Debt Office proposes new application of the Minimum Requirement for Own Funds and Eligible Liabilities (MREL)
Today, the Swedish National Debt Office is submitting a consultation memorandum proposing the application of new rules under the Resolution Act (2015:1016) that pertain to the requirement for own funds and eligible liabilities.
On 1 July 2021, amendments to the Resolution Act entered into force that build on the so-called banking package established by the EU in 2019, entailing among other things amendments to the bank resolution and recovery directive.
The memorandum, which consists of an explanatory portion and a policy document (MREL policy), describes how the Debt Office proposes to apply the new rules. The MREL policy thereby replaces the Debt Office’s previous application and instructions.
The final day to reply to the consultation memorandum is 10 September 2021.
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