BoE Publishes Actual and Indicative MREL for Banks in UK

BoE has calculated the figures by applying its policy on setting MREL to firms’ balance sheet data, as at December 31, 2018. BoE has published MRELs on an individual basis for global and domestic systemically important banks and building societies that are headquartered in UK. BoE has published average MRELs for other UK-headquartered firms that are required to maintain MREL above their capital requirements. From next year onward, BoE intends to publish individual MRELs, rather than an average, for all firms with an indicative MREL above capital requirements.

BoE is committed to, before the end of 2020, review the calibration of MREL and the final compliance date of MREL, prior to setting the end-state MRELs. In doing so, BoE will have regard to any intervening changes in the UK regulatory framework, due to the revision of the Bank Recovery and Resolution Directive and the Capital Requirements Regulation as well as firms’ experience in issuing liabilities to meet their interim MRELs.

Related Links

• Actual and Indicative MREL (PDF)
• Overview of Actual and Indicative MRELs
• Policy Statement on Setting MREL

Keywords: Europe, UK, Banking, MREL, Actual Requirements, Indicative Requirements, Bail-in, Resolution Plans, Capital Requirements, BRRD, CRR, BoE