"There were serious concerns at the beginning of the year that the company would cease to operate, but this management buyout should guarantee the future of the business for years to come, " he said.
However, a number of member states have rejected these proposals, saying that there should be no new laws on guarantee schemes until separate legislation on bank crisis management is finalised.
Regulatory pressures have failed to guarantee ethical behavior and social responsibility in corporate America, and efforts at self-management have fallen short time and again.
The Indonesian Bank Restructuring Agency (IBRA) took over BCA's management on May 28 and assured everyone that the new government of President Bacharuddin Jusuf Habibie will continue to guarantee all bank deposits.