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| Press Release |
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| PIDM releases its 2008 Annual Report |
21/05/2009
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Kuala Lumpur, 21 May 2009: Perbadanan Insurans Deposit Malaysia (PIDM) today released its Annual Report 2008 highlighting significant milestones towards fulfilling its mandate as the national deposit insurer.
“Since our establishment in 2005, we have been focusing on building the necessary foundations to enable us to meet our mandate of providing deposit insurance protection and contributing to financial stability,” said Mr. Jean Pierre Sabourin, Chief Executive Officer of PIDM.
“In 2008, PIDM took steps to enhance its operational readiness, including the development of a payout system and the implementation of its comprehensive intervention and resolution framework,” he said at a press conference in conjunction with the release of the Annual Report. A copy of the Report is available at PIDM’s website in Bahasa Malaysia, English, Chinese and Tamil.
Other key achievements during the year included providing incentives for banks to have sound risk management systems with the implementation of the Differential Premium Systems, issuance of its Terms and Conditions of Membership Regulations 2008 for member institutions, and implementation of its Risk Assessment and Monitoring System. PIDM has also progressed on a number of specific initiatives to promote best practices in governance.
“PIDM is on track towards being recognised as a well governed and well managed organisation. Towards this end, we are honoured to be awarded a “Certificate of Merit” by the National Annual Corporate Report Awards (NACRA) for the quality of our Annual Report 2007. We also received a top rating from the Auditor General’s Office resulting from a management audit,” Sabourin remarked.
“Our achievements are also recognised internationally namely with our nomination for the award of the Deposit Insurer of the Year by the International Association of Deposit Insurers (IADI), together with the Federal Deposit Insurance Corporation in USA. In the area of Islamic deposit insurance, PIDM led and chaired the formation of the Islamic Deposit Insurance Group (IDIG) under IADI as well as hosted an international Islamic deposit insurance seminar in 2008,” added Sabourin.
As for its plans moving forward, the PIDM Corporate Plan 2009 – 2011 sets out the Corporation’s strategic direction, objectives, goals and initiatives. The Corporate Plan also identifies the corporate key performance indicators under which it will be assessed against.
For 2009, PIDM will focus on intensifying its risk assessment and monitoring, developing its capacity to handle intervention and failure resolutions, expanding communications efforts to promote public confidence in the financial system and developing its human capital to ensure a continuing sustainable and high performance organisation.
In 2008, PIDM recorded total revenues of RM98.5 million, comprising RM90.0 million in premiums and RM8.5 million in investment income. Its operating expenditures totalled RM34.5 million resulting in a surplus of RM64.0 million. PIDM’s Conventional and Islamic Deposit Insurance Funds stood at RM243.0 million and RM32.3 million respectively as at the end of 2008.
The role of PIDM was also expanded with the announcement of the Government Deposit Guarantee on 16 October 2008 consistent with regional initiatives to preserve confidence in respective financial systems. Under this Guarantee, all ringgit and foreign currency deposits held in all the 22 commercial banks, 17 Islamic banks, 15 investment banks, three international Islamic banks and five deposit-taking development financial institutions regulated by Bank Negara Malaysia are fully guaranteed by the Government through PIDM until 31 December 2010.
“Public awareness and education continue to be a major focus of PIDM as accurate public understanding of deposit insurance protection contributes to greater confidence in the financial system. During the year, we continued implementing our multi-year Integrated Communications Plan. The level of consumer awareness of deposit insurance showed a significant increase to 27% as at the end of 2008 from 15% in 2007 while awareness of PIDM has increased to 32% from just 12% in 2007,” commented Sabourin.
Earlier last week, PIDM launched its latest public awareness campaign in conjunction with the International Deposit Insurance Week, during which it launched its new advertisements for 2009, revamped website and new public information brochures. The new information brochures are available at all member banks and guaranteed financial institutions’ branches.
For more information about this press release, kindly contact:
S.Loganathan, General Manager, Communications and Public Affairs Division
(Tel: 03-2173 7455; Email: loga@pidm.gov.my)
Sarina Ariffin, Manager, Communications and Public Affairs Division
(Tel: 03-2173 7457; Email: sarina@pidm.gov.my)
ABOUT PIDM
PIDM administers the statutory deposit insurance system in Malaysia that provides protection – automatically – on all ringgit and foreign currency deposits with commercial banks, Islamic banks, investment banks, international Islamic banks and deposit-taking development financial institutions regulated by Bank Negara Malaysia.
For further information:
- Call 1-800-88-1266, 8.30am to 5.30pm on Monday – Friday (excluding public holidays)
- Email: info@pidm.gov.my
- Visit: www.pidm.gov.my
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