MREL dashboard Q1.2024 confirms that targets are met

Press releases

Tuesday, 30 July 2024

The SRB publishes today its MREL dashboard for Q1.2024, which shows that MREL targets have been met.

The MREL dashboard presents the evolution of MREL targets and shortfalls for resolution (external MREL) and non-resolution entities (internal MREL) as well as the level and composition of resources of resolution entities in the quarter. In addition, it highlights recent developments in the cost of funding and provides an overview of gross issuances of MREL-eligible instruments

For resolution entities, the average MREL final target, including the Combined Buffer Requirement (CBR), was equal to 28% of the Total Risk Exposure Amount (TREA).
In aggregate terms, the total MREL shortfall (including the CBR) against final targets of resolution entities decreased to EUR 4.5 bn (corresponding to less than 0.1% TREA). All entities which had to comply with their final MREL targets as of 1 January 2024 met their requirements. The MREL shortfall is attributed to six banks with transitional periods to meet their final targets beyond 1 January 2024.
Banks under the SRB’s remit overall issued EUR 135 bn of MREL-eligible instruments, above the levels reported for the same quarter from 2020 to 2023. Reasons include investor demand driven by expectations of rate cuts, smaller and less frequent issuers entering the market and the refinancing of existing instruments.

MREL Dashboard Q1 2024

PDF | 1.88 MB | Publishing date: 31/07/2024 | Decision date: 30/07/2024

The minimum requirement for own funds and eligible liabilities (MREL) dashboards are based on bank data reported to the Single Resolution Board (SRB) and cover entities under the SRB’s remit. The first section of the dashboard focuses on the evolution of MREL targets and shortfalls for resolution entities (external MREL) and non-resolution entities (internal MREL) as well as the level and the composition of MREL resources of resolution entities in Q1.2024. The second section highlights recent developments in the cost of funding and provides an overview of the gross issuances of MREL-eligible instruments in Q1.2024.