Optimization of Subrogation Rights Settlement
Jakarta – Perum Jamkrindo, in collaboration with PT Bank Tabungan Negara (Persero) Tbk, has signed a Memorandum of Understanding (MoU) to optimize the settlement of subrogation rights in relation to the guarantee agreement for homeownership credit (KPR). Alongside this, a new subsidiary focused on property asset management has been established by PT Jamkrindo Syariah (a subsidiary of Perum Jamkrindo), in partnership with YKP BTN and Dapen BTN.
The MoU was signed at PT BTN’s office on Tuesday, May 23, 2017, by BTN's CEO Maryono and Perum Jamkrindo's CEO Diding S. Anwar, accompanied by the Director of Guarantee Business Bakti Prasetyo, the Director of Operations and Network R. Sophia Alizsa, and the Director of Finance, Investment, and Risk Management I. Rusdonobanu. Also present were the CEO of PT Jamkrindo Syariah, Kadar Wisnuwarman, and the Chairman of PT BTN’s Welfare Foundation, Viator Simbolon, along with the CEO of BTN Pension Fund, Saut Pardede.
CEO of Perum Jamkrindo, Diding S. Anwar, stated that Perum Jamkrindo and PT Jamkrindo Syariah are already synergizing with PT BTN in the guarantee of credits, including the Sejahtera Home Ownership Credit (KPR) guarantee, which has a 100% guarantee coverage.
In order to further optimize this collaboration, Perum Jamkrindo and PT BTN (Persero) Tbk. have signed an MoU to settle subrogation rights on problematic credits at PT BTN, which involves the optimization of subrogation rights settlement for the guarantee agreement of home ownership credits (KPR).
"In the case of problematic credits, PT BTN will file a claim to Perum Jamkrindo or PT Jamkrindo Syariah, which will be paid according to the terms specified in the new cooperation agreement," said Diding.
Furthermore, with the claim payment, the debtor’s receivables will transfer to become subrogation receivables for Perum Jamkrindo or PT Jamkrindo Syariah.
"The guaranteed credit has collateral in the form of property, which is a very potential recovery source for both parties," Diding added.
Asset Management Company
Diding explained that to further optimize the existing synergy, Perum Jamkrindo and Bank BTN have also collaborated to form an asset management company through a partnership between PT Jamkrindo Syariah and the BTN Welfare Foundation and BTN Pension Fund.
"At the right time, this company could potentially be upgraded to a BUMN subsidiary," he said.
According to him, the asset management company has a large and very potential market sourced from subrogation receivables of Perum Jamkrindo, either from KPR credit guarantee claims from PT Bank BTN (Persero) Tbk. or other financial institutions with property collateral.
Moreover, it could also manage NPLs (Non-Performing Loans) from PT Bank BTN (Persero) Tbk., and potentially other banks or financial institutions, as well as subrogation receivables from Perum Jamkrindo, both from existing and future cooperation agreements.
“The establishment of this property asset management company is expected to increase assets through dividend receipts, create new businesses, create employment, and optimize the selling price of assets through renovations so that they are more feasible, attractive, and ready for prospective buyers,” he said.
From a demand side, the creation of a property marketplace in collaboration with Digital Sales Agents (Aggregators) is also possible, offering ready-to-move-in homes through cooperation with other financial institutions or asset management companies, or as an alternative source for meeting the target of providing 1 million homes to meet the basic needs of society.
As of April 2017, Perum Jamkrindo’s total subrogation receivables reached IDR 5.9 trillion, with IDR 246.9 billion of this figure being from PT Bank BTN. Meanwhile, the total guarantee volume for Perum Jamkrindo at PT Bank BTN (Persero) Tbk. reached IDR 39.4 trillion by May 2017. For PT Jamkrindo Syariah, the guarantee volume at Bank BTN reached IDR 949 billion.
Perum Jamkrindo is the sole state-owned enterprise tasked with providing guarantees for People’s Business Credit (KUR) as stipulated in Law No. 1/2016 on Guarantees. Additionally, Perum Jamkrindo is assigned as the implementing agency for warehouse receipt guarantee (LPP-SRG) as mandated by Government Regulation No. 1 of 2016, with the task of protecting the rights of warehouse receipt holders and/or recipients of guarantee rights in the event of failure, incapacity, or bankruptcy of warehouse managers in fulfilling their obligations.