The CP is relevant to PRA-authorised UK banks, building societies, UK designated investment firms and their qualifying parent undertakings (collectively referred to as ‘firms’), to which the Resolution Pack Part of the PRA Rulebook applies.
In particular, this would be most relevant to:
firms notified by the Bank of England (the Bank) that they are likely to be subject to external interim and/or end-state MREL in excess of regulatory capital requirements as articulated in the Bank’s statement of policy on its approach to setting MREL (‘MREL Statement of Policy’); and
firms notified by the Bank that they are likely to be subject to internal interim and/or end-state MREL in excess of regulatory capital requirements, as proposed in the Bank’s CP on internal MREL published on 2 October 2017 (‘Internal MREL CP’) . Any references to the Internal MREL CP are to the proposals contained within it and do not therefore reflect finalised policy.
The purpose of the proposals in this CP is to provide the PRA and the Bank of England (authorities) with information to monitor firms’ progress towards meeting interim MREL, and eventual compliance with end-state MREL to ensure that the policy objectives that underpin MREL are met.
This consultation closes on Monday 9 April 2018.
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