On 8 June 2022, the Single Resolution Board (SRB) published an updated 2022 MREL policy. The policy sets out a minimum requirement for own funds and eligible liabilities (MREL). The policy has been revised based on experience gained and stakeholder feedback and applies to the 2022 resolution planning cycle.

Key points include that the updated policy:

• Takes into account revisions to the EU regulatory framework and the experience obtained during the 2020 resolution planning cycle.
• Has further enlarged the coverage of entities under internal MREL and made the subordination policy more dynamic, taking into account evolving balance sheets prior to resolution.
• Complements the SRB approach to internal MREL waiver applications in a new annex.

The changes are limited, as such, the SRB has provided a track changed copy which can be found here.