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- W288072188 abstract "The microbanking units of BRI, with a savings portfolio of $5.9 billion and a loan portfolio of $3.9 billion (2008), are a heavyweight in microfinance. Crisis has played a crucial role in their evolution. Just as BRI, the bank of which they are a part, owes its origin to globalization and the resulting crises during the second half of the 19 th century, so do the microbanking units. They were created in 1969, under conditions of abundant oil revenues, as a policy instrument for channeling subsidized credit to agricultural priority sector, following the dominant paradigm at the time. When the global tide turned and the oil price fell in 1982, the Government was no longer able to maintain the drain on its resources from the losses of the units. Confronted with the options of closing or reforming the village units as they were called, the new management opted for the latter. Autonomy, self-reliance, profitability and national outreach were the core principles on which the new units were founded. Within a few years they started generating ever-increasing profits and surplus liquidity. When the Asian financial crisis hit and the Indonesian banking sector collapsed, the units proved resilient. Safe deposits with positive real returns throughout the years and easy access to repeat loans for any purpose at market rates of interest combined with powerful incentives to clients and staff had made the units the most trusted local financial institutions in a large country with numerous competitors. When other institutions folded up under bank runs and mounting default rates, the units collected vast amounts of additional deposits, and their customers continued to repay their loans. Profitability remained high. BRI was one of the insolvent banks, pulled down by the dead weight of its corporate portfolio. The Government’s decision to restructure, rather than merging it with other defunct state banks, was to a considerable extent due to the outstanding performance of the unit system throughout the crisis as well as its international reputation. Nowhere else than during that crisis, aggravated by drought and the downfall of the political regime, have the strength and resilience of savings-, profit- and outreach-driven microfinance institutions been more apparent." @default.
- W288072188 created "2016-06-24" @default.
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- W288072188 date "2009-01-01" @default.
- W288072188 modified "2023-09-24" @default.
- W288072188 title "Growth and Resilience of Savings-based Microfinance Institutions: The Case of the Microbanking Units of Bank Rakyat Indonesia" @default.
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