As announced by the SRB in December 2021 , the decision to temporarily exclude certain exposures to central banks from the calculation of an institution’s total exposure measure (i.e. leverage amount), under the Capital Requirements Regulation  (CRR) might affect the calibration of the final minimum requirements for own funds and eligible liabilities (MREL)  targets applicable from 1 January 2024.
In September 2020, the ECB had used this temporary measure because of the Covid-19 pandemic . On 10 February 2022, the ECB said that the relief measure will not be extended after the end of March 2022 .
Final MREL targets will be re-calibrated in the 2022 resolution planning cycle based on the leverage amount, including the central bank exposures temporarily excluded on the basis of the relief measure, to ensure adjustment of the MREL before the compliance date of 1 January 2024. In the meantime, the SRB will compute, where relevant, notional final MREL targets based on institutions’ leverage amount including the central bank exposures. The SRB will communicate these notional targets to institutions affected by the relief measure in the context of the 2021 resolution planning cycle, and will use them to monitor the institutions’ build-up of MREL resources towards the final MREL targets.
 More info  Article 429a of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012.
 Minimum Requirements for Own Funds and Eligible Liabilities.
 Decision (EU) 2020/1306 of the European Central Bank of 16 September 2020 on the temporary exclusion of certain exposures to central banks from the total exposure measure in view of the COVID-19 pandemic (ECB/2020/44) repealed by Decision (EU) 2021/1074 of the European Central Bank of 18 June 2021 on the temporary exclusion of certain exposures to central banks from the total exposure measure in view of the COVID-19 pandemic and repealing Decision (EU) 2020/1306 (ECB/2021/27).
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