Who Have Debt In Banks And Leasing, OJK Extends Restructuring To 2022

OJK Chairman Wimboh Santoso. (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) has confirmed that it will extend the bank credit restructuring program until March 2022.

Chairman of the OJK Board of Commissioners Wimboh Santoso said this policy was intended to ease the burden on debtors who have not yet recovered from the impact of the COVID-19 pandemic while maintaining the performance and stability of the financial sector.

"In the event of repeated restructuring during the relaxation period, the debtor is not subject to unnatural or excessive fees," he said in an online meeting of the Financial System Stability Committee (KSSK), Monday, January 1.

In his notes, currently the restructuring of bank credit has reached IDR971 trillion, equivalent to 18 percent of total credit. This facility has been provided to approximately 7.6 million SME and corporate debtors.

Meanwhile, the additional time policy is also given for financing restructuring in finance companies or leasing until January 25, 2021.

"The finance company has restructured its customers worth IDR191.58 trillion from the 5 million contracts that have been approved," he said.

On this occasion, Wimboh also reported that the stability of the financial services sector until January 2021 was recorded to be still in a maintained condition. However, the authorities view that several indicators of intermediation in the financial services sector still have to spur business in order to accelerate the recovery process.

"Several indicators of financial service sector intermediation have posted positive performance and the risk profile of the financial services industry remains under control," he said.