The Bank of England’s approach to setting a minimum requirement for own funds and eligible liabilities (MREL)

Update: Institutions and groups should notify the Bank if they forecast, at any point in time, that their total assets will exceed £15 billion and/or 40,000 – 80,000 transactional accounts in the following three years. This is set out in paragraphs 9.7 and 9.10 of the below SoP. In case of questions, please speak to your usual supervisory or resolution authority contact, or email resolution.enquiries@bankofengland.co.uk.

First published on 8 November 2016

This Statement of Policy sets out the 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) and 4(B) of the Banking Act 2009.

Current Version (effective from 1 January 2022)

Published 3 December 2021

• The Bank of England’s approach to setting a minimum requirement for own funds and eligible liabilities (MREL) – Statement of Policy December 2021 (pdf)

- Following ‘The Bank of England’s review of its approach to setting a minimum requirement for own funds and eligible liabilities (MREL)’

Past versions