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Only minor changes to the SRB’s MREL policy in 2023

Publication date 17.5.2023 8.30 | Published in English on 22.5.2023 at 8.51
Press release

On 15 May 2023, the Single Resolution Board (SRB) posted a memorandum on its website concerning its updated policy on MREL to apply in the resolution planning cycle in 2023. The policy has remained largely unchanged as 2023 is the last MREL capacity accumulation year before the final requirements take effect at the start of 2024. 

The main changes and revisions to the policy as it was in the previous year are the following:

  • The threshold for the balance sheet total for the internal MREL (iMREL) for individual institutions set for certain subsidiaries of a resolution target organisation will come down from EUR 10 billion to EUR 5 billion. 
  • Under certain conditions as described in greater detail in the SRB memorandum, the iMREL may in future also apply to a holding company outside the scope of the EU’s Regulation on prudential requirements (CRR).
  • The conditions governing waiver of the iMREL have been defined with greater focus as regards subsidiaries that are considered to be systemically important.

Together with the publication of the updated MREL policy, the SRB has announced that it is commencing a public consultation exercise on the MREL policy in the second half of 2023 to run for a period thereafter. 

SRB bulletin on the updated MREL policy

Further information: Bank Resolution Expert Riku Thilman (riku.thilman(at) 


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