BaFin published a circular on determination of minimum requirement for own funds and eligible liabilities (MREL) for institutions subject to insolvency proceedings. The circular describes the administrative practice of BaFin with regard to the MREL definition under Article 12 of Regulation (EU) No 806/2014 on the Single Resolution Mechanism (SRM Regulation).
The requirements in the circular apply in accordance with Section 49 (1) and Section 50 (1) of Restructuring and Settlement Act, for institutions and groups in which the implementation of insolvency proceedings as a winding-up strategy is credible and feasible. The corresponding consultation on this circular ended on May 17, 2019. The circular is addressed to all institutions under the direct responsibility of BaFin as the national resolution authority. Institutions that are supervised by SRB under the SRM Regulation are excluded from the scope of this circular.
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Keywords: Europe, Germany, Banking, MREL, Resolution Regime, SRM Regulation, BaFin
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