LEGAL RELATIONSHIP BETWEEN BANK INDONESIA AND THE CENTRAL

BANK WITH THE FINANCIAL SERVICES AUTHORITY (FSA) AFTER THE

TRANSFER OF THE BANKING SUPERVISION FUNCTION
Zulfi Diane Zaini
Fakultas Hukum dan program Magister Hukum Universitas Bandar Lampung dan sebagai Ketua
Pusat Studi Hukum Perbankan-Universitas Bandar Lampung

ABSTRACT
The establishment of the Financial Services Authority (FSA) in order to anticipate the
complexity of the global financial system from the crisis threatend. FSA formation based on
good motivation is to improve the quality of supervision of financial institutions in an
integrated manner, such as: Institute of Banking, Capital Markets, Pension Funds and Non-
Bank Financial Institutions. The presence of the FSA in the development of the finansial
sector in Indonesia is expected to help smooth the activities of financial service institutions,
so that the regulation of financial services activities can be done well, and finaly have a
positive impact for the development of Indonesia’s economy in general. While Bank
Indonesia as the Central Bank is only acted as a regulator of monetary policy to maintain
monetary stability.The problem in this research is: How is the law relationship between the
Financial Services Authority (FSA) with Bank Indonesia as the Central Bank in Indonesia?
The research approach used by using normative juridical approach and empirical approach.
Furthermore, the data used secondary data and primary data, then the data is processed and
analyzed by juridical qualitative describing the problem based on the research and discussion
in the form of explanation or description of a sentence by sentence systematically arranged,
subsequently drawn conclusions deductively to answer the research problems.Conclusion
This study is based on the provisions of Article 69 paragraph (1) letter (a) of Act Number 21
In 2011, states that the task of Bank Indonesia in regulating and supervising banks were
transferred to the FSA is the regulatory and supervisory duties relating to microprudential,
while Bank Indonesia still has the task of macroprudential regulation is related banking. In
this regarding, the task of banking regulation is not fully implemented independently by the
FSA, as microprudential and macroprudential regulation would be highly related.

Keywords: Law Relations; Bank Indonesia and the Financial Services Authority

INTRODUCTION
To carry out its objectives, the bank, among others, invites the public to participate In
increasing economic growth, banks need funds that are not small. Fund what the bank needs
can be generated from the bank's own funds (internal funds) and funds from third parties
(external funds). Funds originating from the bank itself can be in the form of deposits
capital/sales of shares, accumulation of reserves, retained earnings, and others. This fund is
permanent. While funds originating from outside the bank such as checking accounts and
checking accounts, time deposits, certificates of deposit, loans from financial institutions
other banks and institutions non-bank finance, sale of securities (securities) and other sources.
The longer the bank shows its existence in the economic field, the more real the role that the
bank can provide to the community. Society is becoming more and more use the products and
services offered by the bank. People need products and or bank services in order to achieve
their economic interests, as well as banks. Banks need the community so that banks can get
funds which will then be used to finance all bank activities and businesses in order to achieve
the objectives desired by the bank. Banks have a number of obligations that must be carried
out on customers who use the bank's products and or services. It is based on one of the ethical
must be owned by the bank, namely trust (O.P. Simorangkir, 2003: 63) Given the activities of
banking operates with funds from the public on the basis of trust, then every Banks are
expected to maintain public trust. Community trust to the banking world will be maintained if
the banking sector itself is organized and managed with the precautionary principle so that
their health condition is always maintained. Banks are part of the financial system and
payment system of a country, even in In the current era of globalization, banks have also
become part of the financial system and financial system world payments. Given such a
thing, then once a bank obtains a license, is established and operates from the monetary
authority of the country concerned, the bank becomes belonging to the community.
Therefore, its existence must not only be maintained by bank owners itself, but also by
national and global communities. Bank institutions as a financial institution is one of the
supporters of the business world. This is inseparable from the role of the bank itself as a place
where circulation and transactions financial transactions occur and are also a means of
supporting the development of national economy. Bank institutions in carrying out all
activities more prioritizing service quality by providing protection to consumers or its
customers. The forms of protection provided by the bank itself include: guarantees security
for customers, reporting on customers' financial conditions in the form of checking accounts
given to customers as a form of financial report transparency, confidentiality on everything
related to the condition of the customer. The enactment of Law Number 21 of 2011
concerning the Financial Services Authority (which hereinafter referred to as the OJK Law),
shows that Indonesia will shift in applying the supervisory model to its financial industry.
Article 5 of the OJK Law explains that the OJK has the function to administer the OJK
system integrated regulation and supervision of all activities in the service sector finance,
then all of the regulatory and supervisory functions of the current financial sector still
scattered in Bank Indonesia and the Capital Market and Financial Institution Supervisory
Agency (Bapepam-LK) will be integrated into OJK. Article 34 of Law Number 3 of 2004
concerning Amendments to the Law Number 23 of 1999 concerning Bank Indonesia is the
basis for the formation of the OJK in Indonesia as an independent supervisory agency for the
financial services sector. Article 34 of the Law Number 3 of 2004 explains that OJK is
independent in carrying out its duties and his position is outside the government and is
obliged to submit reports to the the Supreme Audit Agency (BPK) and the House of
Representatives (DPR). Furthermore, OJK absolutely was formed to anticipate the
complexity of the global financial system from the threat of a crisis. The formation of OJK is
based on a good motivation, namely to improve the quality of supervision financial
institutions in an integrated manner. The issuance of the Law on the Financial Services
Authority is considered important because the value of assets and transactions in Indonesia's
financial services that are getting bigger and more sophisticated and diverse financial and
investment products in Indonesia. In addition, it prevents the spread of fraud in the financial
industry which is increasingly difficult to detect. Furthermore, for the issuers of the capital
market, The presence of OJK is expected to bridge the interests between Bank Indonesia and
Bank Indonesia Ministry of Finance which on several occasions had problems. But party The
issuer also emphasized that the presence of OJK in the future should not burden the industry
and APBN, in terms of taxes and so on (Wahyu Utomo, 2012:13). The presence of OJK in
The development of the financial sector in Indonesia is expected to help smooth business
activities financial service institutions, so that the regulation of financial service activities can
well covered, which in the end has a positive impact on development economy in Indonesia
in general.

RESEARCH PROBLEM

Based on the description above, the research problems are: How legal relationship between
the Financial Services Authority (OJK) and Bank Indonesia as a Bank Central in Indonesia?
DISCUSSION

Banking institutions are a part and have become this in a system financial institutions in a
country, banking institutions become one of the pillars of economy in a country that must be
supported also by the condition of the financial system the good one. Furthermore, a good
financial system will greatly affect the activities that are carried out carried out by a banking
institution because a good financial system determines competence of a banking institution in
carrying out its business activities as a part of a financial institution. Banks as financial
institutions have differences with Non-Financial Institutions Bank. Non-Bank Financial
Institutions are all entities which through their activities are financial sector to withdraw
money from and channel it to the public (Thomas Suyatno, 1987:12). Included in the
definition of Non-Bank Financial Institution are all entities that carry out activities in the
financial sector, which directly or indirectly raise funds mainly by issuing valuable papers
and distributing them to the public, especially in corporate investments. Furthermore, it is
explained that the Bank is a financial institution that is a place for or-individuals, private
business entities, state-owned enterprises, even government agencies keep their funds.
Through credit activities and various services provided, the bank serves financing needs and
launches the system mechanism payments for all sectors of the economy (Hermansyah, 2013:
7). Article 1 of the OJK Law explains the definition of banking as anything that concerning
banks, including institutions, business activities, as well as events and processes in carry out
conventional and sharia business activities as referred to in Law on banking and Sharia
Banking Law. The law governing banking matters is banking law. This law is a set of legal
rules in the form of jurisprudential legislation, doctrines, and other sources of law, which
regulate banking matters as an institution, and aspects of their daily activities, the signs that
must be met by the bank, the behavior of officers, rights, obligations, duties and
responsibilities of the parties involved in the business banking, what banks can and cannot
do, banking existence, and others related to the banking world (Munir Fuady, 2003: 14).
According to Muhammad Djumhana, the definition of banking law is as a collection of legal
regulations governing the activities of bank financial institutions covering all aspects, in
terms of essence, and existence, as well as its relationship to other areas of life (Muhammad
Jumhana,2000:1). In essence, bank regulation and supervision is intended to increase the
belief of everyone who has an interest in banks, that banks from a financial point of view, it is
classified as healthy, that the bank is managed properly and professionally, as well as in The
bank does not contain aspects that are a threat to the interests of the community who deposit
their funds in the bank. Based on the explanation of Act Number 23 of 1999 concerning Bank
Indonesia's objective to achieve and maintain stability in the value of the rupiah is necessary
supported by three main pillars, namely monetary policy with the principle of prudence, fast
and accurate payments and a sound banking and financial system. Establishing and
implementing monetary policy, Bank Indonesia has the authority to set monetary targets and
exercise monetary control in the prescribed manner in this law. In this regard, Bank Indonesia
implements an exchange rate policy based on the established exchange rate system, managing
foreign exchange reserves to meet foreign obligations, maintain a balance of payments and
can also receive foreign loans. To achieve monetary targets, Bank Indonesia also has a lender
of last refund function. sort and implement program credits that have been approved but have
not been withdrawn. On Basically a lender of last resort is the provision of loan facilities to
banks experiencing liquidity problems and serves to prevent a systemic financial crisis. In
carrying out the lender of last resort function, Bank Indonesia only helps to resolve
discrepancies caused by credit risk or financing risk based on sharia principles, management
risk, and market risk. In accordance with the status of Bank Indonesia as a independent
monetary authority, granting program credit is no longer the duty of the Bank Indonesia. As
stated in Law Number 23 of 1999 concerning Banks Indonesia, which later some of the
articles have been amended and added to the Law Law Number 3 of 2004 and the last
amendment to Law Number 6 of 2004 2009 (hereinafter referred to as the BI Law) and Law
Number 7 of 1992 concerning Banking, some of whose articles have been amended and
added to the Law, Law Number 10 of 1998 (hereinafter referred to as the Banking Law)
Banking regulation and supervision is the authority of Bank Indonesia as a Bank Central, and
then precisely from January 1, 2014 regulation and supervision banking is the authority of the
Financial Services Authority (OJK) as stated mentioned in the OJK Law. The Bank Indonesia
Law mandates the establishment of a Sector Supervisory Agency Banking Services (LPJK)
no later than December 31, 2010, the establishment of the LPJK is the implementation of
Article 34 of Law Number 3 of 2004 concerning Bank Indonesia, including the transfer of
supervisory duties from Bank Indonesia to the institution (Zulfi Diane Zaini,2012:157).
When viewed from the systematics of the Bank Indonesia Act Article 34 of the Law Bank
Indonesia is within the scope of Chapter VI, which is on the task of regulating and
supervising Banks, while the scope of LPJK is not only limited to supervising banks, but also
supervision of other bodies that are not under the authority of the bank Indonesia such as
insurance, pension funds, securities, venture capital, finance companies, and other legal
entities that organize the management of public funds (Zulfi Diane Zaini, 2012:158). In
practice, the Government submits a Draft Law (RUU) on Authority Financial Services (OJK)
which has broader authority than LPJK, which is not solely the authority as mandated in
Article 34 of the Law. Bank Indonesia, but covers all duties of Bank Indonesia related to
regulation and supervision banks as mandated in Article 8 letter (c) of the Bank Indonesia
Law will switch to OJK. Furthermore, the OJK Law has then been promulgated on 22
November 2011. Article 1 Number (1) of the OJK Law explains what is meant by the
Financial Services Authority (OJK) is an independent institution and free from interference
from other parties, which has functions, duties, and authorities of regulation, supervision,
inspection, and investigation as referred to in this Law. Furthermore, Article 7 of the OJK
Law explains the scope of microprudential regulatory and supervisory authority, namely
supervising existing banks in Indonesia is the duty and authority of OJK. Meanwhile, Bank
Indonesia itself will be more responsible for dealing with more macroprudential issues, such
as those related to monetary policy and handling in times of crisis. From this explanation, it
can be concluded that both Bank Indonesia and OJK still have the authority to banking
regulation and supervision. The number of disputes between customers and financial service
institutions became the forerunner of the birth Financial Services Authority (OJK). The Law
on the Financial Services Authority is basically contains provisions regarding the
organization and governance of institutions that have regulatory and supervisory authority for
the financial services sector. Provisions regarding types of financial service products, scope
and limits of activities financial service institutions, qualifications and criteria of financial
service institutions, level of health and prudential arrangements and provisions on supporting
services for the financial services sector and others etc. concerning financial service
transactions are regulated in sectoral laws separate law, namely the Law on Banking, Capital
Market, Insurance Business, Funds Pensions, and other laws and regulations related to the
financial services sector other.

Legal Relationship Between The Financial Services Authority and Bank Indonesia as
The Central Bank

Based on the Banking Law, it is stated that the task of regulating is defined as: coaching
which is an effort to create regulations concerning institutional aspects, ownership,
management, business activities, reporting, and other aspects related to bank operational
activities. With the establishment of OJK, the bank supervision system has been become the
full authority of the OJK, and Bank Indonesia is expected to continue to have discretion
access banking data quickly and accurately. It is very important to support the function of
Bank Indonesia in maintaining the stability of the rupiah currency and as a LoLR (source)
last lender) in order to save the financial system. Bank Indonesia requires adequate
information on financial institutions that systemic, to accelerate the distribution of liquidity,
considering the factors of speed and accuracy in providing assistance to banks facing a
liquidity crisis is very important and interbank payment transactions occur within seconds.
For that with the separation of the bank supervisory function from Bank Indonesia, may have
an impact on the less than optimal role of Bank Indonesia in carrying out its duties as policy
implementer monetary system, payment system, and financial system stability. The formation
of the OJK will have an impact on changes to four laws and regulations invitations related to
insurance, capital market, banking, and the Capital Market Supervisory Agency and other
Financial Institutions. Substantially, the existence of OJK must be able to bridge interests of
any current supervisory regulator.
The duties of the OJK are in accordance with Article 6 of Law Number 21 of 2011
concerning OJK, namely:
Carry out regulatory and supervisory duties on:
a. Financial services activities in the banking sector;
b. Financial services activities in the Capital Market sector;
c. Financial service activities in the insurance sector, pension funds, financial institutions
and other financial service institutions.
Institutionally, OJK is outside the government, which means that OJK does not become part
of the power of the Government. However, it does not rule out the possibility representatives
of the Government because in essence OJK is the authority in the sector financial services
that have strong relationships and linkages with other authorities, in terms of These are the
fiscal authority (Minister of Finance) and the monetary authority (Bank Indonesia). The
concept of establishing a supervisory agency in Indonesia is that the chosen one is full
authority. Supervision authority over banking, capital market, and Non-Financial Institutions
Banks (LKBB) are in one institution, so that the three supervisory authorities, namely the
capital market, banking, and LKBB will merge into one independent authority. It means The
Central Bank only has monetary policy without the authority to supervise banks. In order for
the Central Bank to stay informed about the condition of the bank, the Central Bank
coordinate with the supervisory authority by means of the Central Bank placing officials ex
officio as a member of the Board of Commissioners of the supervisory authority at the same
time as Chief Supervisory Officer (CSO). Currently, it is felt that the need for a one-stop
surveillance system is important, both for financial institutions, banks and LKBB,
considering that many products from LKBB are marketed through banking industry, so that it
will facilitate the inspection. However, the establishment of OJK as a supervisory agency
must be an institution that independent agency is not under the Government, to ensure that
the institution is free from political intervention or interest. The number of cross-sectoral
problems in the service sector finance, which includes moral hazard measures, not yet
optimal protection of service consumers finance, and the disruption of financial system
stability has increasingly prompted the need for establishment of an integrated supervisory
agency in the financial services sector. Supervision is needed because of the potential for
moral hazard (misappropriation/abuse) by economic actors which of course has a negative
impact on the economy. Theory economics shows that moral hazard is caused by the
existence of asymmetric information. Asymmetric information causes two things, namely
moral hazard and adverse selection (select error). Asymmetric information is a condition
where information is not evenly distributed between economic actors ((Zulfi Diane Zaini,
2012:158). In addition, to avoid any conflict of interest, considering that the Government has
the also shares in several banks in Indonesia. In accordance with the mandate of Article 34 of
the Law Bank Indonesia, in order to achieve independence as mandated in the Bank
Indonesia Law, the supervisory agency must be independent, so that must be accountable to
the DPR, not to the President. Separation of supervisory functions banking services from
Bank Indonesia must also be supported by a good legal system to ensure coordination
between banking authorities and monetary authorities. The legal position of the Financial
Services Authority (OJK) is set as an independent institution in carrying out their duties and
authorities, free from interference from other parties, except for certain things that are
regulated firmly in Law Number 21 of 2011. However, although independent, OJK's budget
is sourced from the State Budget and Expenditure Revenue (APBN), and/or fees from service
providers. Elucidation of Article, 34 Number (2) of Law Number 21 of 2011 mandates
independent OJK financing to come from fees from service providers finance, while
financing from the APBN is needed only when the collection is carried out does not meet
OJK operational financing The independence of the OJK is reflected in the leadership of the
OJK. As an individual, the leader OJK has a certain term of office and cannot be dismissed,
unless it fulfills the reasons which is expressly regulated in the OJK Law. Besides, to get a
leader who appropriate, the OJK Law also regulates a selection mechanism that is
transparent, accountable, and involves public participation through a selection committee
whose elements consist of the government, banks Indonesia, and the public in the financial
services sector. Furthermore, as an institution that is independent in carrying out their duties
and their position is outside the government. OJK obliged to submit reports to the Supreme
Audit Agency and the House of Representatives People. Institutionally, OJK is outside the
government, which means that OJK is not part of government power. However, it does not
rule out the existence of elements representative of the Government because in essence OJK
is the authority in the financial services sector which has strong relations and linkages with
other authorities, in this case the fiscal authorities and monetary. Therefore, this institution
involves the representation of elements from both parties the authority on an Ex-officio basis.
The existence of this Ex-officio is intended in the context of coordination, cooperation, and
harmonization of policies in the fiscal, monetary, and financial services sectors. The
existence of Ex-officio is also necessary to ensure the maintenance of national interests in the
framework of global competition and international agreements, the need for coordination, and
exchange of information in order to maintain and maintain financial system stability. Based
on the provisions of Article 34 of the Bank Indonesia Law, there is a division of tasks in
carrying out banking supervision, namely the task of regulating banks is carried out by the
Bank Indonesia, while the task of supervising banks is carried out by LPJK ((Zulfi Diane
Zaini, 2012:158). When viewed from the systematics of the Bank Indonesia Act Article 34 of
the Bank Act Indonesia is within the scope of Chapter VI, namely on the Task of Regulating
and Supervising Banks, while the scope of LPJK is not only limited to supervising banks, it
will but also supervision of other bodies which are not under the authority of Indonesian
banks. such as insurance, pension funds, securities, venture capital, finance companies, and
other legal entities that organize the management of public funds. Article 39 of Law no. 21 of
2011 concerning OJK, stipulates that OJK coordinates with Bank Indonesia in preparing
certain regulations related to supervision in the field of banking. Then, Article 40 of Law no.
21 of 2011 further stipulates that for carry out their functions, duties and authorities, for
example in the context of drafting regulations supervision, Bank Indonesia remains
authorized to conduct examinations on banks by submitting in writing to OJK. To realize
good coordination, cooperation, and harmonization of policies, the Authority Financial
services must be part of the system of administering government affairs which interact well
with other state and government institutions in achieve the goals and ideals of Indonesian
independence as stated in the State constitution Unitary Republic of Indonesia. In order to
maintain financial sector stability, OJK is required to coordinate with Banks Indonesia, the
Ministry of Finance, and the Deposit Insurance Corporation. Inter-agency coordination This
is done, of course, to support and realize the financial sector system stable and sustainable.
Transfer to the regulation and supervision of activities banking services from Bank Indonesia
to the OJK certainly creates a legal relationship, cooperation, as well as coordination between
institutions, in this case the OJK as the supervisory authority with Bank Indonesia as the
central bank. Furthermore, Article 69 paragraph (1) letter (a) of Law no. 21 of 2011 confirms
that the duties of the Bank Indonesia in regulating and supervising banks that are transferred
to the OJK is a regulatory task and supervision related to microprudential, while Bank
Indonesia still has banking regulatory tasks related to macroprudential. In this regard, it is
clear that banking regulatory tasks are not fully carried out independently by the OJK,
because microprudential and macroprudential settings will be closely related. It can be
explained that after all, Bank Indonesia as the Central Bank, where before the issuance of the
OJK Law and the transfer of bank supervision functions at the end of December In 2013,
Bank Indonesia still carried out and carried out the task of regulating and bank supervision
and have a longer time in regulating and supervising banking so that regulatory input
submitted by Bank Indonesia will have a great influence in the arrangements made by the
OJK. In addition, legal relations that occur between OJK and other Bank Indonesia may seen
in Article 41 paragraph (2) of Law no. 21 of 2011, where OJK informs Bank Indonesia to
take the necessary steps related to difficulties liquidity or deteriorating health of the bank. As
for what is meant by steps This step is the provision of short-term financing facilities in
carrying out the functions of Bank Indonesia as “lender of the last resort” (LoLR) (Fransiska
Ari Indrawati, 2012) Based on this, if the bank experiences liquidity problems or worsens,
bank's health, then Bank Indonesia can provide credit to banks with guarantees high quality
collateral and easy to liquidate. Thus, it cannot be denied that The existence of Bank
Indonesia as LoLR is still very much needed in the banking sector and the OJK later it will
still depend on Bank Indonesia, especially those related to financial bank rescue. It can be
analyzed that the independence of the OJK institutionally in carrying out its duties and its
authority, especially in the banking sector, must be implemented more optimally. mall,
because there is still a very close relationship between OJK and Bank Indonesia. This,
although banking supervision has shifted to the OJK as an institution, supervision, but Bank
Indonesia still has the authority and access to data and information from banking institutions.
Therefore, the Bank Indonesia Act need to be amended, particularly in relation to (1) the
obligation of banks to submit reports to Bank Indonesia related to the smooth implementation
of duties in the field of policy monetary, payment system, and financial system stability, (2)
regulation of the functions of the Indonesia in the field of financial system stability, including
the authority to monitor (surveillance), examine banks in the context of carrying out
monetary, payment system and stability tasks financial system. What is meant by integrated
is that the system built by OJK, Bank Indonesia and the Deposit Insurance Corporation are
connected to each other, so that institutions can exchange information and access banking
information they need moment. This information includes general and specific information
about banks, bank financial statements, report on the results of bank inspections conducted by
Bank Indonesia, the Indonesian Guarantee Agency Deposits, or by OJK, and other
information while maintaining and taking into account confidentiality of information in
accordance with the provisions of the legislation. Regarding OJK coordination protocols with
other institutions, to maintain system stability financial system, a Financial System Stability
Coordination Forum was formed with members consisting of Minister of Finance, Governor
of Bank Indonesia, Chairman of the OJK Board of Commissioners, and Chairman of the
Board Commissioner of the Deposit Insurance Corporation, each of whom represents an
institution that the decision-making process in the Financial System Stability Coordination
Forum meeting is based on deliberation for consensus, the decisions taken are binding on all
members of the forum.
Article 45 number (1) of the OJK Law explains the actions taken by the Forum Coordination
of Financial System Stability under normal conditions, among others:
a. Obligation to monitor and evaluate financial stability.
b. Conduct meetings at least 1 (one) time in 3 (three) months.
c. Make recommendations to each member to take action and/or makepolicies in order to
maintain financial system stability.
d. Conduct information exchange.

Furthermore, under abnormal conditions for crisis prevention and handling, Minister Finance,
Governor of Bank Indonesia, Chairman of the OJK Board of Commissioners, and Chairman
of the Board Commissioner of the Deposit Insurance Corporation who indicates a potential
crisis or has there is a crisis in the financial system, each can submit to the Coordination
Forum Financial System Stability to immediately hold a meeting to decide steps crisis
prevention or management. The Financial System Stability Coordination Forum establishes
and implements policies that needed in the context of preventing and handling crises in the
financial system in accordance with respective powers. Furthermore, the crisis in the financial
system is the condition of the system financial institutions that have failed to carry out their
functions and roles effectively in the economy as indicated by the deterioration of various
economic and financial indicators among others in the form of liquidity difficulties, solvency
problems, and/or decreased confidence public to the financial system. Regarding the
settlement and handling of failed banks which are suspected to have a systemic impact by
The Financial System Stability Coordination Forum is submitted to the Deposit Insurance
Corporation. As for what is meant by a failed bank in this case, it is a bank that is
experiencing difficulties finances and endanger the continuity of his business and is declared
no longer in good health by OJK in accordance with the authority it has. If it is related to
Article 5 of Law Number 24 of 2004 concerning Institutions, Deposit Insurance Corporation
regarding the function of the Deposit Insurance Corporation in order to be active in
maintaining the stability of the banking system, among others:
a. Formulate and establish policies in order to actively participate in maintaining system
stability banking.
b. Formulate, stipulate, and implement a failed bank settlement policy (resort bank) lution)
which does not have a systemic impact. IDIC formulates and establishes policies that
necessary for the implementation of the settlement of failed banks that do not have a systemic
impact by LPP as a bank that can no longer be rehabilitated in accordance with the authority
it has. What is meant by failed banks or in banking terms called Bank Resolution is rescuing
failed banks, or not rescuing failed banks.
c. Carry out the handling of failed banks that have a systemic impact.

Referring to the above provisions, it can be seen that the authority related to the regulation
and supervision of institutional and bank soundness including licensing, activities business,
liquidity, profitability, solvency, asset quality, minimum capital adequacy ratio, limit
maximum lending, loan-to-deposit ratio, bank planning, etc. others who have turned to the
OJK, become a reference in determining the implementation of the settlement failed bank.
All provisions and policies carried out in the settlement of the bank fail, in this case
determine whether the bank can be said to be a failed bank is the responsibility and authority
from OJK in coordination with the Financial System Stability Coordination Forum which can
then be carried out by the IDIC, whether it's saving or not save a failed bank. The
establishment of a supervisory authority must be a solution to financial system problems so
far, not the other way around, it has become a new problem. Nowadays, development
financial institutions are very fast and make problems in the financial system increasingly
difficult complex because of the increasingly integrated sub-systems of the money market,
capital market, stock market, commodity markets, along with their product derivatives, all of
these require regulatory agencies that reliable, transparent, accountable (accountable), and
credible (trusted). The concept for the future, by learning from the experience of the Century
Bank case as a lesson valuable, experiences during the 1997-1998 monetary crisis, and the
global financial crisis that undermine the world's leading financial institutions, as well as the
experience of developed countries In overcoming the financial crisis, what must be done is to
respond to the problem crisis faced because in the future what is needed is strengthening
coordination, not just take over the task of supervising the existing bank which is still not
effective to maintain the continuity of the individual bank's business or respond to crisis
prevention or minimize the impact of the crisis. The financial sector, especially banking, can
be likened to the heart organ in the body. so that if banking is disrupted, other organs of the
body can also be disturbed. As it is known that for the medium and long term, banking
dominate the financial system in Indonesia, while conglomerates or universal banking is the
beginning of the consideration of the establishment of the OJK to become irrelevant, because
conglomeration or universal banking has not developed in Indonesia. Furthermore,
coordination between regulation and supervision, banking and monetary authorities with
fiscal authorities to strengthen early detection of market directions and trends Finance is also
very important. It can be seen from the journey of Bank Indonesia after the issuance of Law
no. 23 of 1999 concerning an independent Bank Indonesia, that bank supervision carried out
by Bank Indonesia is currently more effective than before independence Bank Indonesia, so
that in recent years the banking system has become more stable with tendency to strengthen.
Currently, Bank Indonesia has implemented regular bank supervision consolidation. For this
reason, the integration of financial services supervision is currently needed in order to
increasing the effectiveness of financial services supervision, because it will strengthen the
formulation and controlling monetary policy and strengthening macroeconomic stability. In
addition, if seen from readiness, Bank Indonesia already has adequate infrastructure to
supervision of financial service institutions.
CONCLUSION

The formation of the OJK will have an impact on changes to four laws and regulations
invitations related to insurance, capital market, banking, and the Capital Market Supervisory
Agency and other Financial Institutions. Substantially, the existence of OJK must be able to
bridge interests of every supervisory regulator in Indonesia. Institutionally, OJK is in outside
the government, which means that OJK is not part of the power Government. However, it
does not rule out the existence of representative elements Government because in essence
OJK is an authority in the financial services sector that have strong coordination and linkages
with other authorities, in terms of These are the fiscal authority (Minister of Finance) and the
monetary authority (Bank Indonesia). Independence OJK institutionally in carrying out its
duties and authorities, particularly in the banking sector must be implemented more
optimally, because there is still a relationship between very close relationship between OJK
and Bank Indonesia. Thus even though surveillance banks have turned to OJK as a
supervisory agency, but Bank Indonesia continue to have the authority and access to data and
information from institutions banking. For this reason, the financial system integration
system in Indonesia can run smoothly maximum capacity based on a clear legal framework
and effective regulation.

Indonesian translation:
Pembentukan OJK akan berdampak pada perubahan atas empat peraturan perundang-
undangan terkait dengan asuransi, pasar modal, perbankan, serta Badan Pengawas Pasar
Modal dan Lembaga Keuangan lainnya. Secara substansi keberadaan OJK harus dapat
menjembatani kepentingan setiap regulator pengawasan di Indonesia. Secara kelembagaan,
OJK berada di luar Pemerintah, yang dapat diartikan bahwa OJK tidak menjadi bagian dari
kekuasaannPemerintah. Akan tetapi tidak menutup kemungkinan adanya unsur-unsur
perwakilan Pemerintah karena pada hakikatnya OJK merupakan otoritas di sektor jasa
keuangan yang mempunyai hubungan koordinasi dan keterkaitan yang kuat dengan otoritas
lain, dalam hal ini otoritas fiskal (Menteri Keuangan) dan otoritas moneter (Bank Indonesia).
Independensi OJK secara kelembagaan dalam melaksanakan tugas dan kewenangannya,
khususnya dalam sektor perbankan harus dilaksanakan dengan lebih optimal, karena masih
terdapat hubungan yang sangat erat antara OJK dengan Bank Indonesia. Dengan demikian
meskipun pengawasan perbankan telah beralih kepada OJK sebaga lembaga pengawasan,
namun Bank Indonesia tetap memiliki kewenangan dan akses terhadap data dan informasi
dari lembaga-lembaga perbankan. Untuk itu sistem integrasi sistem keuangan di Indonesia
dapat berjalan dengan maksimal yang didasarkan pada legal framework yang jelas dan
regulasi yang efektif.
BIBLIOGRAPHY
Books:
Abdulkadir Muhammad, Hukum dan Penelitian Hukum, PT. Citra Aditya Bakti, Bandung,
2004.
______dan Rilda Murniati, Lembaga Keuangan dan Pembiayaan, PT Citra Aditya Bakti,
Bandung, 2004. Hasanuddin Rahman, Aspek Hukum Pemberian Kredit Perbankan Indonesia,
PT. Citra Aditya Bakti,
Bandung, 1998 Hermansyah, Hukum Perbankan Nasional Indonesia, Ditinjau Menurut
Undang-
Undang Nomor 7 Tahun 1992 Tentang Perbankan Sebagaimana Telah Diubah Dengan
Undang-Undang
Nomor 10 Tahun 1998, dan Undang- Undang Nomor 23 Tahun 1999 junto Undang-Undang
Nomor
3 Tahun 2004 Tentang Bank Indonesia serta Undang-Undang Nomor 21 Tahun 2011 Tentang
Otoritas
Jasa Keuangan (OJK),, Kencana Prenada Media Grup, Jakarta, 20013.
Kasmir, Dasar-Dasar Perbankan, PT Raja Grafindo Persada, Jakarta, 2002.
Malayu S.P. Hasibuan, Dasa-Dasar Perbankan, PT Bumi Aksara, Jakarta, 2001.
Masyhud Ali, Restrukturisasi Perbankan Dan Dunia Usaha, PT Elex Media Komputindo,
2002.
Muhammad Djumhana, Hukum Perbankan di Indonesia, PT. Citra Aditya Bakti,Bandung,
2000.
____, Asas-Asas Hukum Perbankan Indonesia, PT Citra Aditya Bakti, Bandung, 2008.
Munir Fuady, Hukum Perbankan Modern, PT. Citra Aditya Bakti, Jakarta, 2003.
O.P. Simorangkir, Etik dan Moral Perbankan, Rineka Cipta, Jakarta, 2003.
---____, Seluk Beluk Bank Komersial, Perbanas, Jakarta, 1998.
Rachmadi Usman, Aspek-Aspek Hukukm Perbankan Di Indonesia, PT Gramedia Pustaka
Utama, Jakarta, 2003
Soerjono Soekanto, Pengantar Penelitian Hukum, Rineka Cipta, Jakarta, 1983.
Sri Mamudji, et.al., Metode Penulisan dan Penelitian Hukum, Badan Penerbit Alumni,Depok,
2005.
Thomas Suyatno, dkk, Kelembagaan Perbankan, PT Gramedia Pustaka Utama,Jakarta, 1987
Zulfi Diane Zaini, Independensi Bank Indonesia dan Penyelesaian Bank Bermasalah, CV
Keni Media, Bandung, 2012
Other law and regulations:
Undang Undang Dasar 1945
Undang-Undang Nomor 7 Tahun 1992 sebagaimana telah diubah dan ditambah dengan
Undang-Undang Nomor 10 Tahun 1998 tentang Perbankan.
Undang-Undang Nomor 23 Tahun 1999 sebagaimana telah diubah dan ditambah dengan
Undang-Undang Nomor 3 Tahun 2004 dan terakhir Undang-Undang Nomor 6 tahun 2009
Tentang Bank Indonesia (BI).
Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan.
Undang-Undang Nomor 24 Tahun 2004 sebagaimana telah diubah dan ditambah dengan
Undang-Undang Nomor 7 Tahun 2009 Tentang Lembaga Penjamin Simpanan.

Other sources
http://angelinasinaga.wordpress.com/category/law/hukum-perbankan/, diunduh
pada hari selasa, tanggal 17 September 2013, jam 07.30 WIB
http://id.wikipedia.org/wiki/Bank, diunduh pada hari kamis, tanggal 19 September, pukul
20.00 WIB
http://www.imq21.com/news/read/44067/20111031/112218/OJK-dan-Stabilitas-Sistem-
Keuangan-Nasional.html, diunduh pada hari selasa, tanggal 17 September 2013, pukul 08.15
WIB
Otoritas Jasa Keuangan, Laporan Triwulanan Otoritas Jasa Keuangan Triwulan III Tahun
2013
Wahyu Utomo, “OJK Bagian Reformasi Ekonomi Indonesia”, artikel dan Jurnal Nasional, 26
Januari 2012.