After launching with great fanfare its credit assets sales program (PPAK) in late July this year, the Indonesian Bank Restructuring Agency (IBRA) reminds us of a bureaucracy that is immune to criticisms and the "barking" of watchdogs. IBRA has become so resistant that even the harshest criticism failed to have this highly controversial program amended or improved.

First, IBRA refuses to budge from its conviction that the highe