Aligning the authority of Bank of Indonesia (BI) to manage its own treasury, BI possess central bank supervision and regulation functions. But as Financial Services Authority (OJK) established, switching interrupts BI tasks. It was stated by the deputy governor Ronald Waas who attended judicial reviewLaw No. 21/2011 on the Financial Services Authority (UU OJK) on Monday (22/12) at the Plenary Room

"With the shifting function of bank supervision to the Financial Services Authority (OJK), the authority which became the backbone policy of Bank Indonesia through the banking system is significantly degraded. Consequently it could interfere BI tasks because UU BI sets the authority for the regulation and supervision of banking as well as accessing to data and information on the banking has been repealed by the ruling of Article 69 UU OJK, "said Ronald in session led by the Chief Justice Hamdan Zoelva.

Ronald explained, especially in the field of monetary policy, there are some potential interferences impose as transmission of monetary policy under the authority of BI are now taken by OJK. For example, he continued, the OJK policy on the maximum interest rate for deposits in banks encompassing another reference in the determination of interest rates by banks beyond the benchmark rate. "Then another example is the OJK policy to financial company activities that are not in line with Bank Indonesia regulation on the precautionary principle in the management of foreign debt nonbank corporations," he explained.

Then, in the payment system, in accordance with the UU BI, regulation, supervision, and licensing are in full authority of Bank Indonesia. This is because the activities of the organization of the payment system services are also part of the business of banks. Payment system is also a bank product, it often happens differently as associated authority to regulate, supervise, and provide business license bank in the payment system disputed between BI and OJK. "While the authority of Bank of Indonesia in the payment system remains secured by the Law on Bank Indonesia as the UU OJK does not revoke or dismiss the authority of the central bank in the payment system," he explained.

Dissatisfaction Charges

Meanwhile, Chairman of the Association of National Bank (Perbanas) Sigit Purnomo, explained one of the triggers that arise is levies. Banks Association stressed that it will act neutral in facing the case filed by the Economic Defense Team Nation.

"We believe that within the birth of this law, all parties should follow what the direction of the law relating to the regulation and supervision of the financial services sector. However, we can also understand about the intention of the applicant who delivered on the probe of levy. Because before the birth of OJK, the regulation and supervision of financial services does not pose any costs. Thus, those who objected are understandable, "he said.

In the Application, Plaintiffs see that their constitutional rights were harmed by the ruling of Article 1, Article 5, Article 6, Article 7, Article 37, Article 55, Article 64, Article 65, and Article 66 UU OJK. In principle, OJK’s competence only conveys the settlement of regulation related to finance service firm monitoring supposedly, therefore, OJK’s authority to monitor other finance firms stands on no legal ground, according to the Plaintiff.  (Lulu Anjarsari/kun)