PIDM POSTS RM575.4M TOTAL INCOME

Statutory body to further enhance policy framework to implement recovery and resolutions plans

PERBADANAN Insurans Deposit Malaysia (PIDM) reported a total income of RM575.4 million with an operational net surplus of RM463 million, increasing its total funds and reserves to RM3.6 billion for the year ended December 31, 2017.

PIDM said it would further enhance its policy framework to implement recovery and resolution plans (RRP) this year.

The RRP was first established last year as a key component for an effective resolution regime for Malaysia.

“A key development in 2017 was the establishment of a policy framework to implement RRP for financial institutions in Malaysia as a key component for an effective resolution regime for Malaysia,” said PIDM chief executive officer Rafiz Azuan Abdullah in a statement.

“The RRP initiative is jointly undertaken by PIDM and Bank Negara Malaysia to ensure an integrated approach when implemented in Malaysia,” he said.

PIDM will be carrying out resolution planning pilot exercises for selected pilot banks this year, on the back of the RRP exercise, which was launched in July last year.

It will engage with member institutions and financial safety net players throughout the resolution planning process.

The statutory body on Tuesday launched its 2017 annual report, which highlighted its continuous efforts towards increasing preparedness and promoting and contributing to the stability of the nation’s financial system.

It has also enhanced its stakeholder engagement strategy for more effective collaboration among its key stakeholders.