PIDM releases Corporate Plan 2018 - 2020

Kuala Lumpur, 29 January 2018: Perbadanan Insurans Deposit Malaysia (PIDM) today released its ‘Summary of the Corporate Plan 2018 – 2020’.
As an integral part of the Malaysian financial safety net system, PIDM is mandated to protect the interests  of  depositors  and  takaful  and  insurance  policy  owners  against  the  failure  of  any PIDM member institution, and to contribute to or promote financial system stability.

The 3-year rolling plan sets out PIDM’s three (3) strategic priorities:

•  Implement  initiatives  to  strengthen  readiness  towards  an  effective  resolution  regime  for Malaysia including resolution planning 
•  Develop and prepare PIDM human capital for long term sustainability
•  Strengthen engagement with key stakeholders, including the public and member institutions.

“Changes in our operating environment mean that we need a plan that ensures that PIDM  can keep pace and that we are always in a state of readiness to properly support financial system stability. Our strategic priorities support this aim,” said Rafiz Azuan Abdullah, Chief Executive Officer of PIDM.

“For  an effective resolution regime, a key objective is to ensure that  all  member institutions can be resolved in an orderly manner, without systemic disruption to the financial system,” added Rafiz. 

“The collective engagement with member institutions on resolution planning  had  officially began in July 2017, together with Bank Negara Malaysia on recovery planning. Going forward on resolution planning,  more  engagements  through  industry  consultations  can  be  expected. In the immediate future, engagements  with the pilot institutions to  refine  PIDM’s resolution planning framework will take place,” Rafiz further added.

PIDM will continue to  engage with its stakeholders to  enhance public awareness about  PIDM’s role and its protection systems through financial education  and public engagement programmes as well as advertising campaigns.  

The financial plan for 2018 will support the execution of PIDM’s  strategic priorities. The Corporation has budgeted to receive income of RM575 million, and operating expenditures of RM120 million, with a projected net surplus of RM455 million.

By the end of 2018, the surplus in the Deposit Insurance Funds (DIFs) will amount to RM2. 38 billion and the Takaful and Insurance Benefits Protection Funds (TIPFs) will total RM1.66 billion. The DIFs and  TIPFs  are  accumulated  reserves  to  cover  losses  that may  arise from  providing  protection to depositors and policy owners respectively.

The  Corporate  Plan  2018  –  2020  is  available  at  the  PIDM  website  (www.pidm.gov.my) in three languages – Bahasa Malaysia, English and Chinese.
 

For more information about this press release, kindly contact:   Sarina Ariffin, Acting General Manager, Communications and Public Affairs Division (Tel: 03-2173 7457; 012 – 347 5014; Email: sarina@pidm.gov.my)   Mimi Faizura Mohd Rashid, Senior Manager, Communications and Public Affairs Division (Tel: 03-2173 7570; Email: mimifaizura@pidm.gov.my)

ABOUT PIDM
 
PIDM is a statutory body that provides protection against the loss of deposit and insurance or takaful benefits with its member institutions in the event of a failure. PIDM is entirely funded by premiums or levies assessed on its member institutions and does not receive public funds to operate. It has the means under the PIDM Act to borrow or raise such funds as may be needed to fulfil its statutory obligations to protect financial consumers of its member institutions. As an integral part of the national financial safety net, PIDM promotes and contributes to the stability of the financial system.
 
For further information:

• Call 1-800-88-1266, 8.30am to 5.30pm on Mondays to Fridays (excluding public holidays)
• Email: info@pidm.gov.my
• Visit: www.pidm.gov.my