Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 342

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 342
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 is provided through an MREL policy published annually by the SRB. Any binding MREL ratio determined by the SRB is communicated to Deutsche Bank via the German Federal Financial Supervisory Authority (BaFin). As a result of its regular annual review the SRB has updated Deutsche Bank AG’s binding MREL ratio requirements in the second quarter of 2024 applicable immediately. The MREL ratio requirement on a consolidated basis is now 25.77% of RWA and 6.95% of LRE of which 19.39% of RWA and 6.95% of LRE must be met with own funds and subordinated instruments. The combined buffer requirements of 5.21% as of December 31, 2024 must be met in addition to the RWA based MREL and subordinated MREL requirements. TLAC Requirements Since June 27, 2019, Deutsche Bank, as a global systemically important bank, has also become subject to global minimum standards for its Total Loss-Absorbing Capacity (TLAC). The TLAC requirement was implemented via amendments to the Capital Requirements Regulation and the Capital Requirements Directive provided in June 2019 with the publication of Regulation (EU) 2019/876 and Directive (EU) 2019/878. This TLAC requirement is based on both risk-based and non-risk-based denominators and set at the higher-of 18% of RWA plus the combined buffer requirements and 6.75% of LRE since January 1, 2022. MREL ratio development As of December 31, 2024, available MREL were € 133.9 billion, corresponding to a ratio of 37.45% of RWA and 10.17% of LRE. This means that Deutsche Bank has a MREL surplus of € 23.1 billion above Deutsche Bank’s MREL requirement of € 110.7 billion (i.e. 30.98% of RWA including combined buffer requirement). Compared to December 31, 2023 the surplus has increased as a higher MREL requirement and higher RWA were more than offset by higher MREL capacity. € 118.5 billion of Deutsche Bank’s available MREL were own funds and subordinated liabilities, corresponding to a MREL subordination ratio of 33.15% of RWA and 9.0% of LRE, a buffer of € 27.0 billion over Deutsche Bank’s subordination requirement of € 91.5