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FIGCovered Bonds

MREL compounds TLAC, hitting covered bond supply

The European Banking Authority’s consultation paper on the Minimum Requirement of Own Funds and Eligible Liabilities (MREL) suggests banks will continue to focus their liability structure on capital rather than funding. This will have the same negative influence on covered bond supply as the proposals set forth by the Financial Stability Board’s proposals on Total Loss Absorbing Capacity (TLAC).

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