Actual and indicative MRELs
We publish, in this document, the MRELs that we require firms that are headquartered in the UK to currently maintain. This publication also provides an indication of the 2020-21 and 2022 MRELs that firms will have to meet. We have calculated the figures by applying our policy on setting MREL to firms’ balance sheet data, as at 31 December 2018.
We have published MRELs on an individual basis for global and domestic systemically important banks and building societies headquartered in the UK. We have published average MRELs for other UK-headquartered firms which are required to maintain MREL above their capital requirements.
From next year onwards, we intend to publish individual MRELs, rather than an average, for all firms with an indicative MREL above capital requirements.
We are committed to, before the end of 2020, reviewing the calibration of MREL, and the final compliance date, prior to setting end-state MRELs. In doing so, we will have regard to any intervening changes in the UK regulatory framework, due to the revision of the Bank Recovery and Resolution Directive and the Capital Requirements Regulation, as well as firms’ experience in issuing liabilities to meet their interim MRELs.