KUALA LUMPUR: Perbadanan Insurans Deposit Malaysia (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 for the year ended Dec 31 2017.
Going forward into 2018, PIDM will 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, so as to ensure an integrated approach when implementing RRP in Malaysia.”
PIDM will be carrying out resolution planning pilot exercises for selected pilot banks this year, on the back of the RRP exercise launched in July last year.
PIDM will engage with member institutions and financial safety net players throughout the resolution planning process.
The firm had on Tuesday launched its Annual Report 2017, which highlighted PIDM's continuous efforts towards strengthening 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.
Public awareness initiatives will also continue to build better understanding about PIDM, the Deposit Insurance System and the Takaful and Insurance Benefits Protection System.