Government gives LPS more power to prevent bank failure

first_imgThe law has been implemented to prevent economic meltdown as it allows the government to widen the state budget deficit beyond the legal limit of 3 percent and Bank Indonesia (BI) to directly buy government bonds to help finance the budget, among other things.The COVID-19 pandemic has threatened the stability of the financial system, as it causes supply-demand shock and weakens the financial industry and macroeconomy, according to the Financial System Stability Committee (KSSK) in its first quarter report issued in May.The loan disbursement rate among banks grew just 3.04 percent year-on-year (yoy) in May, much slower than 5.73 percent in April, as the coronavirus battered the real sector.The banking industry’s capital adequacy ratio (CAR), meanwhile, stood at 22.16 percent in May, up slightly from 22.13 percent a month before, Financial Services Authority (OJK) data show. It continued to book an 8.87 percent increase in third-party funds in May.OJK data also show that banks have provided 6.35 million debtors with credit restructuring worth Rp 695.3 trillion as of June 22, as part of the authority’s move to provide relief for borrowers affected by the outbreak.Previously, publicly listed Bank Bukopin had to limit customers’ withdrawals due to liquidity issues and shareholder commotion that prevented them from injecting more capital into the bank. The reports triggered panic among customers, as the OJK tried to calm them, and pushed Bukopin’s shareholders to finalize the capital injection plan.Halim said should the struggling banks had failed to improve their liquidity after the fund placement, the bank would be handed over to the OJK before being dissolved.Other than providing a lifeline for problematic banks, the new regulation also enables the LPS to place funds in healthy and liquid banks to manage or increase LPS liquidity.The PP furthermore allows the LPS to seek other methods to raise funds in its effort to prevent banks from failing.The methods include having government bond repurchase (repo) agreements with BI, sales of government bonds to the central bank, allowing the LPS to issue its own debt papers and seeking loans from domestic or foreign parties, so long as they have no conflict of interest with LPS’ duty or incite  a negative perception and reduce the public’s trust in the corporation.These financing methods were previously unheard of in the 2004 LPS Law, as the law had only allowed the corporation to seek financing through government loans if it needed more liquidity.The LPS is still able to seek loans from the government but it should be the last resort if the corporation fails to increase its liquidity through the aforementioned methods.Senior economist Aviliani lauded the regulation, saying that it allowed the corporation to take a more proactive approach in protecting banks that had paid premiums to the LPS and would help prevent bank failure during the COVID-19 pandemic.“Receiving a fund placement from the LPS can at least restore customers’ trust in the banks for a short while and prevent them from rushing to get their money out of the banks,” she told The Jakarta Post over the phone on Friday.Center on Reform of Economics Indonesia economist Piter Abdullah also praised the government’s effort to allow the LPS to seek more funding, as he projected the corporation would need it to anticipate a rise in problems faced by banks amid the pandemic.Topics : The new regulation allows the LPS to place a maximum 2.5 percent of its assets in one bank and a maximum 30 percent of its assets in all banks.The LPS’ total assets reached Rp 120.58 trillion (US$8.35 trillion) at the end of 2019. It also had Rp 114.53 trillion in securities investment, with liabilities reaching Rp 751 billion and total equity of Rp 119.83 trillion.Fund placement in both healthy and struggling banks will be temporary, as the regulation only allows the LPS to place the funds for a maximum one month, with up to five extensions.“This is an extraordinary preventive move as a direct follow-up to Law No. 2/2020 to prevent further disruption in our financial system,”LPS commissioner board head Halim Alamsyah said during a virtual press conference on Friday. The government has issued a regulation that gives the Indonesian Deposit Insurance Corporation (LPS) more room to manage its own liquidity and to prevent banks from failing in an effort to help strengthen the country’s financial system stability.Under Government Regulation (PP) No. 33/2020 on the LPS’ authority in imposing measures to deal with financial stability issued on July 7, the corporation can now place funds in banks during the economic recovery from the impacts of COVID-19, among other things. The placement aims to strengthen the LPS’ liquidity and/or to anticipate or solve financial problems that can result in bank failure.Previously, the LPS was only able to take a reactive approach, as it was tasked with rescuing insolvent banks by liquidating them by taking over shareholder duty, selling or transferring assets and reviewing and canceling unprofitable agreements to help solve their liquidity problems, as stipulated in Law No. 24/2004.last_img read more

Governor Wolf Orders Commonwealth Flags to Half-Staff to Honor Greene County Sheriff Brian Tennant

first_img SHARE Email Facebook Twitter Governor Wolf Orders Commonwealth Flags to Half-Staff to Honor Greene County Sheriff Brian Tennant February 28, 2019center_img Flag Order,  Press Release,  Statement Harrisburg, PA – Governor Tom Wolf has ordered the Commonwealth flags on all Commonwealth facilities, public buildings and grounds in Greene County to fly at half-staff on Saturday, March 2, 2019, in honor of Greene County Sheriff Brian Tennant, 35, who passed away Wednesday.“Brian dedicated himself to his community through his service as a firefighter, police officer and sheriff. He will be missed,” said Gov. Wolf. “I give my condolences to his family and colleagues in law enforcement. I wish them the best in these difficult times.”The Commonwealth flag shall be lowered to half-staff at these locations on Saturday, March 2, 2018, until sunset, at which time the flag shall be returned to full-staff. The United States flag will remain at full-staff.All Pennsylvanians are invited to participate in this tribute.last_img read more

Terry ranks points over perfomance

first_img Terry followed suit and insisted winning football was what mattered, while pointing to Chelsea’s free-flowing style earlier in the season. The Blues captain said: “We are definitely not boring and if we do go on to win it, nobody’s going to remember those performances when perhaps it’s not been that exciting. “We’ve dug deep and other teams haven’t done and that is why they are so far behind us. “Possession and tippy-tappy football’s great – we could see that from the Manchester United game last week (when Chelsea won 1-0, despite United having the majority of the ball) – but if you are not winning games, you’re not going to win the league. “Let’s not forget the first half of the season, up until Christmas, we were the best side by far. “The football we played with (Cesc) Fabregas and his assists, the goal at Burnley (Andre Schurrle’s strike on the opening day) and goals after that. The play was different class.” Capital One Cup winners Chelsea have lost just twice in the Premier League all season, at Newcastle in December and Tottenham on New Year’s Day. Mourinho last Friday said the “more strategic, less artistic” approach was imposed on Chelsea due to injuries and suspensions to key personnel. Arsenal supporters sang “boring, boring Chelsea” during Sunday’s goalless draw at the Emirates Stadium, leaving the Blues needing six more points to be confirmed as champions for the first time in five years. Mourinho responded by pointing to Arsenal’s Premier League drought – “boring is 10 years without a title”, he said – and questioned why Gunners boss Arsene Wenger was not more positive with his changes in the second half. John Terry recognises Chelsea’s performances in the second half of the season have been forgettable, but says it matters not a jot as Jose Mourinho’s men close in on the Premier League title. Press Association Terry added: “Things then went us against us and the manager being him, came up with the way to get us through games and that’s where he’s at his best. “Let’s not forget we were the best side up until Christmas, for sure, and we have actually beaten the teams who have made things difficult for us.” Wenger described defending as “easy” ahead of the Chelsea match, but Terry’s performance was singled out by Mourinho for being outstanding. “(Defending) is an art,” Terry added. “Listen I totally respect him (Wenger), he is a great manager, but from our point I am just delighted. “They are a really good side, especially going forward, so we needed to be on it defensively, which we were. “I got on the end of a lot of crosses and cleared a few. You can feel when things are going well. “But to hear that from the likes of the manager (Mourinho), who stands there and assesses you day-in, day-out, is really nice. “I just have to keep on and keep going, because it can go the other way.” Terry says the title is close for Chelsea, but still they need to win it and face a troublesome trip to Leicester on Wednesday, who have won four in a row to climb out of the relegation zone. “We are a step from where we wanted to be,” he said. ” Leicester are flying, you can see they have got a bit of wind in their sails. “It is going to be a really tough game but it is in our hands and not anybody else’s. “We are grinding out results, we have got the quality in the squad, so hopefully we can get over the line because we are very close.” Terry appeared to be coming to the end of his time at Stamford Bridge under Mourinho’s predecessors Andre Villas-Boas, Roberto di Matteo and Rafael Benitez, who two years ago used the former England captain sparingly. The 34-year-old, who has signed a one-year contract extension until the end of next season, continues to enjoy Mourinho’s confidence, though. “That’s true. The two seasons previous to my arrival he was not an important player for Chelsea managers any more,” Mourinho said. “He was not playing, he was on the bench, he was playing sometimes, you are anticipating his departure. “Last season was good for him and this season is, in my opinion, better than last season. “Maybe it’s his diet, he is eating some green stuff or special drink. “I’m happy with all he’s doing and when I said yesterday that his performance (against Arsenal) was probably the best, maybe it’s too much, but for sure it was one of his best performances for Chelsea.” last_img read more

Windies looking to close gap in ODI rankings

first_imgLONDON, England (CMC) – West Indies can close the gap on eighth-ranked Sri Lanka, when they face New Zealand in a three-match One-Day International series bowling off in Whangarei tomorrow.In the latest rankings released yesterday by the International Cricket Council (ICC) , the Windies were ninth on 77 points, seven ratings points adrift of the Sri Lankans.If West Indies sweep the series against the fifth-ranked Black Caps, they will move up six points to 83, just one point behind Sri Lanka. A 2-1 series win would hand them three points and see them jump to 80 points.However, if the Windies lose 2-1 they will gain a single ratings point and drop a point if they lose the series 3-0.The Caribbean side will fancy their chances against New Zealand, especially with a side that boasts the likes of experienced left-hander Chris Gayle.In their last 20 meetings in bilateral series, New Zealand have won nine and the Windies eight. The last series on New Zealand soil ended in a 2-2 draw, after one game was abandoned.West Indies have had a disappointing run of recent in ODIs, however, losing 13 of their 20 outings this year, while winning just three.Their 4-0 defeat to England in a five-match series last September saw them miss out on automatic qualification for the 2019 World Cup, as they finished outside of the top eight in the rankings.Hosts England, along with the next seven nations in the rankings, achieved automatic qualification.West Indies will now contest a 10-team qualifier next March in Zimbabwe to bid for one of the two remaining spots at the World Cup.They will clash with the likes of minnows Afghanistan, Ireland and Zimbabwe, along with the Netherlands, Scotland, Papua New Guinea and Hong Kong from the World Cricket League Championship, and two yet-to-be determined sides from the ICC World Cricket League Division Two.South Africa head the current ODI standings.last_img read more

Tipp sweats on injuries to number of high profile players

first_imgPhoto © Tipp FM Michael Ryan gave this update on the injuries ahead of the tie…Tipp FM’s live coverage of the game comes in association with Sullivan Family Butchers Brooklands, Nenagh and the Husqvarna Centre at Arrabawn, Tyone Mill, Nenagh. Time may run out for some of Tipp’s top players in the league, according to manager Michael Ryan.There are a number of high profile injuries within the squad, including to Seamus Callanan, Noel McGrath, John ‘Bubbles’ O’ Dwyer and Dan McCormack.Tipp face Dublin in Parnell Park on Sunday in the quarter final of the National Hurling League.last_img read more

Warriors’ 50-point third quarter keys latest win over Clippers

first_imgOAKLAND >> The seeds of doubt thrive in all conditions. They were planted early in the third quarter. And when 3-pointers rained down, the seeds stirred; they then sprouted under the hot plasma of the Warriors cluster of stars. Stephen Curry was leaping forward into two defenders, heaving a shot from 31 feet just before the buzzer signaled the end of the period.Doubt? Try disbelief.Golden State dumped 50 points on the Clippers in the third quarter, turning a close game between rivals into yet another laugher in a lopsided series. The Warriors won 123-113 sweeping the season series by an average of 21.5 points. The Clippers and Warriors are on their annual collision course to meet in the playoffs, if the Clippers can hold up their end of the deal, but after the last four performances it’s hard to imagine that would be much of a series.“If you have championship aspirations,” Redick said, “you have to beat the best teams. We feel like we can do that, but we have to go out and prove it and obviously we have to do 94 things better, but you have to play (darn) near perfect basketball to beat them.”In the second quarter, the Clippers built a 16-point lead, moving the ball side-to-side, creating open shots in space, pushing the ball. They outscored the Warriors 37-18 and led 61-49 at the break.“Then in the second half,” coach Doc River said, “the ball stayed in one spot, we didn’t move it and then didn’t score and I thought we got disappointed in our offense and it led to our defense.”The Warriors ran a layup line and created open 3s. They made 12 of their first 13 shots in the third period, and when Curry’s last 3 dropped through, they finished the period 17-of-23 from the field.“You know they’re capable of doing that,” Griffin said, “capable of having runs like that, especially at home. … So you try to keep that from happening, part of it is that. But if any team is shooting and scoring like that, and scoring 50 points in a quarter it’s going to break your spirit no matter how well you play.”After entering the All-Star break on a four-game streak, the Clippers returned from it in a familiar pickle. Still without Chris Paul, who is nursing the torn ligament in his right thumb, and without any real answers for the Warriors.Doc Rivers brushed aside any concern that another loss to the Warriors would be a problem were they to meet again.“Obviously we need to beat them at some point,” he said, “but if you told me we could lose today and then beat them in the playoffs, I’d take it right now and no one would remember the eight or nine or 10, no one would care anymore.”The Clippers nipping the Warriors in the postseason, at this point, seems pure fantasy.“Playoffs are playoffs,” Griffin said, “so I think we have enough veteran guys and guys who have been in the playoffs and experienced different situations to know that the regular season doesn’t really mean much in the playoffs. So I think our mindset will be right if we do come into these guys.”For the record, the streak is now 10. The Clippers have not beaten the Warriors since Christmas Day of 2014.And the story seems to always be the same.This time, the Clippers entered the third period with a 61-49 lead. They had outscored the Warriors 37-18 in the second quarter. The Warriors, meanwhile, were hurting themselves. They committed 12 first-half turnovers – five in the first quarter by Draymond Green.But the ground began to buckle in the third.Curry buried a 3, then Durant streaked for a dunk. The Clippers lead was soon gone, the game tied at 72 after Klay Thompson buried a 3 with 5:54 left in the period.From that point on, the Warriors did what they do to these Clippers: They stepped on their throats.And when Curry released the 3-ball that gave the Warriors 50, there really never was any doubt, after all. Newsroom GuidelinesNews TipsContact UsReport an Errorcenter_img “They’re crushing us right now,” J.J. Redick said.That third quarter was the most lopsided period in Los Angeles Clippers history. Only once – on Jan. 6, 1982, when the team played in San Diego – did they give up more, 51 against Denver.The Clippers have not been able to hang with the mighty Warriors for more than two years, so why would it be any different when they managed to build a double-digit lead?Jamal Crawford and Austin Rivers each scored 19 to lead the Clippers. DeAndre Jordan contributed 17 and 11 rebounds.But it was the most potent team in the league, with a pair of MVPs and four All-Stars, that put on the true show. Curry scored a game-high 35 points. Kevin Durant added 25 and 15 rebounds.last_img read more

NASCAR at Texas: Start time, lineup, TV schedule, live stream for O’Reilly Auto Parts 500

first_imgHere’s a daily schedule of events leading up to the STP 500.(All times Eastern)Thursday, March 28TimeEventChannel4:05 p.m.Truck Series first practiceNo TV6:05 p.m.Truck Series second practiceNo TVFriday, March 29TimeEventChannel3:05 p.m.Cup Series first practiceFS1/fuboTV4:05 p.m.Xfinity first practiceFS1/fuboTV5:10 p.m.Truck series qualifyingFS1/fuboTV6:35 p.m.Xfinity final practiceFS1/fuboTV7:40 p.m.Cup Series qualifyingFS1/fuboTV9 p.m.Truck Series Vankor 350FS1/fuboTVSaturday, March 30TimeEventChannel9:05 a.m.Cup Series second practiceFS1/fuboTV10:10 a.m.Xfinity Series qualifyingFS1/fuboTV11:30 p.m.Cup Series final practiceFS1/fuboTV1 p.m.Xfinity Series My Bariatric Solutions 300FS1/fuboTVSunday, March 31TimeEventChannel3 p.m.O’Reilly Auto Parts 500Fox/fuboTVO’Reilly Auto Parts 500 starting lineupBelow is the full starting lineup the O’Reilly Auto Parts 500.StartingDriverNumberNo. 1Jimmie Johnson48No. 2William Byron24No. 3Chase Elliott9No. 4Daniel Suarez41No. 5Austin Dillon3No. 6Denny Hamlin11No. 7Daniel Hemric8No. 8Joey Logano22No. 9Ty Dillon13No. 10Darrell “Bubba” Wallace Jr.43No. 11Erik Jones20No. 12Brad Keselowski2No. 13Ryan Blaney12No. 14Paul Menard21No. 15Michael McDowell34No. 16Kyle Busch18No. 17Ricky Stenhouse Jr.17No. 18Ryan Newman6No. 19Chris Buescher37No. 20Martin Truex Jr.19No. 21Aric Almirola10No. 22Kyle Larson42No. 23Kevin Harvick4No. 24Alex Bowman88No. 25Clint Bowyer14No. 26Matt DiBenedetto95No. 27Ryan Preece47No. 28David Ragan38No. 29Matt Tifft36No. 30Kurt Busch1No. 31Corey Lajoie32No. 32Landon Cassill00No. 33Parker Kligerman96No. 34BJ McLeod51No. 35Ross Chastain15No. 36Bayley Currey52No. 37Reed Sorenson27No. 38Garrett Smithley77No. 39Timmy Hill66 Busch and Keselowski sit first and fifth, respectively, in the standings and are tied for the most wins this season with two.MORE: Watch NASCAR live and on demand with fuboTV (7-day trial)But Busch has had the hot hand as of late as he won his 201st race at the NASCAR national series on Saturday and has finished in the top three of seemingly every race, but Keselowski has quietly been very good, as well, coming into the race in Fort Worth.Busch won last year’s spring race so he will likely be favored to win, but Keselowski has five top-6 finishes in his last nine races at the track.These two drivers have an interesting past and, if either gets the leg up on the other, a war of words may be in the cards very soon, which is always fun to watch.What time does the O’Reilly Auto Parts 500 start?The O’Reilly Auto Parts 500 will take place Sunday, March 31. Live coverage begins on FOX at 3 p.m. EST.What TV channel is the O’Reilly Auto Parts 500 on?The O’Reilly Auto Parts 500 will be broadcast nationally on FOX. The race can also be live-streamed on the Fox Sports Go app or by subscribing to fuboTV, which offers a seven-day free trial.O’Reilly Auto Parts 500 schedule, how to watchAll of the events leading up to the week, including practices and races for the Truck Series can be seen on NASCAR.com, PRN, MRN and FS1. While there may not be a big three in NASCAR as of yet this season, two long-time rivals are fighting for position in the standings.Brad Keselowski got his second win of the season at Martinsville on Sunday, ending Kyle Busch’s two-race winning streak, and as NASCAR’s schedule shifts to Texas Motor Speedway and the O’Reilly Auto Parts 500, there’s a little battle brewing at the top of the Cup standings.last_img read more