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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

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