Bank of England statement on MREL and resolvability deadlines

The Bank has today announced changes to deadlines for certain firms to meet their Minimum Requirement for Own Funds and Eligible Liabilities (MREL) and resolvability deadlines under the Resolvability Assessment Framework (RAF).
Published on 18 December 2020
Update 3 December 2021: On 3 December 2021 the Bank, as Resolution Authority, published a Policy Statement (PS) and revised version of the Statement of Policy on the Bank’s approach to setting a minimum requirement for own funds and eligible liabilities (MREL). In light of the approach described on page 20 of the PS, the following paragraph has been removed from this page: “As communicated on 7 May 2020, the Bank intends to exercise its discretion with respect to the transition time firms are given to meet higher MRELs. Firms not currently subject to a leverage-based capital requirement, but which subsequently become subject to one, will be given at least 36 months after that requirement takes effect to meet any higher MREL resulting from it.”