Indonesia's Bank Mandiri has been tied to securitizing bad loans in the past week. The state-owned bank - Indonesia's biggest in terms of assets - is exploring securitization and asset sales among other efforts to bring its non-performing loan ratio in line with the 5% level stipulated by the Central Bank.

At the end of 2005, Mandiri's official net NPL ratio hit 7.49%, approximately $900 million. However, when factoring in distressed loans -those that have not been written off completely -analysts say the figure could be over three times that amount.

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