The state enterprises minister`s deputy for banking and financial services, Parikesit Suprapto, said here on Tuesday the plan was aimed to make the BUMNs able to absorb state bonds when their price dropped due to a crisis or a reversal of capital flow.
He said the BUMNs were operating in various fields such as banking, insurance and investment and had financial strength.
"There are four BUMNs in banking, seven insurance and there is also Jamkrindo and futures clearing companies. The securities BUMN meanwhile is only for an arranger," he said.
The director general of debt management of the ministry of finance, Rahmat Waluyanto, meanwhile said the meeting with the deputy on Tuesday was the follow up of the agreement made by the finance minister and the state enterprises minister some time ago.
He said they had discussed the plan in the meeting so that the government would be ready in case a crisis suddenly happen.
"We have a Crisis Management Protocol which will function to give a signal for the BUMNs to start buying the bonds," he said.
He said the decision (to choose BUMNs to conduct the mission) was expected to bring two advantages namely the companies could offer alternative investment and also help the government maintain the stability of the price of the bonds.
Rahmat said the BUMNs could only conduct purchases if the the price of the state bonds had reached the floor price.
"The decision will be based upon the price through an open market operation. We, who are in the finance ministry, would determine whether a crisis has happened and for the BUMNs to step in," he said.
He said coordination between the finance ministry and other offices, in case a crisis happens, could be fast and would not take too much time. "It must be done very fast, or less than 24 hours," he added.
Rahmat could not tell how much was the budget made ready by the BUMNs but the government had confirmed that it would use the first of the two formats prepared for the BSF. The other format is the setting up of permanent institution like an infrastructure fund.
"This format however will take a longer time and also a lot of funds," he said. (*)
Editor: Kunto Wibisono
Copyright © ANTARA 2011
