Follow Us

Follow us on Twitter  Follow us on LinkedIn
 

11 January 2018

Bank of England: Resolution planning: MREL reporting


Default: Change to:


In this consultation, the Prudential Regulation Authority sets out its proposed expectations for reporting on the minimum requirement for own funds and eligible liabilities (MREL) through updates to Supervisory Statement (SS) 19/13 ‘Resolution planning’.


The CP is relevant to PRA-authorised UK banks, building societies, UK designated investment firms and their qualifying parent undertakings (collectively referred to as ‘firms’), to which the Resolution Pack Part of the PRA Rulebook applies.

In particular, this would be most relevant to:

firms notified by the Bank of England (the Bank) 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 (‘MREL Statement of Policy’); and

firms notified by the Bank that they are likely to be subject to internal interim and/or end-state MREL in excess of regulatory capital requirements, as proposed in the Bank’s CP on internal MREL published on 2 October 2017 (‘Internal MREL CP’) . Any references to the Internal MREL CP are to the proposals contained within it and do not therefore reflect finalised policy.

The purpose of the proposals in this CP is to provide the PRA and the Bank of England (authorities) with information to monitor firms’ progress towards meeting interim MREL, and eventual compliance with end-state MREL to ensure that the policy objectives that underpin MREL are met.

This consultation closes on Monday 9 April 2018.

Full news

Consultation paper



© Bank of England


< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information



Add new comment