General Information & Client Services
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
June 13, 2018

PRA published the policy statement PS11/18, which provides feedback to responses to the consultation paper CP1/18 and sets out the final expectations of PRA on minimum requirement for own funds and eligible liabilities (MREL) reporting. PS1/18 had proposed the expectations for MREL reporting, including the level of application, frequency, format, and implementation timetable, through an update to the supervisory statement SS19/13. The updated SS19/13 will take effect from January 01, 2019. The appendices to PS11/18 set out the updated SS19/13 on resolution planning (Appendix 1), along with the reporting templates and instructions (Appendix 2).

Additionally, BoE published the responses to consultation and statement of policy on BoE's approach to setting MREL. PRA received three responses to CP1/18. Respondents were broadly supportive of the proposals. After considering the responses, PRA has made minor amendments to the draft supervisory statement, to take a more proportionate approach in respect of the frequency of reporting and to add further clarity on the draft templates and guidance. Chapter 2 of PS11/18 summarizes the issues raised by respondents and provides further details of the changes. PRA also amended the draft supervisory statement as a result of further analysis. Chapter 3 of PS11/18 includes minor amendments, including changing the numbering of the templates and adding columns to assist reporting of maturity breakdown. 

PRA considers that these changes enhance the clarity and proportionality of the relevant expectations and will, therefore, reduce the burden on firms relative to the original proposal in CP1/18. Firms are expected to use the BoE Electronic Data Submission (BEEDS) portal for the submission of all returns. BoE is planning for firms to submit the MREL returns from January 2019 and will contact firms to facilitate reporting. 


Related Links

Effective Date: January 01, 2019 (SS19/13)

Keywords: Europe, UK, Banking, MREL, Reporting, Resolution Planning, PS11/18, SS19/13, Responses to Consultation, PRA

Related Insights
News

CBB Proposes and Finalizes Rulebook Modules for Banks in November 2018

CBB announced the issuance of new leverage ratio requirements under Module CA (Part 3) for Islamic (Chapter CA-10) and conventional bank licensees (Chapter CA-15).

November 15, 2018 WebPage Regulatory News
News

IAIS Publishes Drafts of Revised ICP 8, ICP 15, ICP 16, and ICP 20

IAIS published the drafts of revised Insurance Core Principles on Public Disclosure (ICP 20), Investments (ICP 15), Enterprise Risk Management for Solvency Purposes (ICP 16), and Risk Management and Internal Controls (ICP 8), along with a revised draft of the glossary on enterprise risk management (ERM).

November 14, 2018 WebPage Regulatory News
News

MAS Amends Notice 637 on Capital Adequacy Requirements in Singapore

MAS published the final, revised Notice 637 on the risk-based capital adequacy requirements in Singapore.

November 13, 2018 WebPage Regulatory News
News

ESMA Updates Q&A on Implementation of CSD Regulation and MAR

ESMA updated questions and answers (Q&A) documents on the implementation of the Central Securities Depository (CSD) Regulation and Market Abuse Regulation (MAR).

November 12, 2018 WebPage Regulatory News
News

FSB Finalizes and Publishes the Cyber Lexicon

FSB published a cyber lexicon, following the public consultation earlier this year.

November 12, 2018 WebPage Regulatory News
News

SRB Updates Liability Data Reporting Template for 2019

SRB published version 2.7.1 of the Liability Data Reporting (LDR) Template.

November 12, 2018 WebPage Regulatory News
News

ECB to Conduct Comprehensive Assessment of Six Bulgarian Banks

ECB will undertake a comprehensive assessment of six Bulgarian banks. The exercise, comprising an asset quality review and a stress test, follows Bulgaria’s submission of a request to establish close cooperation with ECB on July 18, 2018.

November 12, 2018 WebPage Regulatory News
News

IMF Publishes Reports on the 2018 Article IV Consultation with Chile

IMF published its staff report and selected issues report under the 2018 Article IV consultation with Chile.

November 09, 2018 WebPage Regulatory News
News

PRA Issues PS27/18 on Implementing the Extension of SM&CR to Insurers

PRA published the policy statement PS27/18, which provides feedback to responses to the consultation paper CP20/18, on implementing the extension of the Senior Managers and Certification Regime (SM&CR) to insurers (Part 2).

November 09, 2018 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for November 2018

EBA published answers to seven questions under the Single Rulebook question and answer (Q&A) updates for this week.

November 09, 2018 WebPage Regulatory News
RESULTS 1 - 10 OF 2207