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| Press Release |
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| PIDM rewards winners of contest on deposit insurance |
12/11/2008
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Kuala Lumpur, 12 November 2008: Perbadanan Insurans Deposit Malaysia (PIDM) today presented prizes to the winners of its recent “PIDM & You Contest”, which was held to promote awareness among Malaysians on deposit insurance and PIDM’s role as the national deposit insurer.
At the ceremony, Puan Norpisah binti Abd Manap was announced as the Grand Prize winner and received a cheque for RM25,000 from PIDM Chief Executive Officer, Jean Pierre Sabourin. A total of 25 other participants won prizes ranging from RM500 to RM2,000 each.
“The contest, which ran from 14 July to 31 August 2008, was part of PIDM’s efforts to educate Malaysians about deposit insurance and we are delighted with the overwhelming response we received from the public. We believe that the contest successfully generated interest among Malaysians about deposit insurance and encouraged them to find out more about PIDM and its role as the national deposit insurer,” said Sabourin.
Creating awareness about deposit insurance is part of PIDM’s mandate to promote and contribute to the stability of the Malaysian financial system. In line with this, PIDM undertakes many public awareness and education initiatives such as public talks, roadshows and exhibitions, as well as various media advertisements about deposit insurance to reach out to the Malaysian public.
“Awareness of deposit insurance and the protection PIDM provides to depositors is important as it promotes public confidence in the banking system and creates informed financial consumers,” added Sabourin.
With the recent announcement of the Government Deposit Guarantee, PIDM now fully protects guaranteed deposits held in commercial, Islamic and investment banks, international Islamic banks and deposit-taking development financial institutions regulated by Bank Negara Malaysia. This is a pre-emptive and precautionary measure, consistent with measures taken by neighbouring jurisdictions, to maintain financial stability.
The Government Deposit Guarantee supersedes the previous coverage limit of up to RM60,000 per depositor per member bank, and will be in place until 31 December 2010.
The contest was open to all Malaysians aged 18 years and above. Participants were required to answer four multiple-choice questions on deposit insurance and submit their entries via short message service (SMS), online or by submitting contest forms published in various newspapers.
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For more information about this press release, kindly contact :
S.Loganathan, General Manager, Communications and Public Affairs Division
(Tel : 03-2173 7455)
Sarina Ariffin, Manager, Communications and Public Affairs Division
(Tel: 03-2173 7457)
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ABOUT PIDM
PIDM administers the statutory deposit insurance system in Malaysia that provides protection – automatically – on all ringgit and foreign currency deposits with commercial, Islamic and investment banks, international Islamic banks and deposit-taking development financial institutions regulated by Bank Negara Malaysia. For further information:
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