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.
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: email@example.com)
Mimi Faizura Mohd Rashid, Senior Manager, Communications and Public Affairs Division
(Tel: 03-2173 7570; Email: firstname.lastname@example.org)
- Call 1-800-88-1266, 8.30am to 5.30pm on Mondays to Fridays (excluding public holidays)
- Email: email@example.com
- Visit: www.pidm.gov.my