BoE’s approach to setting MREL

On 13 June 2018, the Bank of England (BoE) published: Policy Statement – The BoE’s approach to setting a minimum requirement for own funds and eligible liabilities (responses to consultation on ‘Internal MREL – the BoE’s approach to setting MREL within groups, and further issues’ and Statement of Policy); and Statement of Policy (updating November 2016) – The BoE’s approach to setting a minimum requirement for own funds and eligible liabilities. The Statement of Policy sets out the BoE’s updated policy for exercising its power, under the EU Bank Recovery and Resolution Directive and associated UK legislation, to direct firms to maintain a minimum requirement for own funds and eligible liabilities (MREL) and to take other steps for that purpose under section 3A of the Banking Act 2009. In the Policy Statement the BoE provides feedback on the main issues raised in its earlier consultation, setting out where it has made changes…

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