BANDUNG The Deposit Insurance Agency (LPS) and the Financial Services Authority (OJK) agreed to increase cooperation and coordination in supporting the implementation of the functions and duties of the two institutions.
"OJK is a regulator / authority that has the function of organizing an integrated regulatory and supervisory system for all activities in the financial services sector. LPS is a regulator / authority that has the function of holding bank customer deposit guarantee programs and carrying out bank resolutions," said OJK Anto Prabowo Public Relations Deputy in his press release on Wednesday (1/30).
The increased coordination and cooperation between LPS and OJK was marked by the signing of an extension of the Memorandum of Understanding between Halim Alamsyah, Chairperson of the LPS Board of Commissioners and Wimboh Santoso, Chairperson of the OJK Board of Commissioners, held at the Financial System Stability Committee (KSSK), Jakarta, Monday night ( 1/28).
Renewal of the memorandum of understanding aims to increase the effectiveness of cooperation and coordination in the implementation of the functions and duties of the OJK and LPS, and adjustments to Law Number 9 of 2016 concerning Prevention and Handling of the Financial System Crisis (PPKSK Act), Financial Services Authority Regulations and Regulations Deposit Insurance Agency.
A number of updates in the OJK-LPS memorandum of understanding included increased coordination between OJK and LPS. Jo