Brexit leaves €126bn of MREL in limbo

By Tyler Davies
19 Oct 2017

The European Banking Authority (EBA) has warned banks in Europe that any debt they issue under English law may cease to count towards the minimum requirement for own funds and eligible liabilities (MREL) as soon as the UK leaves the European Union.

MREL was designed to make sure that banks have enough debt that can absorb losses and help a bank recapitalise itself if it runs into trouble. To be eligible for the capital standard, debt contracts must recognise the risk that the bonds are cancelled or bailed-in by resolution ...

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