Risk Assessment of KIK-EBA (Kontrak Investasi Kolektif - Efek Beragun Aset) Structure, Case Study in Bank BTN
| Main Author: | Sandikala, Lalu Dzar Yathrib; Universitas Bakrie |
|---|---|
| Other Authors: | Bank BTN |
| Format: | Article application/pdf eJournal |
| Bahasa: | eng |
| Terbitan: |
Universitas Bakrie
, 2015
|
| Online Access: |
http://journal.bakrie.ac.id/index.php/jurnal_ilmiah_ub/article/view/1446 |
Daftar Isi:
- Studi kasus ini bertujuan untuk mengetahui dan mengases risiko yang ada pada proses struktur pengadaan KIK-EBA (Kontrak Investasi Kolektif – Efek Beragun Aset) serta mengases KIK-EBA sebagai alternatif penyediaan dana bagi Bank BTN. Studi kasus ini menjadi penting karena adanya masalah backlog perumahan di Indonesia yang jumlahnya sudah terlampau besar dibandingkan dengan jumlah pinjaman yang diberikan di pasar primer. Selain itu, pendanaan yang dilakukan oleh Bank BTN lebih condong pada dana pihak ketiga (DPK) sehingga terjadi mismatch antara pendanaan jangka pendek dipergunakan untuk pinjaman jangka panjang. Pembahasan yang digunakan dalam studi kasus ini didasarkan pada 3 (tiga) risiko fundamental pembiayaan perumahan yaitu likuiditas, kredit, dan suku bunga (Mints, 2007). Membandingkan struktur KIK-EBA yang sekarang digunakan dengan struktur pembiayaan MBS (Mints, 2007). Hasil dari studi kasus ini mengindikasikan bahwa struktur KIK-EBA dapat dioptimalkan dalam 3 (tiga) risiko fundamental (Mints, 2007). Sehingga diperlukan suatu mekanisme Credit Enhancement yang lebih lanjut, sebagai contoh yaitu peran negara sebagai Credit Enhancer pada struktur pembiayaan perumahan KIK-EBA. Selain itu, sekuritisasi aset terbukti dapat membantu Bank BTN dalam memperbaiki posisi finansialnya. Kata Kunci: Pembiayaan perumahan, KIK-EBA, Bank BTN, Backlog This case study aims to understand and to assess the risks that arise within the procurement structure of KIK-EBA (Kontrak Investasi Kolektif – Efek Beragun Aset) as well to assess the KIK-EBA as Bank BTN’s funding alternative. This case study became important because of the housing backlog problem in which its amount has exceeded the amount of lending done in the primary market. Moreover, the funding conducted by Bank BTN is leaned towards the third-party fund which causes a mismatch between short-term funding for long-term lending. This case study follows the housing finance structure based on 3 (three) fundamental risks of housing finance, those are liquidity, credit (default), and interest rate (Mints, 2007).Comparing the current housing finance structure of KIK-EBA to the MBS structure (Mints, 2007). The result of this case study indicates that the KIK-EBA structure can be optimized within 3 (three) fundamental risks (Mints, 2007). A further Credit Enhancement mechanism is needed, presumably the state as a back-up guarantor in the KIK-EBA structure. Moreover, the asset securitization does help Bank BTN in fixing their financial position. Key Word: Housing finance, KIK-EBA, Bank BTN, Backlog BIBLIOGRAPHY... ... ... Data Indeks Harga Properti Residensial di Pasar Primer Quartal I Tahun 2015. Jakarta: Bank Indonesia ... ... ... 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