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| 10/03/2006 |
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KUALA LUMPUR, March 10: Perbadanan Insurans Deposit Malaysia (PIDM), or Malaysia Deposit Insurance Corporation (MDIC), is going all out to ensure depositors are fully aware of the benefits of deposit insurance.
PIDM Chief Executive Officer Jean Pierre (J.P.) Sabourin said the statutory body has multiple channels of disseminating such information to depositors, the latest being a dedicated website launched today.
The website – www.pidm.gov.my – has all relevant information on the deposit insurance system as well as an interactive question-and-answer function. It is available in Bahasa Malaysia, English, Mandarin and Tamil.
“PIDM’s role is to provide depositors with an unequivocal upfront guarantee that you will be repaid in a timely manner if a bank should fail. The public can rest assured that we have the ability and capacity to fulfill our promise,” said Sabourin.
PIDM aims to bolster further confidence in the banking system by advocating transparency and making information easily available.
“As long as the depositors’ know where they can get timely and accurate information about how they are protected by PIDM, they will have continued confidence in our ability to protect their hard-earned money. With this confidence in place, depositors can have the peace of mind” said Sabourin.
Deposit insurance reinforces and complements the existing regulatory and supervisory framework by providing incentives for sound risk management in the financial system. What’s more, it minimises costs to the financial system by finding least cost solutions to resolve failing members.
Sabourin said PIDM has also distributed four million leaflets in five languages, including Kadazan Dusun and Tamil versions, to disseminate information about the deposit insurance system. These leaflets, containing a set of 24 frequently-asked questions, will be available at all branches of its 29 member institutions.
“PIDM has also begun training bank staff on the deposit insurance system. We have developed a handbook for their reference when responding to enquiries from depositors,” he said.
All member institutions will soon sport the PIDM decals at their branches to indicate they are part of the deposit insurance system in Malaysia, he added.
Sabourin who is also president of the International Association of Deposit Insurers (IADI) said Malaysia is the first country to cover both Islamic and conventional deposits under one roof as PIDM administered both the separate and distinct deposit insurance systems.
PIDM administers the Government-backed deposit insurance system in Malaysia. We protect depositors – automatically – up to RM60,000 per person per member institution. For further information:
- Call 1-800-88-1266, Mondays to Fridays 8.30am-5.30pm
- Email: info@pidm.gov.my
- Visit: www.pidm.gov.my
Perbadanan Insurans Deposit Malaysia
10 March 2006 |
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