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By Tyler Davies
15 Dec 2020
If MREL is going to be an important line of defence for Europe’s banking system, market participants had better be able to see those defences. At the moment, they are hidden in mists.
The European Union’s Single Resolution Board made a belated step in the right direction last week, when it published its first overview of minimum requirements for own funds and eligible liabilities (MREL) for banks.
MREL is now fairly well understood as a regulatory concept in European financial markets.
The requirements were officially introduced six years ago, as part of the EU’s policy response to the 2008 financial crisis. They force banks to build up new buffers of debt, which resolution authorities are then supposed to be able to bail in if everything goes wrong.