The Single Resolution Board (SRB) has today published its minimum requirement for own funds and eligible liabilities (MREL) dashboard covering the reporting period Q3.2020.
Key findings:
- The average BRRD1 MREL target, in percentage of the total risk exposure amount (TREA), rose by 0.6% from June to September, to 28.6% TREA; the increase was mostly driven by the growth in total liabilities and own funds (TLOF).
- After recording an increase in Q2.2020, the average MREL shortfall reduced to 1.9% TREA in Q3.2020, as the increase in MREL eligible resources offset the growth of MREL targets.
- In Q3.2020, MREL issuances amounted to EUR 50.9 bn, a reduction of 42% (EUR 37.3 bn) in comparison to Q2.2020. Beyond seasonal effects, the availability of central bank funding was among the factors responsible for the pronounced reduction.
- Cost of debt stabilised in Q3.2020 and approached pre-pandemic levels in January 2021.
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