Indonesia's big banks told to submit plans for coping with crisis

Jakarta

INDONESIA'S biggest banks must write up plans for recovering from potential insolvency, a measure to ensure that the authorities do not have to bail them out, the banking regulator said on Wednesday.

Muliaman Hadad, chairman of the Financial Services Authority (OJK) told a parliamentary hearing that all "systemically important banks" - which he did not define - had to file internal recovery plans to his agency by year-end. He declined a request to provide a list of what banks are deemed "systemically important".