KUALA LUMPUR: Malaysia Deposit Insurance Corp (PIDM) expects revenue of RM585 million for financial year 2017 and has budgeted operating expenses of RM120 million, with a projected net surplus of RM465 million.
It said that by end-2017, surpluses in its Deposit Insurance Funds (DIFs) and the Takaful and Insurance Benefits Protection Funds (TIPFs) would total RM2.01 billion and RM1.54 billion, respectively.
"The DIFs and TIPFs are accumulated reserves to cover losses that may arise from providing protection to depositors and policy owners, respectively," the corporation said in a statement released in conjunction with its Corporate Plan 2017-2019 announcement on Thursday.
The plan outlines PIDM's direction and areas of focus for the next three years to ensure sustainability and success over the long term.
Executive general manager Rafiz Azuan Abdullah said PIDM would establish comprehensive frameworks to guide and facilitate the development of the resolution plans and assessment of the resolvability of member institutions.
"This regime will allow member institutions to be resolved in an orderly manner, without systemic disruption and in a manner that minimises losses to the financial system as a whole," he added. - Bernama
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