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January 08, 2018

PRA published the consultation paper CP1/18 that proposes PRA expectations for reporting on the minimum requirement for own funds and eligible liabilities (MREL) through updates to the supervisory statement SS19/13 on resolution planning. The proposals in the CP1/18 aim to provide PRA and BoE with information to monitor firms’ progress toward meeting interim MREL and their eventual compliance with end-state MREL, to ensure that the policy objectives that underpin MREL are met. The consultation closes on April 09, 2018.

Appendix to CP1/18 sets out proposed amendments to SS19/13, draft reporting templates, and instructions. CP1/18 is relevant to PRA-authorized UK banks, building societies, and UK-designated investment firms and their qualifying parent undertakings, to which the Resolution Pack Part of the PRA Rulebook applies. In particular, this would be most relevant to firms notified by the BoE that they are likely to be subject to:

  • External interim and/or end-state MREL in excess of regulatory capital requirements, as articulated in the Bank’s statement of policy on its approach to setting MREL
  • Internal interim and/or end state MREL in excess of regulatory capital requirements, as proposed in the BoE’s consultation paper on internal MREL 

CP1/18 should be read in conjunction with the Resolution Pack Part of the PRA Rulebook, the MREL Statement of Policy, and the consultation paper on internal MREL.

 

Related Link: Press Release

Comment Due Date: April 09, 2018

Keywords: Europe, UK, Banking, MREL, Internal MREL, Reporting, Resolution Planning, PRA

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