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.
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