On 7 October 2008, the Netherlands Central Bank (DNB) announced that a court in the Netherlands has frozen the operations of the Amsterdam-based Indover Bank. Before this announcement, DNB had held communications with Bank Indonesia, the owner of the bank.
“Operations were frozen after Indover Bank ran into liquidity problems as a result of a drastic contraction in money market lines caused by the current global financial market turmoil that has now hit Europe," explained BI Senior Deputy Governor Miranda S. Goeltom. The liquidity shortage at Indover Bank is not expected to be resolved in the immediate future in view of the severe uncertainty over the ongoing liquidity crunch on global money markets that have escalated counterparty risk on interbank money market on a global scale.
As the shareholder of Indover Bank, Bank Indonesia is not permitted to inject funds. Under Article 77 of the Bank Indonesia law (Act No. 23 of 1999, amended by Act No. 3 of 2004), Bank Indonesia is required to divest its subsidiary units, including Indover Bank.
At this time, the resolution of the problems at Indover Bank has been placed in the hands of administrators appointed by DNB and Bank Indonesia as shareholder will fully comply with the laws and regulations of the Netherlands.(*)
“Operations were frozen after Indover Bank ran into liquidity problems as a result of a drastic contraction in money market lines caused by the current global financial market turmoil that has now hit Europe," explained BI Senior Deputy Governor Miranda S. Goeltom. The liquidity shortage at Indover Bank is not expected to be resolved in the immediate future in view of the severe uncertainty over the ongoing liquidity crunch on global money markets that have escalated counterparty risk on interbank money market on a global scale.
As the shareholder of Indover Bank, Bank Indonesia is not permitted to inject funds. Under Article 77 of the Bank Indonesia law (Act No. 23 of 1999, amended by Act No. 3 of 2004), Bank Indonesia is required to divest its subsidiary units, including Indover Bank.
At this time, the resolution of the problems at Indover Bank has been placed in the hands of administrators appointed by DNB and Bank Indonesia as shareholder will fully comply with the laws and regulations of the Netherlands.(*)
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