Published on 13 June 2018 (superseded 1 January 2022 by December 2021 version).
Update 3 December 2021
On 3 December 2021 the Bank, as Resolution Authority, published a Policy Statement 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).
Update 7 May 2020
On 7 May 2020 the Bank, as Resolution Authority, and PRA announced measures to alleviate operational burdens on firms in response to the Covid-19 outbreak. As part of this statement, the Bank provided further information on its approach in Q4 2020 to setting January 2021 MRELs and indicative January 2022 MRELs.
This document sets out the Responses to Consultation and the updated Bank of England’s policy for exercising its power to direct relevant persons to maintain a minimum requirement for own funds and eligible liabilities (MREL) under section 3A(4) of the Banking Act 2009.
Policy Statement - Responses to Consultation on the Bank of England’s approach to setting MREL within groups, and further issues