SRB introduces a new procedure for faster approval of early redemptions of MREL instruments

In the context of its simplification strategy, the Single Resolution Board (SRB) introduces a new procedure, effective as of 1 July, to speed up authorisations of the early redemptions of eligible liabilities instruments (“prior permissions”). From now on, eligible applications will be authorised within maximum one month.

“This is a good example of concrete and immediately useful simplification,” said SRB Chair Dominique Laboureix. 

As set out in the SRB’s response to the EC Consultation on the Competitiveness of the EU Banking Sector, the SRB supports reviewing relevant level-1 and level-2 regulations to deliver further simplification notably in this area.