Single Resolution Board publishes MREL dashboard Q1.2021

Today, the Single Resolution Board (SRB) has published its minimum requirement for own funds and eligible liabilities (MREL) dashboard covering the reporting period Q1.2021.

Key findings:

• In percentage of the total risk exposure amount (TREA), the average BRRD2 MREL target including the combined buffer requirement (CBR) stood at 26.1% TREA, broadly in line with the level registered in Q4.2020 (-0.06% TREA).
• In Q1.2021, the average MREL shortfall, including the CBR, reached 0.60% TREA or EUR 42.2 bn. It remained stable with respect to the previous quarter (+0.01% TREA), while it increased in absolute values (+EUR 2.2 bn).
• MREL issuances amounted to EUR 76.3 bn in Q1.2021 (or 1.1% TREA), increasing by EUR 31.8 bn with respect to Q4.2020, but remaining below the level registered over the same period of the previous year (-17% year-on-year).
• Funding costs remained stable around pre-pandemic levels in the second quarter of 2021.