Kuala Lumpur, 17 April 2018:
Perbadanan Insurans Deposit Malaysia (PIDM) today released its Annual Report 2017 and announced that the key initiatives for the year in review have been completed within the approved financial plan.
The Annual Report 2017 highlights PIDM's continuous efforts towards strengthening preparedness and promoting and contributing to the stability of the nation’s financial system. Among others, PIDM conducted yet another successful payout simulation in respect of a hypothetical member bank.
“A key development in 2017 was the establishment of a policy framework to implement recovery and resolution plans (RRP) for financial institutions in Malaysia, as a key component for an effective resolution regime for Malaysia. The RRP initiative is jointly undertaken by PIDM and Bank Negara Malaysia, so as to ensure an integrated approach when implementing RRP in Malaysia,” said Rafiz Azuan Abdullah, Chief Executive Officer of PIDM.
“An effective resolution regime allows financial institutions to be resolved without severe systemic disruption to the financial system, while protecting public funds,” added Rafiz.
Going forward, PIDM will be carrying out resolution planning pilot exercises for selected pilot banks. This follows from the first phase of RRP, which involves the recovery planning pilot exercise by Bank Negara Malaysia for selected pilot banks that was launched in July 2017. PIDM will engage with member institutions and financial safety net players throughout the resolution planning process.
PIDM has enhanced its stakeholder engagement strategy for more effective collaboration among its key stakeholders. Public awareness initiatives will also continue to build better understanding about PIDM, the Deposit Insurance System and the Takaful and Insurance Benefits Protection System.
In 2017, PIDM reported a total income of RM575.4 million with an operational net surplus of RM463.0 million, increasing its total funds and reserves to RM3.6 billion.
The Annual Report 2017 is available at the PIDM website (www.pidm.gov.my
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:
|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: firstname.lastname@example.org)
Mimi Faizura Mohd Rashid, Senior Manager, Communications and Public Affairs Division
(Tel: 03-2173 7570; Email: email@example.com)
- Call 1-800-88-1266, 8.30am to 5.30pm on Mondays to Fridays (excluding public holidays)
- Email: firstname.lastname@example.org
- Visit: www.pidm.gov.my