UK Finance has responded to the Bank of England’s consultation on proposed revisions to its statement of policy on MREL,  to take account of the FSB’s recently released finalised Principles for Internal TLAC. Whilst being supportive of the harmonised approach the Bank is proposing we are concerned by the possibility of double counting and the   proposals that internal TLAC should have a contractual trigger and  asked for confirmation that surplus MREL need not be held by the resolution entity at the top of the banking group.

Please read the full response via the link below.

UK Finance response to the Bank of England’s consultation on Internal MREL