0)DMDU+LGD\DQWR/HPEDJD.

HXDQJDQGDQ$UELWUDVH

/(0%$*$.(8$1*$16<$5,$+'$1
$5%,75$6(08$0$/$7,1'21(6,$
0)DMDU+LGD\DQWR

$EVWUDFW
,VODPLF )LQDQFLDO ,QVWLWXWLRQ DQG ,QVWUXPHQWV DV LQVWXWLRQ LV DSSURYHG JHW
RSWLPDO SURYLW ZLWKLQ LV DFWLYLWLHV 7KURXJK DVVHWV SODFHPHQW RQ SUR¿WDEOH
LQYHVWPHQ LQ PLQLPXP ULVN ZKLFK LQVSLUDWH LW
V PLVVLRQ DQG RSHUDWLRQDO
DFWLRQ+RZHYHUUHTXLUHWKLVLQVWXWLRQWRSXWJUHDWFRQFLGHUDWLRQ«

$3HQGDKXOXDQ

3DGDHUDVHNDUDQJLQLWHUMDGLSHUXEDKDQEDUXGLNDODQJDQPDV\DUDNDW
,QGRQHVLDSHUNHPEDQJDQWLQJNDWUHOLJLXVLWDVVHPDNLQPHQLQJNDW.HEXWXKDQ
XQWXNPHQJKDSXVGLNRWRPLGDQSHQ\DNLWGXDOLVPHPXODLGLODNXNDQ8VDKD
WHUVHEXWPHUXSDNDQXSD\DXQWXNPHQ\DWXNDQLVODPLVDVLLOPXXPXPGDQ
LOPXDJDPD.HVHPXDQ\DLQLGLODNXNDQGDODPUDQJNDPHQJHMDUNHWLQJJDODQ
PDV\DUDNDW GHQJDQ SHUNHPEDQJDQ ]DPDQ \DQJ VHPDNLQ FHSDW GDQ
WXQWXWDQVHUWDWDQWDQJDQ\DQJVHPDNLQEDQ\DN
.KXVXV GDODP ELGDQJ HNRQRPL SHUNHPEDQJDQ VLVWHP HNRQRPL GDQ
ELVQLV EHUODQGDVNDQ 6\DUL
DK ,VODP WHODK PHQXQMXNNDQ WUHQG \DQJ FXNXS
PHQJJHPELUDNDQ +DGLUQ\D %0, %35 6\DUL
DK GDQ %07 GL EXPL SHUWLZL
LQLPHQXQMXNNDQODQJNDKNHPDMXDQNHEHUDGDDQVLVWHPHNRQRPLGDQELVQLV
,VODPGL7DQDK$LU/HPEDJDOHPEDJDVHSHUWLLWXDGDODKRUJDQLVDVL\DQJ
EHUPHWDIRUDNDQ $0$1$+ 'DODP KDO LQL NHEHUDGDDQ HWLND DNDQ VDQJDW

3HQXOLVDGDODKGRVHQWHWDS)DNXOWDV,OPX$JDPD,VODP8QLYHUVLWDV,VODP,QGRQHVLD

 0 8PDU &KDSUD  3HUOXNDK PHPLOLNL 6LVWHP (NRQRPL ,VODP <RJ\DNDUWD
-XUQDO(NRQRPL6\DUL
DK)(8*0K

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

SHQWLQJ'LVDPSLQJLWXSHUOXMXJDGLOHQJNDSLDODWDODWSHQXQMDQJRSHUDVLQ\D
OHPEDJDOHPEDJDHNRQRPLWHUVHEXWGLDQWDUDQ\DDGDODKOHPEDJDNHXDQJDQ
,VODP

%3LOLKDQSDGD/HPEDJD.HXDQJDQ6\DUL
DK

6HEDJDL EXNWL NRPLWPHQ NHLPDQDQ GDQ NHLVODPDQ NLWD DSDNDK NLWD

PHPDQJ GLWXQWXW XQWXN PHPLOLK /HPEDJD .HXDQJDQ 6\DUL
DK GDUL SDGD
/HPEDJD (NRQRPL .RQYHQVLRQDO " 'DODP KDO LQL VLNDS PHQJXWDPDNDQ
/HPEDJD.HXDQJDQ,VODPVHVXQJJXKQ\DPHUXSDNDQEDJLDQGDULNHVDGDUDQ
XQWXNPHQHUDSNDQ,VODPVHFDUDXWXKGDQWRWDO
'DODP46$O%DTDUDK$OODKPHQHJDVNDQ$SDNDKNDOLDQEHULPDQ
NHSDGDVHEDJLDQ$ONLWDE7DXUDWGDQLQJNDUWHUKDGDSVHEDJLDQ\DQJODLQ"
7LDGDODKEDODVDQEDJLRUDQJRUDQJ\DQJEHUEXDWGHPLNLDQGDULSDGDNDOLDQ
PHODLQNDQNHQLVWDDQGDODPNHKLGXSDQGXQLDGDQSDGDKDULNLDPDWPHUHND
GLNHPEDOLNDQNHSDGDVLNVD\DQJVDQJDWEHUDW$OODKWLGDNOHQJDKGDULDSD
\DQJNDOLDQSHUEXDW
3DGD VXUDW \DQJ VDPD D\DW +DL RUDQJRUDQJ \DQJ EHULPDQ
PDVXNODKNDPXNHGDODP,VODPVHFDUD.DIIDKNHVHOXUXKDQGDQMDQJDQODK
NDPXWXUXWLODQJNDKODQJNDKVHWDQ6HVXQJJXKQ\DVHWDQLWXPXVXKPX\DQJ
Q\DWD
.HGXD D\DW WHUVHEXW GHQJDQ WHJDV PHQJLQJDWNDQ EDKZD VHODPD
NLWD PHQHUDSNDQ ,VODP VHFDUD SDUVLDO NLWD DNDQ PHQJDODPL NHWHUSXUXNDQ
GXQLDZL GDQ NHUXJLDQ XNKUDZL 6HEDE VHODPD ,VODP KDQ\D GLWXQMXNNDQ
GHQJDQULWXDOLVPHLEDGDKGLLQJDWSDGDVDDWNHODKLUDQED\LLMDENDEXOGDQ
SHUQLNDKDQ VHPHQWDUD LWX GLPDUJLQDONDQ GDUL GXQLD SHUEDQNDQ DVXUDQVL
SDVDUPRGDOSHPELD\DDQSUR\HNWUDQVDNVLHNVSRULPSRUPDNDXPDW,VODP
WHODK PHQJXEXU ,VODP GDODPGDODP GHQJDQ WDQJDQQ\D VHQGLUL 6HEDJDL
DNLEDWQ\D XPDW ,VODP WLGDN PHPLOLNL NRQVHS DSDSXQ WHQWDQJ ELVQLV GDQ
NHXDQJDQ .DODXSXQ DGD WHUEDWDV NHSDGD ]DNDW ZDULV ZDTDI VKDGDTDK
DWDXMXDOEHOLGDQVHZDPHQ\HZD\DQJVHGHUKDQDVDMD
6HFDUD VLVWHP VHVXQJJXKQ\D OHPEDJD NHXDQJDQ 6\DUL
DK OHELK
XQJJXO NHWLPEDQJ \DQJ NRQYHQVLRQDO .ULVLV PRQHWHU EHEHUDSD WDKXQ LQL
WHODK PHPEXNWLNDQ EDKZD EDQN 6\DUL
DK PDPSX XQWXN EHUWDKDQ EDKNDQ
PHPEHULNDQ SUR¿W SDGD VDDW LQGXVWUL SHUEDQNDQ 1DVLRQDO Q\DULV DPEUXN
-LNDGLLGHQWL¿NDVLVDWXSHUVDWX%DQNEDQNSDSDQDWDV1DVLRQDOPDNDQ\DULV


46

46

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

VHOXUXK%DQNEDQN3HPHULQWDKVHSHUWL%DQN%1,%DQN%71%DQN0DQGLUL
GDKXOX%DQN(;,0%DSLQGR%%'GDQ%'1GDQ%DQNVZDVWDVHSHUWL%&$
'DQDPRQ%,,/LSSRPDVLKVHODPDWNDUHQDGLVXQWLN%/%,ROHKSHPHULQWDK
6HPHQWDUDVHNLWDUDQ%DQN\DQJWLGDNGLEDQWXKDUXVUHODPDWLGHQJDQ
PHQLQJJDONDQVHJXGDQJEHEDQ¿QDQVLDO\DQJKDUXVGLWDQJJXQJQHJDUDGDQ
UDN\DW 6HNDUDQJ SHUWDQ\DDQQ\D KDUXVNDK NLWD EHUODPDODPD ODJL GHQJDQ
VLVWHPNHXDQJDQ\DQJOHELKNULWLVLQLGHQJDQPHQMDGLNDQ$3%1QHJDUDGDQ
NHVWDELODQSHPEDQJXQDQVHEDJDLMDPLQDQQ\D"
/HELK GDUL LWX MLND PHQ\LPSDQ GDQD GLOHPEDJD NHXDQJDQ 6\DUL
DK
PDND,QV\D$OODKGDQDWDGLVHFDUDNROHNWLIDNDQGLSHUJXQDNDQXQWXNVHNWRU
VHNWRU \DQJ KDODO GDQ PHPEDQWX SURVHV SHQJXDWDQ  HNRQRPL XPDW \DQJ
NHEDQ\DNDQEDUDGDGLOHYHOJXDVVURRW6HEDOLNQ\DMLNDPHQ\LPSDQVHOXUXK
GDQD GL OHPEDJDOHPEDJD NRQYHQVLRQDO DSDODJL ELOD SHQJXUXVQ\D WLGDN
DPDQDKPDNDKDQ\DDNDQPHPEHVDUNDQNRQJORPHUDVLGLEXPLSHUWLZL
'DODP ,VODP WXMXDQ WLGDN EROHK GLWHPSXK GHQJDQ PHQJKDODONDQ
VHJDOD FDUD 6HEDJLDQ EHVDU OHPEDJD NHXDQJDQ NRQYHQVLRQDO EHURSHUDVL
GHQJDQGDVDUULED\DQJMHODVKDUDPKXNXPQ\D.HQGDWLKDVLOQ\DGLJXQDNDQ
XQWXNEHUGDNZDKVXEVWDQVLKXNXPQ\DVHEDJDLKDO\DQJKDUDPWHWDSWLGDN
EHUXEDK6HFDUD6XQQDWXOODKOHPEDJDNHXDQJDQ,VODPWLGDNEHVDUMLNDNLWD
WLGDNPHPEHVDUNDQQ\D

&3HPEHUGD\DDQ8PDW/HZDW5HNVDGDQD6\DUL
DK

5HNVDGDQD PHUXSDNDQ LQVWUXPHQ LQYHVWDVL \DQJ ELVD PHQ\DOXUNDQ

GDQD WXQMDQJDQ UDN\DW NHFLO GDQ PHPEHULNDQ NHXQWXQJDQ \DQJ WLQJJL
5HNVDGDQD MXJD PHUXSDNDQ VDUDQD LQYHVWDVL MDQJND SDQMDQJ \DQJ ELVD
PHQJKDVLONDQNHVHMDKWHUDDQ\DQJEHUNHVLQDPEXQJDQ
5HNVDGDQD DGDODK VDODK VDWX SURGXN LQYHVWDVL \DQJ EHOXP WHUJDOL
VHFDUD RSWLPDO SRWHQVLQ\D 3URGXN \DQJ PHPSXQ\DL NHPDPSXDQ
PHQJDQJNDW SHUHNRQRPLDQ UDN\DW NHFLO LQL PDVLK PHUXSDNDQ EDUDQJ
PHZDKEDJLVHEDJLDQEHVDUUDN\DW,QGRQHVLDDPHULNDVHULNDW\DQJMXPODK
SHQGXGXNQ\D KDPSLU VDPD GHQJDQ ,QGRQHVLD MXPODK UHNVDGDQDQ\D !
 ULEX IXQGV GDQ GLNHOROD ROHK ULEXDQ IXQGV PDQDJHUV 'L 1HJHUL -LUDQ
UHNVDGDQDPHUXSDNDQLGRODEDJLLEXLEXUXPDKWDQJJDSHODMDUPDKDVLVZD


 $QWRQLR 6\D¿
L  $ODVDQ 0HPLOLNL /HPEDJD .HXDQJDQ ,VODP -DNDUWD WQS
K

$EX6XUD
L$+DGL%XQJD%DQNGDODP,VODP6XUDED\D$O,KODVK

/XT\DP7DPDQQL0HPEHUGD\DNDQ8PDW/HZDW5HNVDGDQD6\DUL
DK-DNDUWD
5HSXEOLNDK

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

VHUWDSHNHUMDJRORQJDQPHQHQJDKNHEDZDK'D\DWDULNLQLEXNDQODKKDQ\D
GLVHEDENDQROHKNHVDGDUDQPHQDEXQJPDV\DUDNDW\DQJWLQJJLQDPXQMXJD
PRGDO\DQJGLSHUOXNDQVHGLNLWMDULQJDQSHPDVDUDQ\DQJOXDVPXGDKGLVHWRU
GDQGLWDULNVHUWDNDGDUNHXQWXQJDQQ\DMDXKOHELKEHVDUGDULPHQDEXQJGL
%DQNVHOLVLKSHUVHQGL%DQNGDQSHUVHQGLUHNVDGDQD
3HUVRDODQQ\D GDODP VLWXDVL SDVDU ,QGRQHVLD \DQJ GHPLNLDQ PDVLK
PXQJNLQNDK NLWD ELFDUD UHNVDGDQD 6\DUL
DK " 6HVXQJJXKQ\D LQL MXVWUX
PHUXSDNDQ VDWX WDQWDQJDQ \DQJ PHQDULN 0HPDQJ EDJL VHEDJLDQ NHFLO
SHPHUKDWL UHNVDGDQD V\DUL
DK KDQ\D GLQLODL VHEDJDL NDODWDKDQ SHQJJLDW
HNRQRPL V\DUL
DK GDODP PHQV\DUL
DKNDQ EHUEDJDL SURGXN NRQYHQVLRQDO
GHQJDQ KDQ\D EHUPRGDONDQ PRGL¿NDVL \DQJ VDQJDW PLQLP 1DPXQ SHUOX
GLFDWDW EDKZD IDNWRU ULED DGDODK SHQJKDODQJ XWDPD HQJJDQQ\D VHEDJLDQ
LQYHVWRU PXVOLP \DQJ SXOXKDQ MXWD MXPODKQ\D XQWXN PHPDUNLU GXLWQ\D
GDODPVHNWRULQL
2OHK NDUHQD LWX LMWLKDG XQWXN PHQMDGLNDQ UHNVDGDQD VXDWX VDUDQD
LQYHVWDVLEHEDVULEDSDWXWGLXMLPHQJLQJDWLQLPHUXSDNDQXVDKD\DQJVDPD
VDPDPHQJXQWXQJNDQEDLNSLKDNLQYHVWRUPDXSXQGXQLDXVDKDDWDXHPLWHQ
%DJLLQYHVWRUUHNVDGDQDPHQMDQMLNDQUHWXUQ\DQJFXNXSOXPD\DQGDQELVD
GXDNDOLOLSDWGDULDSD\DQJGLSHUROHKGDULPHQDEXQJGLEDQN6HEDOLNQ\D
SHQJXVDKDPHPSHUROHKVXPEHUGDQD\DQJVDQJDWEHVDUGDQXQWXNMDQJND
PDVD\DQJFXNXSODPD
6DODK VDWX KDO \DQJ PHQDULN PHQJHQDL UHNVDGDQD 6\DUL
DK DGDODK
NHWHUOLEDWDQ EDQ\DN LQVWLWXVL NHQDQJDQ GXQLD GDODP SHPDVDUDQ GDQ
SHPDNDLDQQ\D 0HQXUXW EHEHUDSD NDODQJDQ GL (URSD VHQGLUL VHNDUDQJ
DGD !  SHQJHOROD UHNVDGDQD 6\DUL
DK 6DODK VDWXQ\D DGDODK$O6XNRRU
(XURSHDQ(TXLW\)XQG\QJGLNHORODROHK&RPPHU]%DQN$4-HUPDQ
'LDQWDUDGD\DWDULNUHNVDGDQD6\DUL
DKDGDODKWDQWDQJDQSHQJHORODDQ
GDQDQ\D \DQJ WHUJRORQJ XQLN GDQ PHQHQWDQJ 'L VDPSLQJ LWX VNDOD
SHPDVDUDQQ\D\DQJOXDVGDQPHQJJOREDOVHUWDSRWHQVLSDVDU\DQJFXNXS
PHQJJLXUNDQPHUXSDNDQNHOHELKDQWHUVHQGLULEDJLIXQGV\DUL
DKLQL0HQXUXW
SHUNLUDDQVHRUDQJDQDOLVLVGL$VLDQ:DOO6WUHHW-RXUQDOSRWHQVLGDQD\DQJ
ELVD GLNXPSXONDQ PHODOXL SURGXN UHNVDGDQD DQWDUD  PLOLDU GRODU $6
GDQPLOLDUGRODU$6+DOLQLVXGDKFXNXSXQWXNPHQDULNPLQDWEDQ\DN
SHQJHORODGDQDXQWXNPHQJJHOXWLELGDQJ,VODPLF)XQG
6DPSDL VHNDUDQJ ,QGRQHVLD EDUX PHPSXQ\DL  GDQD \DQJ
GLNHOROD VHFDUD V\DUL
DK GXD PLOLN 'DQDUHNVD VDWX GDUL 37 3HUPRGDODQ
1DVLRQDO0DGDQL310GDQEHEHUDSDODLQQ\D\DQJGLWDZDUNDQROHK)XQG


$EX6XUD
L$+DGLK

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

0DQDJHPHQW-RLQW9HQWXUH$VLQJ
'HQJDQ SHPDVDUDQ VHUWD XVDKD PHPDV\DUDNDWNDQ SURGXN \DQJ
OHELK LQWHQVLI ,QV\D $OODK UHNVDGDQD PHQMDGL URGD LQYHVWDVL \DQJ EXNDQ
VDMDPHQJXQWXQJNDQQDPXQMXJDFRFRNXQWXNUDN\DWNHFLO'HQJDQPRGDO
DZDOPLQLPDODQWDUD5SULEXGDQ5SULEXPDV\DUDNDWOXDV
DNDQ PHQJHFDS SHUWXPEXKDQ HTXLW\ GDQ NHXQWXQJDQ SDVDU PRGDO \DQJ
VHQDQWLDVDOHELKEHVDUGDULNDGDUEDJLKDVLOEDQN
$GD GXD PHNDQLVPH XPXP \DQJ ELVD GLJXQDNDQ XQWXN PHQMDGLNDQ
UHNVDGDQDVHEDJDLXMXQJWRPEDNNHVHMDKWHUDDQXPDW3HUWDPDUHNVDGDQD
PHUXSDNDQLQVWUXPHQLQYHVWDVL\DQJELVDPHQ\DOXUNDQGDQDWDEXQJDQUDN\DW
NHFLOGDQPHPEHULNDQNHXQWXQJDQ\DQJUHODWLIWLQJJL.HGXDUHNVDGDQDMXJD
PHUXSDNDQVDUDQDLQYHVWDVLMDQJNDSDQMDQJGLPDQDPDV\DUDNDWGLELDVDNDQ
XQWXN EHU¿NLU MDXK NHGHSDQ GHPL NHVHMDKWHUDDQ \DQJ EHUNHVLQDPEXQJDQ
6XVWDLQDEOH:HOIDUH
%DQ\DN KDO \DQJ ELVD GLFDSDL GHQJDQ UHNVDGDQD PLVDOQ\D VHEDJDL
SHUVLDSDQKDULWXDSHUMDODQDQKDMLELD\DVHNRODKGDQVHEDJDLQ\D5HNVDGDQD
MXJD PHPLOLNL ÀHNVLELOLWDV SHQDULNDQ DWDX SHQMXDODQ XQLW SHQ\HUWDDQ VHWLDS
ZDNWXVHSHUWLWDEXQJDQODLQQ\D
'DUL DVSHN LQYHVWDVL DWDX SHQ\DOXUDQ GDQD \DQJ WHUVHUDS SLKDN
SHQJHOROD GDQD DNDQ PHPDLQNDQ SHUDQDQ VHEDJDL LQYHVWRU \DQJ EXNDQ
VDMDPHQFDULNHXQWXQJDQ\DQJEDQ\DNWHWDSLWHWDSKDUXVEHUKDWLKDWLGDODP
PHQJHORODGDQDGDULULEXDQQDVDEDK
2OHK NDUHQD LWX GDODP NRQWHNV IXQG PDQDJHU \DQJ PHPSXQ\DL
NDUDNWHUPXDPDODK,VODPLLQYHVWDVLDNDQGLODNXNDQGHQJDQEHUEDJDLFDUD
\DQJ VHMDODQ GHQJDQ V\DUL
DK ,GHDOQ\D PHPEDZD PLVL PXDPDODK ,VODP
\DLWXPHQMDGLNDQLQYHVWDVLVHEDJDLDODWNHPDNPXUDQGDQNHPDMXDQGXQLD
XVDKD\DQJ,VODPL'HQJDQGHPLNLDQVHFDUDSHUODKDQHNRQRPLXPDWSDGD
XPXPQ\D GDQ GXQLD XVDKD SDGD NKXVXVQ\D DNDQ PHPSXQ\DL VWUXNWXU
SHUPRGDODQ\DQJNRNRKGDQHNVLVWHQVLSDVDU\DQJNXDW

'.RQVHS8DQJ'DODP,VODP

%DKZD XDQJ WLGDN GLSHUOXNDQ XQWXN GLNRQVXPVL LD WLGDN GLSHUOXNDQ

XQWXN GLULQ\D VHQGLUL PHODLQNDQ KDQ\D VHEDJDL DODW XQWXN PHPHQXKL
NHEXWXKDQPDQXVLD
6HMDN ]DPDQ GDKXOX PDQXVLD WHODK PHPSHUJXQDNDQ EHUEDJDL FDUD
XQWXN PHODQJVXQJNDQ SHUWXNDUDQ EDUDQJ JXQD PHPHQXKL NHEXWXKDQ

08PDU&KDSUD6LVWHP0RQHWHU,VODP-DNDUWD*HPD,QVDQL3UHVVK

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

PHUHND 3DGD SHUDGDEDQ \DQJ PDVLK VDQJDW VHGHUKDQD PDQXVLD

PHODNXNDQ WXNDU PHQXNDU NHEXWXKDQ GHQJDQ FDUD EDUWHU $NDQ WHWDSL
EDUWHU PHQV\DUDWNDQ DGDQ\D 'RXEOH &RLQFLGHFH 2I :DQW GDUL SLKDNSLKDN
\DQJ PHODNXNDQ SHUWXNDUDQ LQL 6HPDNLQ EDQ\DN NRPSOHNV NHEXWXKDQ
PDQXVLDVHPDNLQVXOLWPHODNXNDQEDUWHUVHKLQJJDPHPSHUVXOLWPXDPDODK
DQWDUPDQXVLD,WXODKVHEDEQ\DPDQXVLD]DPDQGDKXOXVXGDKPHPLNLUNDQ
SHUOXQ\DVXDWXDODWWXNDU\DQJGDSDWGLWHULPDROHKVHPXDSLKDN$ODWWXNDU
GHPLNLDQGLVHEXWXDQJ
'DODP SHUNHPEDQJDQ VHMDUDKQ\D XDQJ WHODK PHQJDODPL HYROXVL
VHEHOXPDNKLUQ\DPHQMDGLDODWWXNDUPRGHUQ6HEHOXPPDQXVLDPHQHPXNDQ
ORJDP\DQJGDSDWGLMDGLNDQVHEDJDLDODWWXNDUPHUHNDWHODKPHQJJXQDNDQ
EDUDQJGDQEDKNDQKHZDQWHUQDNVHEDJDLDODWWXNDU\DQJEHUIXQJVLVHEDJDL
XDQJ GDQ GLVHEXW VHEDJDL XDQJ NRPRGLWDV .HWLND ORJDP GDQ EDWX PXOLD
GLWHPXNDQ PHUHND PXODL PHODNXNDQ SHUWXNDUDQ GHQJDQ PHQJJXQDNDQ
ORJDP PXOLD WHUXWDPD HPDV GDP SHUDN /RJDP PXOLD GLFHWDN ROHK SLKDN
RWRULWDVPHQMDGLSHFDKDQSHFDKDQGHQJDQERERWWHUWHQWXVHEDJDLDODWWXNDU
\DQJVDK
'DODP$O4XU
DQ GDQ +DGLVW HPDV GDQ SHUDN WHODK GLVHEXWNDQ EDLN
GDODP IXQJVLQ\D VHEDJDL PDWD XDQJ DWDX VHEDJDL KDUWD GDQ ODPEDQJ
NHND\DDQ \DQJ GLVLPSDQ +DO LQL GDSDW GLOLKDW GDODP 46 $O7DXEDK 
\DQJ PHQMHODVNDQ  RUDQJRUDQJ \DQJ PHQLPEXQ HPDV GDQ SHUDN EDLN
GDODP EHQWXN PDWD XDQJ PDXSXQ NHND\DDQ ELDVD GDQ PHUHND WLGDN PDX
PHQJHOXDUNDQ]DNDWQ\DDNDQGLDQFDPGHQJDQD]DE\DQJSHGLK$\DWLQLMXJD
PHQHJDVNDQWHQWDQJNHZDMLEDQ]DNDWEDJLORJDPPXOLDVHFDUDNKXVXV
'LFHULWDNDQ GDODP$O4XUDQ WHQWDQJ NLVDK 1DEL <XVXI \DQJ GLEXDQJ
NHGDODPVXPXUROHKVDXGDUDVDXGDUDQ\DODOXGLWHPXNDQSHGDJDQJPXVD¿U
<XVXINHPXGLDQGLMXDOGHQJDQKDUJDPXUDK\DLWXEHEHUDSDGLUKDPVDMD'DUL
FHULWD\DQJGLWXWXUNDQROHK$O4XUDQMHODVODKEDKZDSHQJJXQDDQGXD
ORJDPPXOLDELPHWDOLVPHVHEDJDLPDWDXDQJWHODKGLODNXNDQROHKPDQXVLD
ULEXDQWDKXQVHEHOXPNHODKLUDQ1DEL0XKDPPDG6$:
%DQ\DN KDGLVW QDEL \DQJ PHQ\HEXWNDQ GLQDU GDQ GLUKDP DWDX
PHQJJXQDNDQ NDWD ZDULT 5DVXOXOODK EHUVDEGD 'LQDU GHQJDQ GLQDU WLGDN
DGD NHOHELKDQ DQWDUD NHGXDQ\D MLND GLSHUWXNDUNDQ GDQ GLUKDP GHQJDQ
GLUKDPGDQDGDNHOHELKDQDQWDUDNHGXDQ\DMLNDGLSHUWXNDUNDQ
'DODPKDGLVWODLQ5DVXOXOODK6$:0HQJJXQDNDQNDWD:DULT\DNQL
8DQJORJDPSHUDNMXPODKQ\DGLEDZDKOLPDDXJL\DKWLGDNDGDNHZDMLEDQ
]DNDWDWDVQ\D

$EL$EGXODK0XK,VPDLO$O%XNKDULWW0DWDQ$O%XNKDUL-X],QGRQHVLD0DNWDEDK
'DU,K\D$O.XWXE$O$UDEL\DKK

6RKLKWW-X],QGRQHVLD0DNWDEDK'DU,K\D$O.XWXE$O$UDEL\DKK

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

'DODP VLVWHP SHUHNRQRPLDQ IXQJVL XWDPD XDQJ VHEDJDL DODW WXNDU

PHGLXP RI H[FKDQJH 'DODP VLVWHP SHUHNRQRPLDQ NDSLWDOLWDV XDQJ GL
SDQGDQJ WLGDN VDMD VHEDJDL DODW WXNDU \DQJ VDK /HJDO7HQGHU PHODLQNDQ
MXJD GLSDQGDQJ VHEDJDL NRPRGLWDV 'DODP SHUVSHNWLI LQL XDQJ GDSDW GL
VHZDNDQOHDVLQJ
'DODP ,VODP DSDSXQ \DQJ EHUIXQJVL VHEDJDL XDQJ PDND IXQJVLQ\D
KDQ\DODK VHEDJDL PHGLXP RI H[FKDQJH -XJD VXDWX NRPRGLWDV \DQJ ELVD
GLMXDOEHOLNDQGHQJDQNHOHELKDQEDLNVHFDUDRQWKHVSRUWPDXSXQEXNDQ
%DKZDUXDQJJHUDNSHUEDQNDQV\DULDKVHODPDLQLPHQMDGLWHUKDPEDW
NDUHQDWLGDNDGDQ\DDWXUDQPDLQ\DQJMHODV.HEHUDGDDQVHEXDKXQGDQJ
XQGDQJ NHXDQJDQ V\DULDK VXGDK VDQJDW PHQGHVDN NDUHQD SDQJVD SDVDU
SURGXNSURGXNV\DULDKVHPDNLQPHOXDV
.HKDGLUDQOHPEDJDNHXDQJDQV\DULDKGL,QGRQHVLDVHSHUWLGLNHWDKXL
WDN WHUOHSDV GDUL NHEXWXKDQ PDV\DUDNDW \DQJ WLGDN PHQJKHQGDNL DGDQ\D
EXQJD GDODP WUDQVDNVL SHUEDQNDQ .HEDQJNLWDQ OHPEDJD NHXDQJDQ \DQJ
EHUQDIDVNDQ KXNXP ,VODP GLWDQGDL GHQJDQ EHUGLULQ\D %DQN 0XDPDODW
,QGRQHVLDSDGD1RYHPEHUGDQODKLUQ\D88QR
.ULVLV PRQHWHU GDQ NHXDQJDQ \DQJ PHODQGD EDQJVD ,QGRQHVLD
VHMDN SHUWHQJDKDQ  GDQ URQWRNQ\D VLVWHP SHUEDQNDQ QDVLRQDO WHODK
PHQRORQJ GDQ PHQ\DGDUNDQ EDQ\DN SLKDN SHPHULQWDK %DQN ,QGRQHVLD
'35 GDQ GXQLD XVDKD XQWXN PHQJJXQDNDQ VLVWHP NHXDQJDQ V\DULDK
VHEDJDLDOWHUQDWLI
6DODK VDWX EHQWXN NHVDGDUDQ QDVLRQDO LWX DGDODK ODKLUQ\D 88 1R
 VHEDJDL SHQJJDQWL 88 1R  \DQJ PHQJDNRPRGDVLNDQ
GDQ PHQRORQJ NHKDGLUDQ SHUEDQNDQ V\DUL
DK VHFDUD OXDV 0HODOXL 88 LQL
SHQJHPEDQJDQ SHUEDQNDQ V\DULDK GDSDW GLODNXNDQ PHODOXL WLJD PRGHO
3HUWDPD %DQN GDSDW PHQJNRQIHUPDVL GLULQ\D PHQMDGL %DQN V\DUL
DK
.HGXD%DQNGDSDWPHQJNRQIHUPDVLVHMXPODKFDEDQJQ\DPHQMDGLFDEDQJ
%DQNV\DULDK
6HMDN NHOXDUQ\D 88 1R    SHUWXPEXKDQ SHUEDQNDQ V\DULDK
PDMXSHVDW-DULQJDQNDQWRUV\DUL
DKPHQJDODPLSHQLQJNDWDQVLJQL¿NDQEDLN
GDODPMXPODK%DQNPDXSXQNDQWRUFDEDQJV\DULDK6DODKVDWX%DQNPDQGLUL
PLVDOQ\D\DQJPXODLEHURSHUDVLDNKLUPLVDOQ\DVDDWLQLVXGDKPHPLOLNL
 NDQWRU FDEDQJ \DQJ WHUVHEDU GL  SURSLQVL %DQN ODLQQ\D VHDNDQ
EHUNHPEDQJ WLGDN LQJLQ NHWLQJJDODQ NHUHWD PHPEXND MDULQJDQ FDEDQJ
V\DUL
DKQ\D
3DGDVDDWLQLEHUEDJDLSURGXNV\DULDKGLWDZDUNDQNHSDGDPDV\DUDNDW

=DLP6DLGL5LEDGDODP8DQJ.HUWDV-DNDUWD5HSXEOLNDK

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

3HUEDQNDQ V\DULDK DQWDUD ODLQ PHQDZDUNDQ VLPSDQDQ DPDQDK WDEXQJDQ

GDQ GHSRVLWR ZDGL
DK WLWLSDQ WDEXQJDQ GDQ GHSRVLWR PXGKDUDEDK EDJL
KDVLO SHPELD\DDQ 0XGKDUDEDK SHPELD\DDQ PXV\DUDNDK SHPELD\DDQ
EHUVDPDGDQSHPELD\DDQELWVDPDPDMLOSHPEHOLDQEDUDQJROHKEDQNGDQ
GLMXDONHSDGDQDVDEDKGHQJDQPHQDLNNDQKDUJDQ\D
6HODLQ LWX SHPELD\DDQ PXUDEDKDK SHPEHOLDQ EDUDQJ  EDKDQ EDNX
ROHK EDQN NHPXGLDQ GLEHOL ROHK QDVDEDK GHQJDQ KDUJD \DQJ GLWHWDSNDQ
EDQN SHPELD\DDQ DOLMDUDK EDQN PHPEHOL EDUDQJ NHPXGLDQ GLVHZDNDQ
NHSDGD QDVDEDK GDQ VHWHODK KDELV PDVD PHQMDGL PLOLN EDQN GDQ
SHPELD\DDQ DOEDL
L WDMLUL EDQN PHPEHOL EDUDQJ GDQ GLVHUDKNDQ NHSDGD
QDVDEDKVHWHODKMDWXKWHPSREDUDQJLWXPHQMDGLPLOLNQDVDEDK
6HODLQ LWX DGD DVXUDQVL V\DULDK %DKNDQ EHODNDQJDQ GLPXODL
GLSHUNHQDONDQREOLJDVLV\DULDK2EOLJDVLLQLPHPEXNDOHPEDUDQEDUXSURGXN
V\DULDKVHEDJDLLQVWUXPHQSDVDUPRGDO$SDODJL\DQJPHQMXDOREOLJDVLLWX
DGDODKSHUXVDKDDQEHVDUVHNHODV37,QGRQHVLDQ6DWHLOLWH&RUSRUDWLRQ7EN
LQGRVDW
3HUNHPEDQJDQWHUVHEXWFXNXSPHQJJHPELUDNDQVHNDOLJXVWDQWDQJDQ
0HQJJHPELUDNDQ NDUHQD VLVWHP NHXDQJDQ V\DULDK \DQJ PHPLOLNL
NHXQJJXODQ VHSHUWL DVDV NHVHLPEDQJDQ GDQ NHDGLODQ LWX PXODL GL PLQDWL
PDV\DUDNDW
1DPXQ VHEDJDL VLVWHP NHXDQJDQ DOWHUQDWLI \DQJ UHODWLI PDVLK EDUX
VHNDOLSXQ VXGDK DGD 88 1R    \DQJ WHUEXNWL PDPSX PHQGRURQJ
SHUWXPEXKDQ SHUEDQNDQ V\DULDK EHUEDJDL NHQGDOD EDLN LQWHUQDO PDXSXQ
HNVWHUQDOPDVLKNHUDSGLMXPSDL
.HQGDOD LQWHUQDO \DQJ GLKDGDSL DGDODK EHUNDLW GHQJDQ SHQ\HGLDDQ
6'0GDQSHQ\HGLDDQLQVWUXNWXUSHQHUDSDQVLVWHPDNXWDQVLV\DULDK6DPDSL
VDDWLQLSHUEDQNDQV\DULDKEHOXPPHQHUDSNDQVLVWHPDNXWDQVLV\DULDK\DQJ
GLDNXLVHFDUDQDVLRQDO
$GDSXQ NHQGDOD HNVWHUQDO \DQJ GLKDGDSL DGDODK UHQGDKQ\D
SHPDKDPDQPDV\DUDNDWWHUKDGDSVLVWHPSHUEDQNDQV\DULDK :DODXSXQ
PDV\DUDNDW ,QGRQHVLD PD\RULWDV PXVOLP PDVLK WHUGDSDW NHUDJDPDQ
SDQGDQJDQ WHUKDGDS OHPEDJD NHXDQJDQ V\DULDK %DKNDQ PDVLK DGD
SDQGDQJDQ \DQJ NHOLUX /HPEDJD NHXDQJDQ V\DULDK PDVLK GLDVRVLDVLNDQ
GHQJDQOHPEDJD\DQJOHELKEHURUHQWDVLVRVLDONHWLPEDQJNRPHUVLDO


.DUQDHQ3$WPDMD$SDGDQ%DJDLPDQD%DQN,VODP<RJ\DNDUWD'DQD%
+DUWL:DNDIK

,EUDKLP+XVQL2EOLJDVL6\DUL
DK-DNDUWD5HSXEOLNDK

%DQN,QGRQHVLD.HELMDNDQ3HQJHPEDQJDQ3HUEDQNDQ6\DUL
DK<RJ\DNDUWD
.%,K

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

.HQGDOD HNVWHUQDO ODLQQ\D DGDODK NHSHUOXDQ KDGLUQ\D OHPEDJD

NHXDQJDQ SHQGXNXQJ VHSHUWL OHPEDJD WDIDNXO GDQ OHPEDJD UHNVDGDQD
V\DULDK JXQD PHQFLSWDNDQ VLQHUJL \DQJ OHELK OXDV GDQ PHQXPEXKNDQ
SHUVDLQJDQ\DQJVHKDW
8QWXN NHSHUOXDQ SHQJHPEDQJDQ NH GHSDQ EHUEDJDL NHQGDOD GDQ
WDQWDQJDQ WHUVHEXW SHUOX PHPSHUROHK MDZDEDQ 8QWXN LWXODK SHUDQJNDW
KXNXP \DQJ PHPDGDL EHUXSD 88 %DQN 6\DULDK WHUVHQGLUL WHUPDVXN
SHQJDWXUDQ OHPEDJD NHXDQJDQ V\DULDK \DQJ OHQJNDS SHUOX VHJHUD
GLZXMXGNDQ 3HPHULQWDK WHUPDVXN %, GDQ '35 GLKDUDSNDQ PHPEHULNDQ
SHUKDWLDQ NKXVXV PHQ\DQJNXW KDO LQL 6HPHQWDUD RUJDQLVDVL SHQJXVDKD
EHUEDVLVV\DULDKGDQPDV\DUDNDWSHUOXPHQGXNXQJWHUXVPHQHUXVVDPSDL
88NHXDQJDQV\DULDKLQLWHUZXMXG
)DOVDIDKSHUEDQNDQV\DULDKEHUEHGDGHQJDQSHUEDQNDQNRQYHQVLRQDO
%DKNDQ EXNDQ VDMD EHUEHGD PDODK EHUWRODN EHODNDQJ .HWHQWXDQ KXNXP
SHUEDQNDQ V\DULDK PHVWL EHUGDVDUNDQ NHWHQWXDQ $OODK 5DVXO 8QWXN LWX
VXEVWDQVL 88 SHUEDQNDQ V\DULDK WLGDN GDSDW EHUXEDK %HUODLQDQ GHQJDQ
SHUEDQNDQ NRQYHQVLRQDO GDVDUGDVDU XQGDQJXQGDQJQ\D KDQ\D EHUGDVDU
NHSHQWLQJDQ VHNHORPSRN PDQXVLD \DQJ VHQDQWLDVD GDSDW GLXEDKXEDK
VXEWDQVLQ\D
%HUGDVDUNDQIDOVDIDKWHUVHEXWPDNDDGDVXEVWDQVLSHUEDQNDQV\DULDK
\DQJ PHVWL GL WHUDSNDQ GDODP SHUEDQNDQ 1DPXQ WLGDN GDSDW GLWHUDSNDQ
NDUHQD GLKDPEDW ROHK 88 \DQJ DGD 8PSDPDQ\D SHUEDQNDQ V\DULDK LWX
NHOHPDKDQQ\D GDQ \DQJ PHQMDGL GDVDU NRQWUDNQ\D GDODP EHULQYHVWDVL
DGDODKPXGKDUDEDK
0XGKDUDEDKPHVWLGDODPEHQWXNVHNWRUULLOVHGDQJ88SHUEDQNDQDGD
VHNDUDQJPHODUDQJEDQNXQWXNEHULQYHVWDVLVHFDUDODQJVXQJNHFXDOLGDODP
VHNWRU NHXDQJDQ 'HQJDQ GHPLNLDQ VXEVWDQVL \DQJ SDOLQJ XWDPD GDODP
SHUEDQNDQV\DULDKEHUWDEUDNDQGHQJDQ88\DQJDGD2OHKNDUHQDLWX\DQJ
PHQMDGLXNXUDQEDJLEDQNV\DULDKGDODPPHQGLVWULEXVLNDQGDQDQ\DDGDODK
PHULW DWDX NHPDPSXDQ VHVHRUDQJ PHQJHOROD VXDWX XVDKD EXNDQ MDPLQDQ
DWDXNRQWURO\DQJGLEHEDQNDQROHKEDQN
-DGL SDGD GDVDUQ\D EDQN V\DULDK DGDODK EDQN SURIHVLRQDO \DQJ
PDPSX PHQFDUL QDVDEDKQDVDEDK \DQJ EDLN VHKLQJJD VHWLDS XDQJ \DQJ
GLNHOXDUNDQ GDSDW GL SHUWDQJJXQJ MDZDENDQ GDQ PDPSX PHPEHULNDQ
NHXQWXQJDQ\DQJEHUPDQIDDWEDJLSDUDSHPLOLNGDQSHQJXUXVEDQNQDVDEDK
$WXUDQ\DQJGHPLNLDQWLGDNPXQJNLQDGDGDODSHUEDQNDQNRQYHQVLRQDOVHUWD
WLGDN PXQJNLQ GL FDPSXUNDQ GHQJDQ DWXUDQ EDQN NRQYHQVLRQDO \DQJ ELVD
PHQMDGLNDQPDV\DUDNDWELQJXQJVHUWDUDJX


)UDQN(9RJHO,VODPLF/DZ$QG)LQDQFH/RQGRQ7KH+DJXHK

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

3HODNVDQDDQ VLVWHP HNRQRPL V\DULDK KDUXV PHPSHUROHK GXNXQJDQ

VDULEHUEDJDLSLKDN%XNDQVDMDGDULSDUDSHODNXHNRQRPLWHWDSLMXJDXODPD
FHQGHNLDZDQSHPHULQWDKGDQPDV\DUDNDWOXDV
3HUNHPEDQJDQHNRQRPLV\DULDKGHZDVDLQLPHZXMXGNDQJHOLDW\DQJ
PHQJJHPELUDNDQ'LPDVXNNDQQ\DSHUVSHNWLI¿TLKNHGDODPVLVWHPHNRQRPL
,VODP 6(6 NHWDKDQDQ HNRQRPL EDUDW DOD 0LOWRQ )ULHGPDQ QHROLEHUDO
(NRQRPL ,VODP PHQHNDQNDQ SDGD QLODLQLODL HWLV VHPHQWDUD HNRQRPL
QHROLEHUDOQHQLWLNEHUDWNDQSDGDNDSLWDOLVDVLPRGDO3HQHNDQDQSDGDQLODLDWLV
$O4XUDQGDQ$O+DGLWVLWXEHUGDPSDNSRVLWLIGDODPPHUHQJNXKNRQVWLWXHQ
XPDW,VODP\DQJPHQMDGLPD\RURWDVGLQHJHULLQL
'L,QGRQHVLDSHQHULPDDQWHUKDGDSHNRQRPLV\DULDKWLGDNKDQ\DSDGD
DWXUDQSDUDGLJPDWLVQDPXQWHODKGLZXMXGNDQGDODPWDWDQDQRSHUDVLRQDO
%DLN GL OLQJNXS LQGLYLGX PXVOLP PDXSXQ GL WLQJNDW LQVWLWXVL 6HSHUWL
SHUEDQNDQ DVXUDQVL KLQJJD SHUGDJDQJDQ PRGDO PXOWL OHYHO PDUNHWLQJ
3DGD VDWX VLVL SHUNHPEDQJDQ LQL PHOHJDNDQ QDPXQ GLVLVL ODLQ PHQJLQJDW
SRWHQVL SDVDU GL WDQDK DLU \DQJ GHPLNLDQ EHVDU SHUNHPEDQJDQ WHUVHEXW
VHSHUWLVHWHWHVDLUGLGHEXUDQRPEDN
8QWXN PHPSHUNXDW MDULQJDQ VHEDLNQ\D VHJHUD GLEDQJXQ NRPXQLWDV
FRPPXQLW\GHYHORSPHQW$GDSXQWLGDNDNDQELVDEHUMDODQNDODXFRPXQLW\
GHYHORSPHQWQ\D EHOXP GLEHQWXN .DUHQD LWX FRPPXQLW\ GHYHORSPHQW
GDUL NRPXQLWDV .HQGDWLSXQ XSD\D LWX KDUXV PHPEXDQJ GXLW7HWDSL VHNDOL
NRPXQLWDV VXGDK WHUEDQJXQ NRPXQLWDVQ\D VXGDK PHPLOLNL NRPLWPHQ +DO
LWXDNDQVDQJDWEHUPDQIDDW
6HVDPD MDULQJDQ XPDW VHEDLNQ\D EHUVDWX SDGX PHPEDQJXQ
FRPPXQLW\ GHYHORSPHQW GHQJDQ VLVWHP ZLQZLQ .DODX PDVLQJPDVLQJ
EHUMDODQVHQGLULVHQGLULDNDQVDQJDWEHUDW.DUHQD\DQJGLKDGDSLMDXKOHELK
EHVDU 8QWXN LWXODK NLWD SHUOX GXGXN EHUVDPD XQWXN PHPLNLUNDQ EHUVDPD
EDJDLPDQDPHPEDQJXQFRPPXQLW\GHYHORSPHQW
&DUDQ\D SLKDNSLKDN \DQJ FRQFHUQ SDGD HNRQRPL V\DULDK GXGXN
EHUVDPDXQWXNPHQ\LQHUJLNDQGLUL%LVDGLEHQWXNWLPNHFLO\DQJWHUGLULGDUL
ZDNLOZDNLO GDUL 08, OHPEDJD NHXDQJDQ V\DULDK EDQN V\DULDK GDQ PHGLD
PDVDXQWXNPHPLNLUNDQEDJDLPDQDPHPEDQJNLWNDQGDQPHQJHPEDQJNDQ
HNRQRPLV\DULDK7LPNHFLOLQLODK\DQJQDQWLPHQ\XVXVQSODWIRUPXPXPGDQ
SHWXQMXNWHNQLVDUDKSHQJHPEDQJDQGDQSHPEDQJXQDQHNRQRPLV\DULDKGL
WDQDKDLU
'DODPPHQJKDGDSLWDQWDQJDQHNRQRPLWLGDNODLQNHFXDOLKDUXVVHFDUD

 0 )DUXT DQ1DEDKDQ  6LVWHP (NRQRPL ,VODP $OLK %DKDVD 0XKDGL =
<RJ\DNDUWD8,,3UHVVK

(ULF7KRKLU6HWHWHV$LU(NRQRPL6\DUL
DK-DNDUWD5HSXEOLNDK

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

NRQVLVWHQLVWLTDPDKPHQHUDSNDQSULQVLSSULQVLSV\DULDKVHFDUDEHQDUGDQ

PXUQL 7LGDN VHEDJDLPDQD SHUEDQNDQ NRQYHQVLRQDO IXQJVL LQWHUPHGLDVL
SHUEDQNDQV\DULDKWHODKEHUMDODQGHQJDQEDLN
3HVDWQ\D SHUNHPEDQJDQ  OHPEDJD SHUEDQNDQ LVODP LQL NDUHQD EDQN
LVODP PHPLOLNL NHLVWLPHZDDQNHLVWLPHZDDQ VDODK VDWXQ\D \DQJ XWDPD
DGDODK\DQJPHOHNDWSDGDNRQVHSGHQJDQEHURULHQWDVLSDGDNHEHUVDPDDQ
2ULHQWDVL NHEHUVDPDDQ LQLODK \DQJ PHQMDGLNDQ EDQN LVODP PDPSX WDPSLO
VHEDJDLDOWHUQDWLISHQJJDQWLVLVWHPEXQJD\DQJVHODPDLQLKXNXPQ\DKDODO
DWDX KDUDP PDVLK GLUDJXNDQ ROHK PDV\DUDNDW PXVOLP 1DPXQ GHPLNLDQ
VHEDJDLPDQDOHPEDJD\DQJNHEHUDGDDQQ\DOHELKEDUXGDULSDGDEDQNEDQN
NRQYHQVLRQDO EDQN LVODP PHQJKDGDSL SHUPDVDODKDQSHUPDVDODKDQ EDLN
\DQJPHOHNDWSDGDDNWL¿WDVPDXSXQSHODNVDQDDQQ\D

(%DQN6HQWUDO6\DUL¶DK6HEDJDL.RQWURO0RQHWHU6\DUL¶DK

'DODP KDO LQL SHQXOLV SHUOX PHPDSDUNDQ  EDKZD EDQN V\DUL¶DK GL
WDQDK DLU PHQGDSDWNDQ SLMDNDQ \DQJ NRNRK VHWHODK DGDQ\D GHUHJXODVL
VHNWRU SHUEDQNDQ SDGD WDKXQ +DO LQL NDUHQD VHMDN VDDW LWX GLEHULNDQ
NHOHOXDVDDQ SHQHQWXDQ WLQJNDW VXNX EXQJD  WHUPDVXN QRO SHUVHQ  DWDX
SHQLDGDDQEXQJDVHNDOLJXV
6XQJJXKSXQ GHPLNLDQ NHVHPSDWDQ LQL EHOXP WHUPDQIDDWNDQ NDUHQD
WLGDNGLSHUNHQDQNDQQ\DSHPEXNDDQNDQWRUEDQNEDUX+DOLQLEHUODQJVXQJ
VDPSDL WDKXQ  GLPDQD SHPHULQWDK PHQJHOXDUNDQ´ SDNWR ´ \DQJ
PHPSHUNHQDQNDQEHUGLULQ\DEDQNEDQNEDUX
.HPXGLDQ SRVLVL EDQN V\DUL¶DK VHPDNLQ SDVWL VHWHODK GLV\DKNDQQ\D
883HUEDQNDQ1RWDKXQGLPDQDEDQNGLEHULNDQNHEHEDVDQXQWXN
PHQHQWXNDQMHQLVLPEDODQ\DQJDNDQGLDPELOGDULQDVDEDKQ\DEDLNEXQJD
DWDXSXQNHXQWXQJDQEDJLKDVLO
'HQJDQWHUELWQ\D331RWDKXQWHQWDQJEDQNEDJLKDVLO\DQJ
VHFDUD WHJDV PHPEHULNDQ EDWDVDQ EDKZD´ EDQN EDJL KDVLO WLGDN EROHK
PHODNXNDQ NHJLDWDQ XDVDKD \DQJ WLGDN EHUGDVDUNDQ SULQVLS EDJL KDVLO
>EXQJD@6HEDOLNQ\DSXODEDQN\DQJNHJLDWDQXVDKDQ\DWLGDNEHUGDVDUNDQ
SULQVLS EDJL KDVLO WLGDN GLSHUNHQDQNDQ PHODNXNDQ NHJLDWDQ XVDKD
EHUGDVDUNDQSULQVLSEDJLKDVLO´>SDVDO@
.LQL WLWLN NXOPLQDVL WHODK WHUFDSDL GHQJDQ GLV\DKNDQQ\D 88 1R
WDKXQWHQWDQJSHUEDQNDQ\DQJPHPEXNDNHVHPSDWDQEDJLVLDSDVDMD


%DQN,QGRQHVLDK

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

\DQJDNDQPHQGLULNDQEDQNV\DUL¶DKPDXS\Q\DQJLQJLQPHQJNRQYHUVLGDUL
V\VWHPNRQYHQVLRQDOPHQMDGLV\VWHPV\DUL¶DK
88 1R LQL VHNDOLJXV PHQJKDSXV SDVDO  SDGD 33 1R WDKXQ
 \DQJ PHODUDQJ GXDO V\VWHP 'HQJDQ WHJDV SDVDO  88 1R
PHPEROHKNDQEDQNXPXP\DQJPHODNXNDQNHJLDWDQVHFDUDNRQYHQVLRQDO
GDSDW MXJD PHODNXNDQ NHJLDWDQ XVDKD GHJDQ EHUGDVDUNDQ SULQVLS V\DUL¶DK
PHODOXL
D 3HQGLULDQNDQWRUFDEDQJDWDXGLEDZDKNDQWRUFDEDQJEDUX
E 3HQJXEDKDQ NDQWRU FDEDQJ DWDX GLEDZDK NDQWRU FDEDQJ \DQJ
PHODNXNDQ NHJLDWDQ XVDKD VHFDUD NRQYHQVLRQDO PHQMDGL NDQWRU \DQJ
PHODNXNDQNHJLDWDQXVDKDEHUGDVDUNDQSULQVLSV\DUL¶DK
6XQJJXKSXQ GHPLNLDQ EDQN V\DUL¶DK \DQJ EHUDGD GLWDQDK DLU WHWDS
KDUXVWXQGXNNHSDGDSHUDWXUDQSHUDWXUDQGDQSHUV\DUDWDQSHUEDQNDQ\DQJ
EHUODNXSDGDXPXPQ\DDQWDUDODLQ
D .HWHQWXDQSHUL]LQDQGDODPSHQJHPEDQJDQ XVDKDVHSHUWLSHPEXNDDQ
FDEDQJGDQNHJLDWDQGHYLVD
E .HZDMLEDQODSRUSDGD%DQN,QGRQHVLD
F 3HQJDZDVDQLQWHUQ
G 3HQLODLDQ DWDV SUHVWDVL SHUPRGDODQPDQDMHPHQUHQWDELOLWDVOLNXLGLWDV
GDQIDFWRU\DQJODLQQ\D
H 3HQJHQDDQVDQNVLDWDVSHODQJJDUDQ
'LVDPSLQJNHWHQWXDQGLDWDVEDQNV\DUL¶DKGL,QGRQHVLD
-XJDGLEDWDVLROHKSHQJDZDVDQ\DQJGLODNXNDQROHKGHZDQSHQJDZDV
V\ULDKKDO\DQJWHUDNKLULQLPHPEHULNDQLPSOLNDVLEDKZDVHWLDSSURGXNEDQN
V\DULDKPHUDSDWNDQSHUVHWXMXDQGDULGHZDQSHQJDZDVV\ULDKWHUOHELKGDKXOX
VHEHOXPGLSHUNHQDONDQNHSDGDPDV\DUDNDW

)3HQJHPEDQJDQ%DQN6\DULDK'L7DQDK$LU

3HUNHPEDQJDQSHUEDQNDQV\DULDKGLEHUEDJDLEHODKDQGXQLDGLGRURQJ
ROHKGXDDODVDQXWDPD\DLWX
$GDQ\DNHKHQGDNVHEDJLDQPDV\DUDNDWXQWXNPHODNVDQDNDQWUDQVDNVL
SHUEDQNDQ DWDX NHJLDWDQ HNRQRPL VHFDUD XPXP \DQJ VHMDODQ GHQJDQ
QLODLGDQSULQVLSV\DUL¶DKNKXVXVQ\DEHEDVULED
$GDQ\DNHXQJJXODQVLVWHPSHUDVLRQDOGDQSURGXNSHUEDQNDQV\DUL¶DK
\DQJDQWDUDODLQPHQJXWDPDNDQSHQWLQJQ\DPDVDODKPRUDOLWDVNHDGLODQ
GDQWUDQVSDUDVLGDODPNHJLDWDQRSHUDVLRQDOSHUEDQNDQV\DUL¶DK


 0 6\D¿¶L $QWRQLR  %DQN 6\DULDK 6XDWX 3HQMHODVDQ $ZDO -DNDUWD 7D]NLD
,QVWLWXWH

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

.HGXD DODVDQ WHUVHEXW EHUODNX GL ,QGRQHVLD GL VDPSLQJ EHEHUDSD

DODVDQ SHUWLPEDQJDQ ODLQQ\D VHSHUWL NHLQJLQDQ PHQLQJNDWNDQ PRELOLVDVL
GDQDPDV\DUDNDW\DQJEHOXPWHUVHUDSNHVHNWRUSHUEDQNDQPHQLQJNDWNDQ
NHWDKDQDQ VLVWHP SHUEDQNDQ QDVLRQDO GDQ PHQ\HGLDNDQ VDUDQD EDJL
LQYHVWRU LQWHUQDVLRQDO XQWXN PHODNVDQDNDQ NHJLDWDQ SHPELD\DDQ GDQ
WUDQVDNVLNHXDQJDQGL,QGRQHVLD\DQJVHVXDLGHQJDQSULQVLSV\DUL¶DK
$WDV GDVDU SHUWLPEDQJDQ WHUVHEXW GL DWDV PDND VHMDN WDKXQ 
GL ,QGRQHVLD PXODL GLNHPEDQJNDQ SHUEDQNDQ V\DUL¶DK /DQGDVDQ KXNXP
SHQJHPEDQJDQ SHUEDQNDQ V\DUL¶DK QDVLRQDO NHWLND LWX DGDODK 88 1R
WDKXQWHQWDQJSHUEDQNDQ
3DGD WDKXQ  SHPHULQWDK GDQ '35 PHODNXNDQ SHQ\HPSXUQDDQ
XQGDQJXQGDQJSHUEDQNDQWHUVHEXWPHQMDGL³881RWDKXQ´WHQWDQJ
SHUEDQNDQ \DQJ GLGDODPQ\D GLDWXU PHQJHQDL SHUEDQNDQ V\DUL¶DK GHQJDQ
OHELKMHODV
6HFDUD WHJDV XQGDQJXQGDQJ SHUEDQNDQ  \DQJ EDUX WHUVHEXW
PHQMHODVNDQEDKZDGDODPSHUEDQNDQ,QGRQHVLDWHUGDSDWGXDVLVWHP>GXDO
EDQNLQJV\VWHP@\DLWXVLVWHPSHUEDQNDQNRQYHQVLRQDOGDQVLVWHPSHUEDQNDQ
V\DUL¶DK3HODNVDQDDQSHQJDWXUDQGDQSHQJHPEDQJDQSHUEDQNDQV\DUL¶DK
ROHK%DQN,QGRQHVLDVHODLQGDODPUDQJNDPHPHQXKLDPDQDW883HUEDQNDQ
WHUVHEXW MXJD GLDWXU GDODP  88 1R WDKXQ  WHQWDQJ %, \DQJ
PHQHJDVNDQ EDKZD´%, VHODNX RWRULWDV SHUEDQNDQ SHUOX PHPSHUVLDSNDQ
SHUDQJNDWSHUDWXUDQGDQIDVLOLWDVSHQXQMDQJ\DQJPHQGXNXQJRSHUDVLRQDO
EDQNV\DUL¶DK´2OHKNDUHQDLWXSURJUDPSHQJHPEDQJDQSHUEDQNDQV\DUL¶DK
QDVLRQDOVHFDUDOHJDOMHODVGDVDUKXNXPQ\D
%DQN ,QGRQHVLD VHODNX RWRULWDV SHUEDQNDQ VDDW LQLPHQLODL EDKZD
VHEDJDL EDJLDQ GDUL V\VWHP SHUEDQNDQ QDVLRQDO EDQNEDQN V\DUL¶DK SHUOX
GLDWXUGDQGLDZDVLDJDUNHSHQWLQJDQPDV\DUDNDWSHQJJXQDMDVDSHUEDQNDQ
WHUVHEXWGDSDWWHUOLQGXQJLGHQJDQEDLNWHUMDGLSHUVDLQJDQVHKDWDQWDUEDQN
V\DUL¶DKGDQDJDUEDQNEDQNV\DUL¶DKGDSDWEHUNHPEDQJGHQJDQVHKDWVHUWD
EHUSHUDQRSWLPDOGDODPSHPEDQJXQDQQDVLRQDO
3HODNVDQDDQSHQ\HPSXUQDDQGLODNVDQDNDQVHFDUDEHUNHVLQDPEXQJDQ
GLGDVDUNDQ SDGD NHWHQWXDQ SHUEDQNDQ \DQJ WHODK DGD VHEDJLDQ WLGDN
VHVXDLNDUDNWHULVWLNGDQVLVWHPRSHUDVLRQDOSHUEDQNDQV\DUL¶DK'LVDPSLQJ
LWXSHQJDWXUDQ\DQJEHUVLIDWVSHVL¿NGLSHUOXOXNDQNDUHQDGDODPRSHUDVLRQDO
SHUEDQNDQV\DUL¶DKVHODLQSHUOXPHQHUDSNDQSULQVLSSHQJHORODDQSHUEDQNDQ
\DQJ VHKDW >SUXGHQWLDO UHJXODWLRQ@ GLSHUOXNDQ SXOD MDPLQDQ SHPHQXKDQ
SULQVLSGDQNHWHQWXDQV\DUL¶DK
'DODPNHJLDWDQSHQJDZDVDQEDQNV\DUL¶DK%,EHUSHUDQPHQGRURQJ
DJDU EDQN PHPHQXKL DWXUDQDWXUDQ SHUEDQNDQ GDQ EHURSHUDVL GHQJDQ

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

SULQVLSSULQVLS V\DUL¶DK NHKDODODQ DNDG WUDQVDNVL GDQ SURGXN SHUEDQNDQ

V\DUL¶DK PHUXSDNDQ WDQJJXQJ MDZDE GDQ NHZHQDQJDQ 'HZDQ 6\DUL¶DK
1DVLRQDO08,EHUVDPDGHQJDQ'HZDQ3HQJDZDV6\DUL¶DK\DQJDGDSDGD
PDVLQJPDVLQJEDQNV\DUL¶DK
3HUNHPEDQJDQSHUEDQNDQV\DUL¶DKGL,QGRQHVLD\DQJVHFDUDIRUPDO
GLPXODLVHMDNWDKXQKLQJJDVDDWLQLPHVNLSXQSDQJVDQ\DPDVLKUHODWLI
NHFLO QDPXQ GDUL VLVL ODMX SHUWXPEXKDQ UHOD¿W FXNXS SHVDW 7DKXQ 
VDPSDL GHQJDQ  WHUMDGL SHUNHPEDQJDQ \DQJ ODPEDW %DLN GDUL VLVL
MXPODK NDQWRU EDQN V\DUL¶DK PDXSXQ LQGLNDWRU SHUEDQNDQ ODLQQ\D +DO LQL
GLVHEDENDQROHKEHEHUDSDKDODQWDUDODLQ
 0DVLKNXUDQJQ\DSHPDKDPDQGDQEDQ\DNNHVDODKIDKDPDQPDV\DUDNDW
PHQJHQDLEDQNV\DUL¶DK
 %HOXPOHQJNDSQ\DNHWHQWXDQSHUEDQNDQLQVWUXPHQPRQHWHUGDQSDVDU
NHXDQJDQ\DQJPHQGXNXQJRSHUDVLRQDOEDQNV\DUL¶DK
 7HUEDWDVQ\DMXPODKGDQGLVWULEXVLMDULQJDQNDQWRUEDQNV\DUL¶DK
 .XUDQJQ\D 6'0 GDQ WHQDJD DKOL GDODP PHQGXNXQJ SHQJUHPEDQJDQ
EDQNV\DUL¶DK
%HUEDJDLNHQGDODWHUVHEXWPXODLGLDWDVLGHQJDQPHODNVDQDNDQSURJUDP
SHQJHPEDQJDQ\DQJEHUVXQJJXKVXQJJXKWHUXWDPDVHMDNGLNHOXDUNDQQ\D
881RWDKXQWHQWDQJ³SHUEDQNDQ´
/DQJNDKODQJNDKSHQJHPEDQJDQ\DQJGLODNXNDQGDSDWGLNHORPSRNNDQ
PHQMDGLEHEHUDSDNHJLDWDQ\DLWX
 0HQ\HPSXUQDNDQ SHUDWXUDQ GDQ NHWHQWXDQ RSHUDVLRQDO SHUEDQNDQ
V\DUL¶DK VHUWD SHUDQJNDWSHUDQJNDW KRNXP SHUXQGDQJXQGDQJDQ \DQJ
PHQMDGL GDVDU GDQ SDQGXDQ NHJLDWDQ XVDKD DJDU GDSDW NHSDVWLDQ
KXNXP
 0HQ\HPSXUQDNDQ LQIUDVWUXNWXU NHXDQJDQLQVWUXPHQ PRQHWHU GDQ
SDVDUNHXDQJDQ\DQJVHVXDLGHQJDQSULQVLSV\DULDKJXQDPHQGXNXQJ
SHODNVDQDDQ NHELMDNDQ PRQHWHU VHUWD H¿VLHQVL GDODP SHQJHORODDQ
GDQDEDQNEDQNV\DULDK
 PHQFLSWDNDQ V\VWHP PRQLWRULQJ GDQ SHQJDZDVDQ \DQJ HIHNWLI XQWXN
PHQMDPLQWHUFLSWDQ\DVLVWHPSHUEDQNDQV\DULDK\DQJVHKDW>VRXQGDQG
SUXGHQW@GDQPHQMDODQNDQNHWHQWXDQV\DULDKVHFDUDNRQVLVWHQ
 0HODNVDQDNDQ NRRUGLQDVL GDQ SURJUDP SHQLQJNDWDQ NRPSHWHQVL 6'0
EDLNGLEDQNVHQWUDOPDXSXQSDUDEDQNLUGDQ¿KDN\DQJWHUNDLWGHQJDQ
SHUEDQNDQ V\DULK VHUWD PHQLQJNDWNDQ SHPDKDPDQ PDV\DUDNDW
WHUKDGDSSHUEDQNDQV\DULK


%DQN,QGRQHVLD3HUEDQNDQ6\DULDK1DVLRQDO.HELMDNDQ3HQJDPEDQJDQGDQ
,QIRUPDVL7HUNLQL-DNDUWD%LUR3HUEDQNDQ6\DULDK

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

2SWLPLVPH SHUNHPEDQJDQ SHUEDQNDQ V\DULDK \DQJ VHPDNLQ EDLN  GL

PDVD GDWDQJ GLGXNXQJ ROHK NRQGLVL VHPDNLQ PHQLQJNDWQ\D SHPDKDPDQ
GDQ NHLQJLQDQ PDV\DUDNDW XQWXN PHQJJXQDNDQ MDVD SHUEDQNDQ V\DULDK
6HPHQWDUDGLODLQ¿KDNSDUDEDQNLUGDQLQYHVWRUEDUXMXJDPXODLPHQ\DGDUL
PHQJHQDLSRWHQVLSDVDUGDQNHXQJJXODQNRPSDUDWLI\DQJGLPLOLNLROHKV\VWHP
SHUEDQNDQ V\DULDK VHKLQJJD PHQLPEXONDQ PLQDW XQWXN PHQJHPEDQJNDQ
SHOD\DQDQ MDVD SHUEDQNDQ V\DULDK %DQN ,QGRQHVLD GDODP KDO LQL
PHQJDNRPRGLUGDQPHQ\HPSXUQDNDQEHUEDJDLNHWHQWXDQ\DQJPHPEHULNDQ
EHUEDJDLSLOLKDQXQWXNPHQJHPEDQJNDQMDULQJDQNDQWRUEDQNV\DULDKVHUWD
PHPEHULNDQ LQIRUPDVL WHQWDQJ SRWHQVL ZLOD\DK GDQ GHPDQG PDV\DUDNDW
WHUKDGDSSHUEDQNDQV\DULDK

*.HELMDNDQ'DQ$UDK3HQJHPEDQJDQ.HGHSDQ

3HQJHPEDQJDQSHUEDQNDQV\DULDKQDVLRQDOSDGDGDVDUQ\DGLDUDKNDQ
XQWXNPHQFLSWDNDQSHUEDQNDQV\DULDK\DQJVHKDWGDQPHQMDODQNDQSULQVLS
V\DULDKVHFDUDNRQVLVWHQ3HQJHPEDQJDQLQLSDGDVDWXVLVLEHUWXMXDQXQWXN
PHPHQXKL NHEXWXKDQ ODSLVDQ PDV\DUDNDW \DQJ PHPEXWXKNDQ SHOD\DQDQ
MDVDSHUEDQNDQ\DQJVHMDODQGHQJDQSULQVLSV\DULDK
6HMDODQGHQJDQLQLPDNDSURJUDPSHQJHPEDQJDQSHUEDQNDQV\DULDK
PHQHNDQNDQSHQWLQJQ\DMDPLQDQNHSHUFD\DDQSHPHQXKDQSULQVLSV\DULDK
GDODP NHJLDWDQ XVDKD EDQN 6HGDQJNDQ GDUL VLVL VWUDWHJL SHQJHPEDQJDQ
MDULQJDQNDQWRUGLSHUOXNDQVXDWXVWUDWHJLLGHQWL¿NDVLNHEXWXKDQDJDUWHUMDGL
NHVHLPEDQJDQSHUPLQWDDQGDQSHQDZDUDQMDVDSHUEDQNDQV\DULDK
'DUL VLVL ODLQ SHQJHPEDQJDQ SHUEDQNDQ V\DULDK GLWXMXNDQ  XQWXN
PHQFLSWDNDQ VLVWHP SHUEDQNDQ DOWHUQDWLI GHQJDQ NHUDJDPDQ MHQLV SURGXN
GDQ MDVD \DQJ GDSDW PHPLOLNL NHOHELKDQ +DO LQL GLPXQJNLQNDQ NDUHQD
SHUEDQNDQV\DULDKGDSDWGLNODVL¿NDVLNDQVHEDJDLXQLYHUVDOEDQNLQJGDQJDQ
EHUEDJDL NHOHOXDVDDQ LQRYDVL \DQJ GDSDW GLNHPEDQJNDQ EHUGDVDUNDQ
SULQVLSSULQVLSV\DULDK\DQJDGD
.DUDNWHULVWLNNKXVXVGDULSHUEDQNDQV\DULDK\DQJPHQHNDQNDQDVSHN
NHDGLODQ NHZDMLEDQ PHPSHUWLPEDQJNDQ DVSHN PDVODKDW GDQ PRUDOLWDV
GDODP PRUDOLWDV GDODP SHQ\DOXUDQ SHPELD\DDQ GDQ PDQDMHPHQ XVDKD
SHODUDQJDQ SHQHPSDWDQ DNWLYD SURGXNWLI SDGD NHJLDWDQ \DQJ EHUVLIDW
VSHNXODWLI GDQ WDQSD XQGHUO\LQJ WUDQVDFWLRQ DNDQ GDSDW PHQGXNXQJ
WHUFSWDQ\D SHQJHORODDQ  XVDKD EDQN \DQJ OHELK EHUKDWLKDWL GD PHQMDGL
PHNDQLVPH NHLNXWVHUWDDQ EDQN XQWXN PHQGRURQJ WHUFLSWDQ\D NHJLDWDQ
XVDKD\DQJPHPSHUWLPEDQJNDQQLODLQLODLNHEDLNDQXQLYHUVDO
6HEDJDL VLVWHP DOWHUQDWIEDQN V\DULDK GLWXQWXW XQWXN PHPEHULNDQ

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

PDQIDDWHNRQRPLVGDQNXDOLWDVSHOD\DQDQ\DQJNRPSHWLWLI
6HFDUD PDNUR HNRQRPLSHQJHPEDQJDQ EDQN V\DULDK GL ,QGRQHVLD
PHPLOLNLSHOXDQJEHVDUNDUHQDSHOXDQJSDVDUQ\D\DQJOXDVVHMXUXVGHQJDQ
PD\RULWDVSHQGXGXNQHJHULLQL
8QGDQJXQGDQJ QRPRU  WDKXQ  WLGDN PHQXWXS NHPXQJNLQDQ
GDULSHPLOLNEDQNEDLN%801VZDVWDQDVLRQDOEDKNDQ¿KDNDVLQJVHNDOLSXQ
XQWXN PHPEXND FDEDQJ V\DULDKQ\D GL ,QGRQHVLD  'HQJDQWHUEXNDQ\D
NHVHPSDWDQ LQL MHODV DNDQ PHPSHUEHVDU SHOXDQJ WUDQVDNVL NHXDQJDQ GL
GXQLD SHUEDQNDQ  NLWD WHUXWDPD ELOD WHODK WHUMDOLQ KXEXQJDQ NHUMDVDPD
GLDQWDUDEDQNEDQNV\DULDK
$GDSXQEHOXPWHUGDSDW%DQN&HQWUDO6\DUL¶DK\DQJGDSDWPHQJRQWURO
OHPEDJDOHPEDJD NHXDQJDQ 6\DUL¶DK GDQ WHUSLVDK GDUL %DQN ,QGRQHVLD
QDPSDNQ\D PDVLK WHUMDGL GXD SHQGDSDW \DQJ EHUEHGD \DLWX DQWDUD \DQJ
EHUSHQGDSDW EDKZD WHODK GLSHUROHK ODJL DGDQ\D %DQN &HQWUDO \DQJ GDSDW
PHQJRQWURO PRQHWHU V\DUL¶DK VHFDUD NKXVXV NDUHQD 'XDO %DQNLQJ 6LVWHP
VHSHUWL \DQJ WHODK EHUMDODQ KLQJJD NLWD VXGDK GLDQJJDS UHSUHVHQWDWLI
6HGDQJNDQ SHQGDSDW \DQJ EHUSDQGDQJDQ EDKZD %DQN &HQWUDO V\DUL¶DK
LWX GLSHUOXNDQ GDQ KDUXV WHUSLVDK GHQJDQ %DQN ,QGRQHVLD %, NDUHQD
VHLULQJ GHQJDQ EHOXP DGDQ\D SHQJDWXUDQ /HPEDJD .HXDQJDQ 0LNUR
/.0JXQDPHPEHULNDQNHSDVWLDQKXNXPXQWXNPHPSHUFHSDWSHPXOLKDQ
(NRQRPL ,QGRQHVLD PDND 8QGDQJXQGDQJ \DQJ PDVLK GLQDQWLNDQ  XQWXN
GDSDW PHPEHULNDQ NHSDVWLDQ KXNXP PLVDOQ\D SHUOLQGXQJDQ QDVDEDK GDQ
PHQMDJD DJDU /HPEDJD .HXDQJDQ 0LNUR EHUNHPEDQJ GHQJDQ VHKDW GDQ
EHUNHVLQDPEXQJDQ XQWXN LWX KDUXV DGD %DQN &HQWUDO 6\DUL¶DK VHFDUD
WHUVHQGLULGDQPDQGLUL

+$UELWUDVH0X
DPDODW,QGRQHVLD

'L GDODP VLVWHP HNRQRPL PRGHUQ EDQN LVODP GL ,QGRQHVLD VHEDJDL
OHPEDJD NHXDQJDQ LVODP PHPEXWXKNDQ OHPEDJD SHQGXNXQJ \DQJ
EHURSHUDVL VHFDUD LVODPL 'DODP KXEXQJDQ LQLODK ODKLU EDGDQ $UELWUDVH
0XDPDODW,QGRQHVLD%$087\DQJEHUWXJDVXQWXNPHQ\HOHVDLNDQVHQJNHWD
PX
DPDODW\DQJGLKDGDSLROHKRUDQJRUDQJLVODP
 'L ,QGRQHVLD ZDODXSXQ EHUODNX SHUDGLODQ ,VODP GHQJDQ 88 1R
 1DPXQ EHOXP PHQFDNXS GLGDODPQ\D VHEDJDL /HPEDJD WHPSDW

%DQN,QGRQHVLD.HELMDNDQ3HQJHPEDQJDQ3HUEDQNDQ6\DULDKGL,QGRQHVLD
<RJ\DNDUWD.%,

5HSXEOLND

:DUNXP6XPLWUR$VDVDVDVSHUEDQNDQLVODPGDQOHPEDJDOHPEDJD%$087
GDQWDIDNXOGL,QGRQHVLD-DNDUWD33*UD¿QGR3HUVDGDK

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

SHQ\HOHVDLDQ SHUVHOLVLKDQ GDODP ELGDQJ (NRQRPL .KXVXVQ\D ELGDQJ

NHXDQJDQ ,VODP VHKLQJJD PHPDQJ VDQJDW GLEXWXKNDQ VHEXDK OHPEDJD
$UELWUDVH,VODPGLWHQJDKWXPEXKEHUNHPEDQJQ\DVLVWHP(NRQRPLV\DUL
DK
GHZDVD LQL GL VDPSLQJ XQWXN PHQMDZDENDQ KDUDSDQKDUDSDQ PDV\DUDNDW
SHQFDULNHDGLODQGDODPVHQJNHWDSHUVRODQSHUHNRQRPLDQPHUHND
*DJDVDQ EHUGLULQ\D OHPEDJD DUELWUDVH ,VODP GL ,QGRQHVLD GLDZDOL
GHQJDQEHUWHPXQ\DSDUDSDNDUFHQGHNLDZDQPXVOLPSUDNWLVLKXNXP.LDL
GDQXODPDXQWXNEHUWXNDUSLNLUDQWHQWDQJSHUOXQ\DOHPEDJDDUELWUDVH,VODP
GL ,QGRQHVLD SHUWHPXDQ LQL GLPRWRUL ROHK 'HZDQ 3LPSLQDQ 0DMHOLV 8ODPD
,QGRQHVLD08,SDGDWDQJJDO$SULO
3DGD WDQJJDO  0HL  GLDGDNDQ UDSDW ODQMXWDQ GHQJDQ SHVHUWD
\DQJVDPDSDGDSHUWHPXDQSHUWDPDQ\DGLWDPEDKWLJDRUDQJZDNLOGDUL%DQN
0XDPDODW,QGRQHVLD%0,
5DSDW ODQMXWDQ LQL PHPEHQWXN WLP \DQJ EHUWXJDV XQWXN PHPSHODMDUL
GDQ PHPSHUVLDSNDQ EDKDQEDKDQ EDJL NHPXQJNLQDQ EHUGLULQ\D OHPEDJD
$UELWUDVH,VODP5HDOLVDVLNHSXWXVDQLQLDGDODKGLEHQWXNQ\DVXUDW.HSXWXVDQ
'HZDQ 3LPSLQDQ 08, 1RPRU .HS 08,9 WDQJJDO  0HL 
WHQWDQJ.HORPSRN.HUMD3HPEHQWXNDQ%DGDQ$UELWUDVH+XNXP,VODP
'DODP5DSDW.HUMD08,VH,QGRQHVLDSDGDWDQJJDO1RYHPEHU
UHQFDQDSHPEHQWXNDQ$UELWUDVH,VODPPHQMDGLDJHQGDXWDPD
3DGD WDQJJDO  'HVHPEHU  .HORPSRN .HUMD SHPEHQWXNDQ
$UELWUDVH+XNXP,VODPPHPEHULNDQODSRUDQKDVLONHUMDWLPQ\DGLKDGDSDQ
SDUDSUDNWLVLMDMDUDQSHUDGLODQKXNXP3DGDSULQVLSQ\DPDMHOLVEHUSHQGDSDW
EDKZDNHORPSRNNHUMDWHODKGDSDWPHODNVDQDNDQWXJDVQ\DVHVXDLGHQJDQ
KDUDSDQ 1DPXQ PDVLK GLSHUOXNDQ SHQ\HPSXUQDDQSHQ\HPSXUQDDQ
NKXVXVQ\DGDODPVHJLVWUXNWXURUJDQLVDVLGDQSURVHGXUEHUDFDUD
6HWHODK GLDGDNDQ SHQ\HPSXUQDDQSHQ\HPSXUQDDQ WHUKDGDS
UDQFDQJDQ\DQJDGDVHEDJDLWLQGDNODQMXWSHUWHPXDQVHEHOXPQ\D'HZDQ
SLPSLQDQ08,PHQHUELWNDQ6.EDUXWHQWDQJSDQLWLDSHUVLDSDQGDQSHUHVPLDQ
EHUGLULQ\D%DGDQ$UELWUDVH0XDPDODW,QGRQHVLD%$08,
%HUNDW5DKPDW$OODKGDQXVDKDPDNVLPDOVHPXDSLKDN\DQJWHUOLEDW
GDODP SURVHV EHUGLULQ\D %$08, DNKLUQ\D SDGD WDQJJDO  2NWREHU 
WHODKGLUHVPLNDQ%DGDQ$UELWUDVH0X
DPDODW,QGRQHVLD%$08,
3HUHVPLDQQ\D GLODNXNDQ VHFDUD \XULGLV GHQJDQ DNWH QRWDULV \DQJ
GLWDQGDWDQJDQLROHK'HZDQSHQGLUL\DLWX'HZDQ3LPSLQDQ08,3XVDW\DQJ
GLDZDOL .+ +DVDQ %DVUL GDQ +5 3URMR .XVXPD 6HEDJDL VDNVL \DQJ LNXW
EHUWDQGDWDQJDQSDGDDNWHQRWDULVDGDODK+06RHMRQR.HWXD08,GDQ+
=DHQDO%DKDU1RRU6('LUXW%DQN0XDPDODW,QGRQHVLD

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

8UDLDQ GLDWDV VHSHUWL \DQJ GLNHPXNDNDQ ZDUNXP 6XPLWUR GDODP

EXNXQ\D$VDVDVDV3HUEDQNDQ,VODPGDQ/HPEDJDWHUNDLW
'DVDU KXNXP GLEHQWXNQ\D %DGDQ $UELWUDVH 0XDPDODW ,QGRQHVLD
%$08,DGDODKDGDQ\DDQMXUDQDO4XUDQWHQWDQJWSHUOXQ\DSHUGDPDLDQ
$OTXU
DQVXUDWDQ1LVDD\DWDUWLQ\D
'DQ MLND NDPX NKDZDWLU DNDQ DGD SHUVHQJNHWDDQ DQWDUD NHGXDQ\D
VXDPLLVWHULPDNDNLULPODKVHRUDQJKDNDPGDULNHOXDUJDSHUHPSXDQ-LND
NHGXD RUDQJ KDNDP LWX EHUPDNVXG PHQJDGDNDQ SHUEDLNDQ SHUGDPDLDQ
QLVFD\D$OODK DNDQ PHPEHUL WDX¿N NHSDGD VXDPL LVWHUL LWX 6HVXQJJXKQ\D
$OODKPDKDPHQJHWDKXLODJLPDKDSHQJHQDO
6HODLQLWXMXJDWHUGDSDWD\DWD\DWGLGDODPDO4XU
DQ\DQJPHQHNDQNDQ
SHUOXQ\DSHUGDPDLDQGDODPVHJDODKDO$\DWD\DWLWXDGDODK
'DODP KDO SHSHUDQJDQ WHUGDSDW GDODP DO4XUDQ VXUDW DO+XMDUDW D\DW 
DUWLQ\D
'DQMLNDDGDGXDJRORQJDQGDQRUDQJRUDQJ\DQJPXNPLQEHUSHUDQJ
PDNDGDPDLNDQODKDQWDUDNHGXDQ\D-LNDVDODKVDWXGDULNHGXDJRORQJDQ
LWXEHUEXDWDQLD\DWHUKDGDSJRORQJDQ\DQJODLQPDNDSHUDQJLODKJRORQJDQ
\DQJEHUEXDWDQLD\DLWXVHKLQJJDJRORQJDQNHPEDOLNHSDGDSHULQWDK$OODK
MLND JRORQJDQ LWX WHODK NHPEDOL NHSDGD SHULQWDK$OODK PDND GLDPDONDQODK
DQWDUD NHGXDQ\D GHQJDQ DGLO GDQ EHUODNX DGLOODK VHVXQJJXKQ\D $OODK
PHQ\XNDLRUDQJRUDQJ\DQJEHUODNXDGLO
'DODP XUXVDQ UXPDK WDQJJD WHUGDSDW GDODP VXUDW DQ1LVD D\DW 
DUWLQ\D
'DQMLNDVHRUDQJZDQLWDNKDZDWLUDNDQQXUV\X]DWDXVLNDSWLGDNDGLOGDUL
VXDPLQ\D PDND WLGDN PHQJDSD EDJL NHGXDQ\D PHQJDGDNDQ SHUGDPDLDQ
\DQJ VHEHQDUEHQDUQ\D 'DQ SHUGDPDLDQ PDQXVLD LWX PHQXUXW WDEL
DWQ\D
NLNLU'DQMLNDNDPXPHQJJDXOLGLULPXGDQQXVMX]GDQVLNDSWDNDFXKPDND
VHVXQJJXKQ\D$OODKDGDODKPDKDPHQJHWDKXLDSD\DQJNDPXNHUMDNDQ
$O4XUDQVXUDWDQ1LVD
D\DWDUWLQ\D
7LGDN DGD NHEDLNDQSDGD NHEDQ\DNDQ ELVLNDQELVLNDQ PHUHND NHFXDOL
ELVLNDQELVLNDQGDULRUDQJ\DQJPHQ\XUXKPDQXVLDPHPEHULVHGHNDKDWDX
EHUEXDWPDNUXIDWDXPHQJDGDNDQSHUGDPDLDQDQWDUDPDQXVLDGDQEDUDQJ


:DUNDP6XPLWURK

46

46

46

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

VLDSD\DQJEHUEXDWGHPLNLDQNDUHQDPHQFDULNHULGKDDQ$OODKPDNDNHODN
NDPLPHPEHULNHSDGDQ\DSDKDOD\DQJEHVDU
'DVDUKXNXP$UELWUDVH0X
DPDODWVHODQMXWQ\DDGDODKDO+DGLV5LZD\DW
$QQDVD
L \DQJ PHQFHULWDNDQ EDKZD VHVXQJJXKQ\D 5DVXOXOODK EHUNDWD
NHSDGD $EX 6\XUHLK \DQJ VHULQJ GLSDQJJLO $EX +DVDQ 6HVXQJJXKQ\D
+DNDPLWXDGDODK$OODKGDQNHSDGD1\DODKGLPLQWDNDQNHSXWXVDQKXNXP
0HQJDSD NDPX GLSDQJJLO $EX DO+DNDP " MDZDE $EX 6\XUHLK  %DKZD
VHVXQJJXKQ\D NDXPNX MLND EHUWHQWDQJDQ DNDQ GDWDQJ NHSDGDNX PLQWD
SHQ\HOHVDLDQGDQNHGXDEHODKSLKDNDNDQUHODGHQJDQSXWXVDQNX5DVXOXOODK
EHUNRPHQWDU$ODQJNDKEDLNQ\DSHUEXDWDQPXLWXKDL$EX6\XUHLK$SDNDK
NDPXSXQ\DDQDN"MDZDE$EX6\XUHLK\DVD\DPHPSXQ\DLDQDNEHUQDPD
6\XUHLK$EGXGDQ0XVVDODP6LDSD\DQJSDOLQJWXD"WDQ\D5DVXOMDZDE
$EX6\XUHLK\DQJSDOLQJWXDDGDODK6\XUHLK.DWD5DVXOXOODKNDODXEHJLWX
HQJNDXDGDODK$EX6\XUHLK
6HODLQ$O4XUDQGDQ$O+DGLVMXJD,MPDNNHVHSDNDWDQXODPDXODPD
GDULNDODQJDQVDKDEDW5DVXOXOODKDWDVNHDEVDKDQSUDNWHNWDNOLP3DGDPDVD
VDKDEDWWHODKWHUMDGLHQJNHWDVHFDUDDUELWUDVHGLNDODQJDQSDUDVDKDEDWGDQ
WDNVHRUDQJSXQ\DQJPHQHQWDQJQ\D
0HQFHUPDWL WHQWDQJ NHEHUDGDDQ %DGDQ$UELWUDVH 6\DULDK ,QGRQHVLD
GLWLQMDX GDUL VXGXW 7DWD +XNXP \DQJ EHUODNX GL QHJDUD ,QGRQHVLD PDND
NHGXGXNDQQ\D PDVLK VDQJDW OHPDK .DUHQD WLGDN EHUDGD SDGD KLUDUNKL
\DQJOHJDOIRUPDO1DPXQGLWLQMDXGDULDVSHNNHPDV\DUDNDWDQPDNDNLUDQ\D
VXGDK VDQJDW EHUSHUDQ GDQ EDQ\DN PDQIDDWQ\D EDJL NHSHQWLQJDQ DQWDU
XPDW,VODPNDUHQDZDODXSXQ08,ELVDWHUPDVXNOHPEDJD7LQJJL1HJDUD
SURGXNQ\DVDQJDWEHUSHQJDUXKNHSDGDPDV\DUDNDWOXDVGL,QGRQHVLD
6HFDUD OHQJNDS GDQ SURVHGXUDO $ELGUDVH 0X
DPDODW ,QGRQHVLD
XQWXN GDSDW GL RSHUDVLRQDONDQ WHODK PHQFDNXS DWXUDQDWXUDQ VHMDN GDUL
NHZHQDQJDQSURVHGXUDWDXWDWDFDUDQ\DKLQJJDELD\DDGPLQLVWUDVLQ\D

,.HXQJJXODQQ\D

'L VDPSLQJ PDVLK PHPLOLNL NHOHPDKDQ GDQ PDVLK PHPEXWXKNDQ

SHQ\HPSXUQDDQ PHQXUXU SHQXOLV $ELWUDVL 6\DUL
DK LQL PHPLOLNL NHOHELKDQ
GDQNHXQJJXODQQ\D\DLWXDQWDUDODLQ


46

6KDKLK0XVOLPWW-X],,K

06DODP0DG]NXU$TO4XGOR)LO,VODP+XTXTXO4RKLURKK

 $PUXOODK $KPDG  'LPHQVL +XNXP ,VODP GDODP 6LVWHP +XNXP 1DVLQDO
-DNDUWD*HPD,QVDQL3UHVVK

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

 .KXVXVXQWXNNHSHQWLQJDQ0X
DPDODW,VODPGDQWUDQVDNVLPHODOXL%DQN
,QGRQHVLD PDXSXQ %35 ,VODP  $UELWUDVH 0X
DPDODW DNDQ PHPEHUL
SHOXDQJEDJLEHUODNXQ\DKXNXP,VODPVHEDJDLSHGRPDQSHQ\HOHVDLDQ
SHUNDUDNDUHQDGLGDODPVHWLDSNRQWUDNWHUGDSDWNODXVXODGLEHUODNXNDQQ\D
SHQ\HOHVDLDQPHODOXL%$08,
 3DUD SLKDN PHQDUXK NHSHUFD\DDQ \DQJ EHVDU NHSDGD DUELWHU NDUHQD
GLWDQJDQLROHKRUDQJRUDQJ\DQJDKOLGLELGDQJQ\DH[SHUWLVH
 3URVHVSHQJDPELODQSXWXVDQQ\DFHSDWGHQJDQWLGDNPHODOXLSURVHGXU
\DQJ EHUEHOLWEHOLW VHUWD GHQJDQ ELD\D \DQJ PXUDK NDUHQD WHUGDSDW
SXWXVDQDUELWUDVH
 'L GDODP SURVHV DUELWUDVH SDGD KDNHNDWQ\D WHUNDQGXQJ SHUGDPDLDQ
GDQPXV\DZDUDK6HGDQJNDQPXV\DZDUDKGDQSHUGDPDLDQPHUXSDNDQ
NHLQJLQDQQXUDQLVHWLDSRUDQJ
 3DUD SLKDN PHQ\HUDKNDQ SHQ\HOHVDLDQ SHUVHQJNHWDDQQ\D VHFDUD
VXNDUHOD NHSDGD RUDQJRUDQJ EDGDQ \DQJ GLSHUFD\D VHKLQJJD SDUD
SLKDNMXJDVHFDUDVXNDUHODDNDQPHODNVDQDNDQSXWXVDQ$UELWHUVHEDJDL
NRQVHNXHQVL DWDV NHVHSDNDWDQ PHUHND PHQJDQJNDW DUELWHU NDUHQD
KDNLNDW NHVHSDNDWDQ LWX PHQJDQGXQJ MDQML GDQ VHWLDS MDQML LWX KDUXV
GLWHSDWL
 $UELWUDVH 0X
DPDODW PHPEHULNDQ NHSHUFD\DDQ NHSDGD SDUD SLKDN
NDUHQDSHQ\HOHVDLDQQ\DVHFDUDWHUKRUPDWGDQEHUWDQJJXQJMDZDE

,3HQXWXS

3HUEDQNDQ 6\DULDK DGDODK VDODK VDWX LQVWUXPHQ NHXDQJDQ \DQJ

GLEXWXKNDQROHKPDV\DUDNDWGDODPUDQJNDPHPSHUEDLNLSHUHNRQRPLDQ\DQJ
VHGDQJWHUSXUXN.HEXWXKDQLQLGLGDVDUNDQNHSDGDNHSDVWLDQEDKZD%DQN
6\DUL
DK DGDODK SHUEDQNDQ \DQJ WLGDN PHQJDQGXQJ XQVXU ULED &DUDQ\D
GHQJDQPHQJLQYHVWDVLNDQGDQDQ\DPHODOXLSURGXNSURGXN\DQJLQRYDWLI
'L VDPSLQJ SURGXNSURGXN SHUEDQNDQ OHPEDJD OHPEDJD NHXDQJDQ
,VODP\DQJWHODKDGDGDQWHUXVEHUNHPEDQJDNDQOHELKPHPEDZDNHSDGD
NHVHMDKWHUDDQXPDWVHSHUWL5HNVDGDQDZDNDIWXQDLFDVK$VXUDQVLWDNDIXO
GDQ\DQJODLQQ\D
6HEDJDLPHGLDWRUXQWXNSHQ\HOHVDLDQVHQJNHWDMLNDWHUMDGLSHUVHOLVLKDQ
PDND$UELWUDVH0X
DPDODW\DQJWHODKEHUODNXZDODXPDVLKVHEDWDVSURGXN
KXNXP VHOHYHO IDWZD XODPD SDWXW NLUDQ\D XQWXN GLMDGLNDQ ODQJNDK DZDO
GDODP PHPIDVLOLWDVL ODMXQ\D RSHUDVLRQDO SHUHNRQRPLDQ ,VODP GL ,QGRQHVLD
GHQJDQ WLGDN PHQLQJJDONDQ XSD\DXSD\D NHULWLV XQWXN WHUXV PHPSHUEDLNL
GDQ PHQ\HPSXUQDNDQQ\D DSDODJL KLQJJD VDDW LQL $UELWUDVL 0X
DPDODW LWX
EHOXPEDQ\DNGLNHQDOPDV\DUDNDWVHFDUDOXDV

$O0DZDULG(GLVL;7DKXQ
0)DMDU+LGD\DQWR/HPEDJD.HXDQJDQGDQ$UELWUDVH

'DIWDU3XVWDND
$PUXOODK $KPDG 'LPHQVL +XNXP ,VODP 'DODP 6LVWHP +XNXP
1DVLRQDO-DNDUWD*HPD,QVDQL3UHVV
.DUQDHQ $ 3HUZDWD $WPDMD  $SD GDQ %DJDLPDQD %DQN ,VODP
<RJ\DNDUWDGDODP%DNWL:DNDI
$EX 6XUD
L $EGXO +DGL  %XQJD %DQN 'DODP ,VODP $OLK %DKDVD 0
7KDOLE6XUDED\D$O,KODV
0)DUXT$Q1DEDEDQ6LVWHP(NRQRPL,VODP$OLK%DKDVD0XKDGL=
<RJ\DNDUWD8,,3UHVV
0 6\D¿´, $QWRQLR  %DQN 6\DUL¶DK 6XDWX 3HQJHQDODQ 8PXP
-DNDUWD7D]NLD,QVWLWXWH
%DQN ,QGRQHVLD  .HELMDNDQ 3HQJHPEDQJDQ 3HUEDQNDQ 6\DUL
DK GL
,QGRQHVLD
0 8PHU &KDSUD  6LVWHP 0RQHWHU ,VODP -DNDUWD *HPD ,QVDQL
3UHVV
'HSDUWHPHQ$JDPD 5,  K $O4XUDQ GDQ  WHUMHPDKQ\D 6DXGL$UDELD
.KDGLPDO+DUDPDLQ
( 9RJHO )UDQN  ,VODPLF /DZ DQG )LQDQFH /RQGRQ .OXZHU /DZ
,QWHUQDVLRQDO
+DPLG$QGL7DKLU%HEHUDSD+DO%DUX7HQWDQJ3HUDGLODQ$JDPD'DQ
%LGDQJQ\D-DNDUWD6LQDU*UD¿ND
-XUQDO(NRQRPL6\DUL
DK0XDPDODK9RO1R)(8*0
0XKDPPDG 0XVOLKXGLQ  $VXUDQVL 'DODP ,VODP -DNDUWD %XPL
$NVDUD
6DODP0DG]NXU$O4RGOR
)LO,VODP$OLK%DKDVD,PURQ$06XUDED\D
%LQD,OPX
:DUNXP6XPLWUR$VDVDVDV3HUEDQNDQ,VODPGDQ/HPEDJD7HUNDLW
-DNDUWD*UDYLQGR3HUVDGD
0 6\D¿
L $QWRQLR  $ODVDQ 0HPLOLK /HPEDJD .HXDQJDQ ,VODP
5HSXEOLND
7DPDQQL/XT\DQ0HPEHUGD\DNDQ8PDW/HZDW5HNVDGDQD6\DUL
DK
5HSXEOLND
(ULN7RKLU6HWHWHV$LU(NRQRPL6\DUL
DK5HSXEOLND

$O0DZDULG(GLVL;7DKXQ