On 12 October 2022, the Single Resolution Board (SRB) and the European Central Bank (ECB) reached an ‘in principle’ agreement on the margin for redeeming eligible liabilities under Article 78a(1)(b) of the Capital Requirements Regulation. The new ‘In principle’ agreement is applicable to authorisations granted as of 1 January 2023, including General Prior Permission (GPP) renewals.

The SRB has reached an ‘in principle’ agreement with the ECB on the margin that institutions will have to comply with in order to be authorised to redeem eligible liabilities. The margin will be set at the lower value of either the requested GPP predetermined amount of the institution’s Pillar 2 Guidance.