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UK Finance has responded to the Bank of England's consultation on MREL. In our response we welcomed the glide-path approach to MREL requirements. We highlighted the continuing challenges for some members on the thresholds (assets and current accounts), the over-insured nature of the UK regime compared with the EU and the US and the lack of certain market considerations. We suggested some potential solutions, including reviewing the FSCS with the Treasury, a collateral posting approach instead of MREL and the Business British Bank and insurers as potential MREL investors.
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