Indonesian Export Financing Institution
Indonesian Export Financing Agency (LPEI), formerly the Export Bank Indonesia (IDX), is a non-bank financial institutions that specialize in Indonesia to finance exports. In the course of operation, the name Indonesia Eximbank LPEI to align ourselves with other countries export import bank.
History
Indonesian Export Bank was established as a State-Owned Enterprises engaged in banking services, especially sebagail embaga export financing (export credit agency). The company was founded on May 25, 1999 by the Indonesian Government Regulation No. 37 of 1999 and the whole owned by the government of Indonesia. Since October 2004, the company is led by managing director Arifin Indra S..
Under Law. 2 Year 2009 on Indonesian Export Financing Agency adopted on 16 Desember2008, BEI status changed to LPEI. The transition of BEI into LPEI set for 9 months, although the government is optimistic to complete the course within 6 months. LPEI was led by Mahendra Siregar who replaced Arifin Indra for several months in late 2009. Mahendra decided to take up the offer to be Deputy Secretary of Commerce in December 2009 and was replaced by I Made Gde Erata (former Chief of IRB MOF), which served to date.
Explanation
Indonesian Export Financing Institution established by a separate law, namely Law no. 2 of 2009 on Export Financing Institution. It said that the National Export Financing is a facility granted to business entities including individuals in order to encourage national export. Implementation of the National Export Financing based upon:
a) the national interest;
b) legal certainty;
c) transparency;
d) accountability; e) professionalism;
f) the efficiency of justice, and
g) balance economic progress and national unity, aiming to support government policies in order to encourage national export program.
The purpose of the government established the National Export Financing basic policy is to:
(1) Encourage the creation of a business climate conducive to the improvement of national exports.
(2) Accelerate national export promotion;
(3) Helps increase national production capacity of highly competitive and has the advantage to export, and
(4) Encourage the development of micro, small and medium enterprises and cooperatives to develop export-oriented products.
Export financing by financial institutions established specifically for that, namely Indonesian Export Financing Agency (LPEI abbreviated) is a legal entity, be transparent, accountable, independent and responsible to the Minister of Finance and is headquartered in the capital of the Republic of Indonesia, and has offices inside and outside the territory of the Republic of Indonesia. LPEI function is to support the national exports through the National Export Financing, which is given in the form:
a) Financing;
b) Guarantee and / or
c) Insurance.
Description more details LPEI activities under this law are as follows:
(1) Financing. And what is meant by financing itself is a credit and / or financing based on Islamic principles provided by the Indonesian Export Financing Institution. Financing model can be implemented based on the principles of Sharia, which is given in the form of working capital financing and / or investment. Sharia finance is a financing facility, either in the form of cash or non-cash, which obliges parties to restore financing facility funded after a certain period of time in exchange for results. Sharia principles themselves are the main points of the rule of Islamic law is premised on the agreement between the Indonesian Export Financing Agency and other parties in the course of the National Export Financing.
(2) Guarantee. Assurance is the facility payment guarantee to bear the financial liability in the event that a secured party can not satisfy the obligation secured engagement to creditors. Assurance is given to businesses both business entities incorporated or not incorporated, including individuals. Business entities domiciled in question can be inside or outside the territory of the Republic of Indonesia. The shape of this guarantee include:
(A) Guarantee for Indonesian Exporters on payments received from the buyer of goods and / or services abroad;
(B) Guarantee for Indonesian importers of goods and services abroad on payments that have been given or will be given to Indonesian exporters to finance export contracts for the sale of goods and / or services or fulfillment of the work or services performed by an Indonesian company;
(C) a bank guarantee for a partner providing export financing transactions that have been given to Indonesian exporters and / or (d) in order to guarantee the implementation of projects related to the tender wholly or in part the activities that support exports.
(3) Insurance. Insurance is the provision of facilities such as compensation for losses incurred as a result of an event that is not certain. Insurance can be provided in the form of:
a) insurance against the risk of failure of export;
b) insurance against the risk of failure to pay;
c) Insurance on investments made by Indonesian companies abroad, and / or
d) insurance against political risk in a country that will be exported.
In carrying out the function of supporting programs of national exports through the National Export Financing as described above, the institution has the following tasks:
(1) Providing assistance necessary parties involved in LPEI in order to export, in the form of financing, guarantees, and insurance to development in order to produce goods and services and / or other businesses that support exports.
(2) Provide financing for transactions or projects that fall can not be financed by the banks, but it has the prospect to increase national exports, and
(3) Helping to overcome the barriers faced by a bank or financial institution in the provision of finance for exporters considerable potential commercial and / or important in the economic development of Indonesia.
In carrying out these tasks can LPEI guidance and consulting services to Banks, Financial Institutions, Exporters, export goods producers, especially micro, small and medium enterprises and cooperatives as well as doing other activities as long as not contrary to law, and has the authority as follows:
a) establish the National Export Financing scheme;
b) restructuring the National Export Financing;
c) carry out reinsurance to insurance in order to export activities, and
d) invested capital, which can only be done on the body corporate or other entity required in the performance of duties LPEI with the approval of the Minister of Finance.
In carrying out the activities and tasks the institution participated in national and international payment systems, applying principles of good corporate governance (including the principles of openness, accountability, responsibility, independence, and fairness), the principles of risk management (including compliance with minimum capital adequacy, active surveillance and compliance market discipline inherent risk), and the principle of Know Your Customer (at least include customer identification policies and procedures, monitoring of transactions, as well as risk management). And can perform a special assignment from the Government to support the national export programs at government expense. To finance its activities, LPEI can obtain from:
(1) Issuance of securities;
(2) Short-term loans, medium-term and / or long-term source of: foreign governments, multilateral agencies, banks and financial institutions and finance both within and outside the country, the government, and / or
(3) Grant
In addition to obtaining funds from these sources over the institution can finance its activities with funding from the placement of funds by Bank Indonesia. LPEI can also put the funds have not been utilized in the form of purchases of securities and / or placement in a financial institution in the country and abroad. Placement in forms:
a) securities issued by the Government;
b) Certificate of Bank Indonesia;
c) securities issued by the governments of donor countries;
d) securities issued by multilateral financial institutions;
e) deposits in rupiah or foreign exchange at Bank Indonesia, and / or
f) deposits in domestic banks and / or foreign banks.
The legal basis is the Export Financing Institutions Law No.. 2 of 2009 on Export Financing Agency, which is made clear by the following regulations:
(1) Minister of Finance Regulation No.. 143/PMK.010/2009 about the Know Your Customer Indonesian Export Financing Institution
(2) Minister of Finance Regulation No.. 142/PMK.010/2009 about Risk Management Institute Indonesian Export Financing
(3) Regulation of the Minister of Finance No.. 141/PMK.010/2009 Governance Principles Indonesian Export Financing Institution
(4) Minister of Finance Regulation No.. 140/PMK.010/2009 on the Development and Supervision Indonesian Export Financing Institution (
5) Minister of Finance Regulation No.. 139/PMK.06/2009 on Procedures Preparation, Submission, and alteration of the Long Term Plan And Annual Work Plan and Budget of Indonesian Export Financing Institution (
6) Minister of Finance Regulation No.. 106/PMK.06/2009 on Procedures Proposal, the Board of Directors Appointment and Dismissal of Indonesian Export Financing Institution
(7) the Chairman of Bapepam-LK Regulation No. PER-02/BL/2011 about Examination Guidelines Indonesian Export Financing Institution
Some banks were previously engaged in exports conform to the above Act and turned into Non Pebiyaan Export Indonesia, such as the Export Bank Indonesia. Anyone can set up a home LPEI meet the requirements set out in the legislation.
LPEI is a transformation of the Indonesian Export Bank. LPEI considered more feasible because these institutions are more flexible in finding financing sources. Meanwhile, BEI considered very limited in exploring sources of financing because it hampered the rules on banking. As a non-bank financial institutions, LPEI can not raise funds from the third party. However LPEI could seek funding from outside, either through the sale of bonds, and loans from foreign multilateral institutions.
As an institution that is sui generis, a formal legal LPEI not subject to the laws and regulations in the banking sector, state enterprises, institutions / corporate finance, and business insurance. However LPEI material shall be subject to the terms of financing, guarantees, and insurance as set forth in Chapter XIII of Book Three Civil Code underwriting debt, and Chapter XIX Book One KUHD about insurance or coverage.
Indonesian Export Financing Agency (LPEI), formerly the Export Bank Indonesia (IDX), is a non-bank financial institutions that specialize in Indonesia to finance exports. In the course of operation, the name Indonesia Eximbank LPEI to align ourselves with other countries export import bank.
History
Indonesian Export Bank was established as a State-Owned Enterprises engaged in banking services, especially sebagail embaga export financing (export credit agency). The company was founded on May 25, 1999 by the Indonesian Government Regulation No. 37 of 1999 and the whole owned by the government of Indonesia. Since October 2004, the company is led by managing director Arifin Indra S..
Under Law. 2 Year 2009 on Indonesian Export Financing Agency adopted on 16 Desember2008, BEI status changed to LPEI. The transition of BEI into LPEI set for 9 months, although the government is optimistic to complete the course within 6 months. LPEI was led by Mahendra Siregar who replaced Arifin Indra for several months in late 2009. Mahendra decided to take up the offer to be Deputy Secretary of Commerce in December 2009 and was replaced by I Made Gde Erata (former Chief of IRB MOF), which served to date.
Explanation
Indonesian Export Financing Institution established by a separate law, namely Law no. 2 of 2009 on Export Financing Institution. It said that the National Export Financing is a facility granted to business entities including individuals in order to encourage national export. Implementation of the National Export Financing based upon:
a) the national interest;
b) legal certainty;
c) transparency;
d) accountability; e) professionalism;
f) the efficiency of justice, and
g) balance economic progress and national unity, aiming to support government policies in order to encourage national export program.
The purpose of the government established the National Export Financing basic policy is to:
(1) Encourage the creation of a business climate conducive to the improvement of national exports.
(2) Accelerate national export promotion;
(3) Helps increase national production capacity of highly competitive and has the advantage to export, and
(4) Encourage the development of micro, small and medium enterprises and cooperatives to develop export-oriented products.
Export financing by financial institutions established specifically for that, namely Indonesian Export Financing Agency (LPEI abbreviated) is a legal entity, be transparent, accountable, independent and responsible to the Minister of Finance and is headquartered in the capital of the Republic of Indonesia, and has offices inside and outside the territory of the Republic of Indonesia. LPEI function is to support the national exports through the National Export Financing, which is given in the form:
a) Financing;
b) Guarantee and / or
c) Insurance.
Description more details LPEI activities under this law are as follows:
(1) Financing. And what is meant by financing itself is a credit and / or financing based on Islamic principles provided by the Indonesian Export Financing Institution. Financing model can be implemented based on the principles of Sharia, which is given in the form of working capital financing and / or investment. Sharia finance is a financing facility, either in the form of cash or non-cash, which obliges parties to restore financing facility funded after a certain period of time in exchange for results. Sharia principles themselves are the main points of the rule of Islamic law is premised on the agreement between the Indonesian Export Financing Agency and other parties in the course of the National Export Financing.
(2) Guarantee. Assurance is the facility payment guarantee to bear the financial liability in the event that a secured party can not satisfy the obligation secured engagement to creditors. Assurance is given to businesses both business entities incorporated or not incorporated, including individuals. Business entities domiciled in question can be inside or outside the territory of the Republic of Indonesia. The shape of this guarantee include:
(A) Guarantee for Indonesian Exporters on payments received from the buyer of goods and / or services abroad;
(B) Guarantee for Indonesian importers of goods and services abroad on payments that have been given or will be given to Indonesian exporters to finance export contracts for the sale of goods and / or services or fulfillment of the work or services performed by an Indonesian company;
(C) a bank guarantee for a partner providing export financing transactions that have been given to Indonesian exporters and / or (d) in order to guarantee the implementation of projects related to the tender wholly or in part the activities that support exports.
(3) Insurance. Insurance is the provision of facilities such as compensation for losses incurred as a result of an event that is not certain. Insurance can be provided in the form of:
a) insurance against the risk of failure of export;
b) insurance against the risk of failure to pay;
c) Insurance on investments made by Indonesian companies abroad, and / or
d) insurance against political risk in a country that will be exported.
In carrying out the function of supporting programs of national exports through the National Export Financing as described above, the institution has the following tasks:
(1) Providing assistance necessary parties involved in LPEI in order to export, in the form of financing, guarantees, and insurance to development in order to produce goods and services and / or other businesses that support exports.
(2) Provide financing for transactions or projects that fall can not be financed by the banks, but it has the prospect to increase national exports, and
(3) Helping to overcome the barriers faced by a bank or financial institution in the provision of finance for exporters considerable potential commercial and / or important in the economic development of Indonesia.
In carrying out these tasks can LPEI guidance and consulting services to Banks, Financial Institutions, Exporters, export goods producers, especially micro, small and medium enterprises and cooperatives as well as doing other activities as long as not contrary to law, and has the authority as follows:
a) establish the National Export Financing scheme;
b) restructuring the National Export Financing;
c) carry out reinsurance to insurance in order to export activities, and
d) invested capital, which can only be done on the body corporate or other entity required in the performance of duties LPEI with the approval of the Minister of Finance.
In carrying out the activities and tasks the institution participated in national and international payment systems, applying principles of good corporate governance (including the principles of openness, accountability, responsibility, independence, and fairness), the principles of risk management (including compliance with minimum capital adequacy, active surveillance and compliance market discipline inherent risk), and the principle of Know Your Customer (at least include customer identification policies and procedures, monitoring of transactions, as well as risk management). And can perform a special assignment from the Government to support the national export programs at government expense. To finance its activities, LPEI can obtain from:
(1) Issuance of securities;
(2) Short-term loans, medium-term and / or long-term source of: foreign governments, multilateral agencies, banks and financial institutions and finance both within and outside the country, the government, and / or
(3) Grant
In addition to obtaining funds from these sources over the institution can finance its activities with funding from the placement of funds by Bank Indonesia. LPEI can also put the funds have not been utilized in the form of purchases of securities and / or placement in a financial institution in the country and abroad. Placement in forms:
a) securities issued by the Government;
b) Certificate of Bank Indonesia;
c) securities issued by the governments of donor countries;
d) securities issued by multilateral financial institutions;
e) deposits in rupiah or foreign exchange at Bank Indonesia, and / or
f) deposits in domestic banks and / or foreign banks.
The legal basis is the Export Financing Institutions Law No.. 2 of 2009 on Export Financing Agency, which is made clear by the following regulations:
(1) Minister of Finance Regulation No.. 143/PMK.010/2009 about the Know Your Customer Indonesian Export Financing Institution
(2) Minister of Finance Regulation No.. 142/PMK.010/2009 about Risk Management Institute Indonesian Export Financing
(3) Regulation of the Minister of Finance No.. 141/PMK.010/2009 Governance Principles Indonesian Export Financing Institution
(4) Minister of Finance Regulation No.. 140/PMK.010/2009 on the Development and Supervision Indonesian Export Financing Institution (
5) Minister of Finance Regulation No.. 139/PMK.06/2009 on Procedures Preparation, Submission, and alteration of the Long Term Plan And Annual Work Plan and Budget of Indonesian Export Financing Institution (
6) Minister of Finance Regulation No.. 106/PMK.06/2009 on Procedures Proposal, the Board of Directors Appointment and Dismissal of Indonesian Export Financing Institution
(7) the Chairman of Bapepam-LK Regulation No. PER-02/BL/2011 about Examination Guidelines Indonesian Export Financing Institution
Some banks were previously engaged in exports conform to the above Act and turned into Non Pebiyaan Export Indonesia, such as the Export Bank Indonesia. Anyone can set up a home LPEI meet the requirements set out in the legislation.
LPEI is a transformation of the Indonesian Export Bank. LPEI considered more feasible because these institutions are more flexible in finding financing sources. Meanwhile, BEI considered very limited in exploring sources of financing because it hampered the rules on banking. As a non-bank financial institutions, LPEI can not raise funds from the third party. However LPEI could seek funding from outside, either through the sale of bonds, and loans from foreign multilateral institutions.
As an institution that is sui generis, a formal legal LPEI not subject to the laws and regulations in the banking sector, state enterprises, institutions / corporate finance, and business insurance. However LPEI material shall be subject to the terms of financing, guarantees, and insurance as set forth in Chapter XIII of Book Three Civil Code underwriting debt, and Chapter XIX Book One KUHD about insurance or coverage.
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