Legal Protection Of Bank Customers Through The Deposit Insurance Corporation (Lps): A Normative Analysis Of Deposit Guarantee Regulation In Indonesia
Keywords:
legal protection; deposit insurance corporation; bank customer; deposit guarantee; legal certaintyAbstract
The stability of the banking sector is closely tied to public trust, which in turn depends on legal certainty in the regulation and supervision of banks, including the guarantee of customer deposits. Indonesia experienced this reality first-hand during the 1997–1998 monetary crisis, when the collapse of public confidence forced the government to issue a blanket guarantee that later proved fiscally unsustainable and prone to moral hazard. This condition led to the enactment of Law No. 24 of 2004 concerning the Deposit Insurance Corporation (Lembaga Penjamin Simpanan/LPS), later reinforced by Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector. This article addresses two problems: first, the form of legal protection provided to bank customers by the LPS, and second, the regulation of the maximum value of guaranteed deposits. Using normative legal research with statutory and conceptual approaches, this study finds that LPS protection operates through both implicit protection (prudential supervision and regulation of banking operations) and explicit protection (a dedicated deposit guarantee scheme subject to the “3T” requirements: recorded, non-excessive interest rate, and no unlawful act causing loss to the bank). The study also finds a normative inconsistency between Article 11(1) of Law No. 24 of 2004, which sets the guarantee ceiling at Rp100,000,000, and Government Regulation No. 66 of 2008, which raised it to Rp2,000,000,000 without amending the parent law. Based on the principle of lex superior derogat legi inferiori, this inconsistency creates a degree of legal uncertainty that should be resolved through a formal amendment of the Law itself. The article concludes that while the LPS has substantially strengthened depositor protection and financial system stability in Indonesia, harmonization of the guarantee-ceiling provisions is necessary to ensure full legal certainty for depositors.
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