Bank of England consults on amendments to approach to setting MREL

(3 min read)

On 15 October 2024, the Bank of England (BoE) published a consultation paper on amendments to its statement of policy (SoP) on setting the minimum requirement for own funds and eligible liabilities (MREL). The proposals are designed to ensure, amongst others, that the UK’s MREL framework is simplified and consolidated where possible, to make it easier to navigate and implement.

The proposals are designed to ensure that the UK’s MREL framework:

is simplified and consolidated where possible, to make it easier to navigate and implement;
keeps up to date with, and is responsive to, wider developments in financial regulation and markets;
remains aligned with international standards; and
adapts over time to reflect lessons learnt from its implementation.

Click here to read our insights on the proposed changes and the possible impact on firms.