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A high level overview of MREL which refers to the “minimum requirement for own funds and eligible liabilities”. MREL was introduced as part of the comprehensive regulatory response to the global financial crisis that began in 2007. Its goal is to ensure that banks have sufficient loss-absorbing and recapitalisation capacity to ensure a smooth and fast absorption of losses and recapitalisation in the event of resolution, with a minimum impact on taxpayers and financial stability.

In the UK, the Bank of England (BoE) is responsible for setting MREL.