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LPS hosts Asia Pacific deposit insurers’ meeting
Indonesia’s Deposit Insurance Corporation (LPS) is holding the 15th regional meeting of Asia Pacific deposit insurers in Yogyakarta.
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Indonesian Deposit Insurance Corporation (LPS) chairman Halim Alamsyah speaks to journalists in Yogyakarta Tuesday. (JP/Anton Hermansyah)
Indonesia’s Deposit Insurance Corporation (LPS) is holding the 15th regional meeting of Asia Pacific deposit insurers in Yogyakarta.
LPS chairman Halim Alamsyah said 70 participants from 30 countries attended the meeting, which runs from Monday to Thursday, to discuss current issues faced by deposit insurance providers in the region.
"Over the past 10 years, deposit insurance coverage in Asia Pacific has grown to an average US$100,000 per bank account. That is the second-highest in the world, after the North American region," Halim said in Yogyakarta on Tuesday.
That meant the average income in the Asia Pacific region had risen significantly and the deposit insurers in the region had become more mindful of the possibility of a crisis, he said.
"Some countries had strengthened their deposit insurance’s role. The Korean Deposit Insurance Corporation (KDIC), for example, could investigate a troubled bank without asking for permission from the financial services authority," he said.
Established in 2004, the LPS has amassed Rp 79.3 trillion (US$5.96 billion) in funds as of April, up 8.68 percent from the same month last year.
The funds are sourced from premiums paid by banks.
As of May, it has handled 79 troubled banks and paid out Rp 1.2 trillion in claims to bank costumers. (bbn)
