On 20 November 2018, the Single Resolution Board (SRB) published its 2018 minimum requirement for own funds and eligible liabilities (MREL) policy for the first wave of resolution plans. This document aims to make the public in general, and institutions in particular, aware of the SRB MREL policy as well as the process currently being followed to determine MREL targets in the SRB 2018 resolution planning cycle. The document updates the SRB’s general approach to MREL published in December 2017 by adding additional features. The MREL policy now caters for all resolution tools, and not only for strategies based on an open-bank bail-in. Furthermore, the MREL policy removes the reference to the Basel I floor in the MREL formula.