SRB MREL dashboard. Q3.2023.
Date: 2024-04-24
Institutions: Single Resolution Board
Subjects: bank, bank resolution, banking policy, financial stability, financial supervision

SRB MREL
DASHBOARD 
Q3.2023

srb.europa.eu

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deems appropriate and it shall not be considered as predetermining the position
that the SRB may take in specific cases, where the circumstances of each case will
also be considered. 

Publication date: February 2024

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PDF  ISSN 2811-9665  FP-AD-24-001-EN-N

SRB MREL
DASHBOARD 
Q3.2023

srb.europa.eu

Contents
SRB MREL DASHBOARD Q3.2023

1. MREL monitoring Q2.2023

1.1. MREL targets for resolution entities

1.2. MREL resources of resolution entities

1.3. Shortfalls of resolution entities

1.4. MREL targets and shortfalls of non-resolution entities

2. Market activity and cost of funding

2.1. Market
2.2. Cost of funding

access

and

MREL issuances

3. Methodological annex

3.1. MREL monitoring

3.2. Market activity and cost of funding

3.3. Confidentiality criteria

4. Abbreviations

3
3

5

8

10

12
12
14

15
17

18

18

19

 
 
 
 
 
 
 
The minimum requirement for own funds and eligible liabilities (MREL) dashboards
are  based  on  bank  data  reported  to  the  Single  Resolution  Board  (SRB)  and  cover
entities under the SRB’s remit[1]. The first section of the dashboard focuses on the
evolution of MREL targets and shortfalls for resolution entities (external MREL) and
non-resolution entities (internal MREL) as well as the level and the composition of
MREL  resources  of  resolution  entities  in  Q3.2023.  The  second  section  highlights
recent developments in the cost of funding and provides an overview of the gross
issuances of MREL-eligible instruments in Q3.2023[2]. 

The very large majority of banks under the SRB remit closed their MREL shortfalls
ahead  of  the  final  deadline  of  1st  January  2024.  The  MREL  shortfall  against  final
targets  (including  the  CBR)  of  resolution  entities  was  equal  to  EUR  8.9  bn  (0.1%
TREA),  reduced  by  more  than  a  third  compared  to  the  previous  quarter,  and  by
more  than  two-thirds  year-on-year.  This  amount  corresponds  to  14  banks,  of
which  11  have  a  longer  transitional  period  to  meet  their  final  targets  ending,  in
most cases, in 2024-2025. 

In terms of issuances, SRB banks overall issued a total of EUR 63.3 bn (0.8% TREA)
of  MREL-eligible  instruments  in  Q3.2023.  Looking  at  the  distribution  of  total
issuances  across  the  different  categories  of  banks,  Top  Tier  banks  issued  half  of
the  total,  followed  by  G-SIIs,  which  issued  36%  of  the  total  amount.  The  share  of
issuances  from  banks  with  total  assets  below  EUR  100  bn  (i.e.  Other  Pillar  1  and
non-Pillar 1 banks) accounted for 14% of the total, up from the 10% registered in
the previous quarter.

1

2

See methodological annex.

This  publication  is  based  on  the  templates  received  in  accordance  with  the  Commission 
Implementing  Regulation  (EU)  2021/763,  COREP  templates,  and  the  SRB  proprietary  database 
built  upon  quarterly  reporting  received  from  banks  under  the  SRB  remit  and  SRB  staff 
computations  (cf.  methodological  annex  for  further  details).  The  data  in  this  publication  is 
provided  for  information  purposes  only.  This  document  shall  neither  be  binding  nor  construed 
as  constituting  a  commitment  by  the  SRB  on  how  it  will  exercise  its  tasks  and  shall  be  without 
prejudice to any stance that the SRB may take with respect to the subject of this publication. The 
SRB shall not be held liable for any use of the data therein.

1. MREL monitoring Q3.2023 

1.1.  MREL targets for resolution entities   

The average MREL final target for resolution entities under the SRB’s remit stood at 23.7% of the Total Risk 
Exposure Amount (TREA), corresponding to EUR 1,769 bn. When the CBR is included on top of the risk-based 
MREL, the target was equal to 27.3% TREA (EUR 2,041 bn). The average MREL subordination requirement 
stood at 20.4% TREA (EUR 1,392 bn), and 21.4% TREA (EUR 1,458 bn) when considering the CBR1. The 
heterogeneity of the subordination targets across banks and jurisdictions is driven by banks’ risk density, the 
presence  of  Pillar  1  banks  and  the  No-Creditor-Worse-Off  risk.  In  percentage  of  TREA,  MREL  targets 
remained, on average, stable compared to the previous quarter (cf. Chart 1). 

The highest average MREL target (including the CBR) was reported by G-SIIs (27.8% TREA), followed by Top 
Tier (27.1% TREA), Other Pillar 1 (26.7% TREA) and non-Pillar 1 banks (26.3% TREA, cf. Chart 2). Chart 3 
and Table 1 present the average MREL targets (including the CBR) by resolution tool and strategy, including 
their distribution among banks. 

Chart 1. MREL final targets (of which subordination) for resolution entities by country, 
% TREA  

1 Across all banks under the SRB remit (including banks without subordination requirement), the average subordination target was equal 

to 18.6% TREA, and 19.5% TREA including the CBR. 

3

0%5%10%15%20%25%30%35%Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q2Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q320222023202220232022202320222023202220232022202320222023202220232022202320222023202220232022202320222023ATBEDEESFRGRHRITNLPTSIOtherBU% TREAMREL target incl. the CBRMREL subordination target incl. the CBRMREL target 
 
 
 
 
 
 
 
 
 
Chart 2. MREL final targets (of which subordination) for resolution entities by bank 
category, % TREA   

Chart  3.    MREL  final  targets  (of  which  subordination)  for  resolution  entities  by 
preferred resolution strategy and tool, % TREA  

Table 1. Distribution of MREL final targets (including the CBR) for resolution entities, 
% TREA  

4

0%5%10%15%20%25%30%35%Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q320222023202220232022202320222023SPEMPEBail-inSoB% TREAMREL target incl. the CBRMREL subordination target incl. the CBRMREL target15%20%25%30%35%40%45%50%55%BUStrategy/toolMinimum value25th percentile50th percentileAverage75th percentileMaximum valueSPE20.1%24.7%26.4%26.8%28.1%48.0%MPE23.5%27.1%28.7%30.6%32.1%36.0%Bail-in22.3%25.5%27.2%27.5%28.7%48.0%SoB20.1%21.3%22.8%23.5%24.0%38.0%BU20.1%25.1%26.6%27.3%28.6%48.0%0%5%10%15%20%25%30%Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q320222023202220232022202320222023G-SIITop TierOther Pillar 1non-Pillar 1% TREAMREL target incl. the CBRMREL subordination target incl. the CBRMREL target 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.2.  MREL resources of resolution entities 

The level of own funds and eligible liabilities (MREL resources) was equal to EUR 2,520 bn (33.8% TREA), 
increasing  by  EUR  43.8  bn  (or  by  2%)  compared  to  Q2.2023.  Following  the  same  trend,  the  level  of  the 
subordinated MREL resources reached EUR 2,072 bn (27.8% TREA), up by EUR 23.2 bn (or by 1%) compared 
to the previous quarter (cf. Chart 4). In percentage of TREA, the level of MREL resources for G-SII, Top Tier, 
Other Pillar 1 and non-Pillar 1 banks was equal respectively to 33.2%, 35.2%, 42.2% and 27.7% TREA. For 
all categories of banks, the overall level of MREL resources increased (both in percentage of TREA and in the 
absolute  amount, cf. Chart 5). Charts 6-7 present the  composition of MREL resources among  SRB banks, 
which changed only marginally over the reporting quarter.  

Regarding the maturity ladder, the share of short-term debt (maturing between one and two years) accounted 
for 8% of the total MREL resources (compared to 7% in Q2.2023). The increase in the short-term debt share 
was largely driven by Top Tier banks (cf. Charts 8-9).   

With respect to instruments governed by non-EU law, their share kept decreasing and amounted to 15% of 
the total MREL resources in Q3.2023 (against 18% in Q3.2022). Instruments governed by either US or UK law 
still accounted for around 95% of the instruments under non-EU law (cf. Charts 10-11).  

Chart 4. MREL-eligible liabilities (of which subordinated) and own funds of resolution 
entities by country, % TREA  

Chart  5.    MREL-eligible  liabilities  (of  which  subordinated)  and  own  funds  by  bank 
category, % TREA  

5

0%5%10%15%20%25%30%35%40%45%Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q320222023202220232022202320222023202220232022202320222023202220232022202320222023202220232022202320222023ATBEDEESFRGRHRITNLPTSIOtherBU% TREAOwn funds and eligible liabilitiesOwn funds and subordinated eligible liabilities0%5%10%15%20%25%30%35%40%45%Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q320222023202220232022202320222023G-SIITop TierOther Pillar 1non-Pillar 1% TREAOwn funds and eligible liabilitiesOwn funds and subordinated eligible liabilities 
 
 
 
 
 
 
 
 
 
 
 
 
Chart 6. MREL composition by country2,3  

Chart 7.  MREL composition by bank category  

Chart 8. Maturity concentration of MREL-eligible instruments by country   

2 Uncollateralised secured liabilities can be recognised as MREL-eligible (i) for, and limited to, the amount exceeding the value of the 
collateral by which it is secured (i.e. the uncovered amount of the secured liabilities) and (ii) providing they meet all the other conditions 
defined in both the CRR Articles 72a to 72c and the SRMR Article 12c (1-3). 

3  Some  MREL-eligible  liabilities  are  structurally  subordinated  because  they  are  issued  by  a  resolution  entity  that  is  a  clean  holding 
company. As a result, for some holding companies – for instance those in BE and NL – senior debt instruments are considered as senior 
non-preferred instruments. 

6

0%10%20%30%40%50%60%70%80%90%100%Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q320222023202220232022202320222023G-SIITop TierOther Pillar 1non-Pillar 1CET1AT1Tier 2Subordinated liabilities (not recognised as own funds)Senior non-preferred liabilitiesSenior unsecured liabilitiesStructured notesUncollateralised secured liabilitiesDeposits, not covered and not preferentialOther MREL eligible liabilities0%10%20%30%40%50%60%70%80%90%100%Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q320222023202220232022202320222023202220232022202320222023202220232022202320222023202220232022202320222023ATBEDEESFRGRHRITNLPTSIOtherBUCET1AT1Tier 2Subordinated liabilities (not recognised as own funds)Senior non-preferred liabilitiesSenior unsecured liabilitiesStructured notesUncollateralized secured liabilitiesDeposits, not covered and not preferentialOther MREL-eligible liabilities3456789100%10%20%30%40%50%60%70%80%90%100%Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q320222023202220232022202320222023202220232022202320222023202220232022202320222023202220232022202320222023ATBEDEESFRGRHRITNLPTOtherSIBUYearsResidual maturity of ≥ 1 year < 2 yearsResidual maturity of≥ 2 years < 5 yearsResidual maturity of ≥ 5 years < 10 yearsResidual maturity of ≥ 10 yearsPerpetual securitiesAverage debt residual maturity (rhs) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chart 9.  Maturity concentration of MREL-eligible instruments by bank category  

Chart 10.  MREL composition - instruments under EU law vs instruments under non-
EU law as of 30 September 2023  

Chart 11.  Composition of MREL instruments governed by third country law as of 30 
September 2023  

7

0%10%20%30%40%50%60%70%80%90%100%By governing law USUKJapanOther0%10%20%30%40%50%60%70%80%90%100%By type of instrumentAT1Tier 2Eligible liabilities0%10%20%30%40%50%60%70%80%90%100%Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q320222023202220232022202320222023G-SIITop TierOther Pillar 1non-Pillar 1Residual maturity of ≥ 1 year < 2 yearsResidual maturity of≥ 2 years < 5 yearsResidual maturity of ≥ 5 years < 10 yearsResidual maturity of ≥ 10 yearsPerpetual securities0%10%20%30%40%50%60%70%80%90%100%Under EU lawUnder third country law 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.3.  Shortfalls of resolution entities 

The MREL shortfall against final (2024)4 targets (including the CBR) was equal to EUR 8.9 bn (0.1% TREA), 
reduced by more than a third (EUR 4.7 bn) compared to the previous quarter, and by more than two-thirds 
year-to-year (EUR 21.5 bn)5. The subordination shortfall (including the CBR) followed the same trend, reaching 
EUR 746 mn (0.01% TREA, cf. Charts 12-13 and Table 2).   

Six banks remained in shortfall against their final targets. The number increases to 14 banks when considering 
the CBR. However, 11 (out of 14 banks) have a longer transitional period to meet their final targets ending, in 
most cases, in 2024-2025. All G-SIIs remained in surplus during the reporting quarter (cf. Chart 14). 

Chart 12. MREL shortfalls (of which subordination) against final targets of resolution 
entities by country, EUR bn  

Chart 13.  MREL shortfalls (of which subordination) against final targets of resolution 
entities by country, % TREA  

4 For some entities, the transitional period ends after 1st January 2024, as per Article 12k (1) and (4) SRMR.  

5 When considering the same sample of banks, the MREL shortfall decreased by 72% (or EUR 21.9 bn) year-on-year. 

8

0%1%2%3%4%5%6%7%8%Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q320222023202220232022202320222023202220232022202320222023202220232022202320222023202220232022202320222023ATBEDEESFRGRHRITNLPTSIOtherBU% TREAMREL shortfall incl. the CBRo/w for the subordination component incl. the CBRMREL shortfall05101520253035024681012Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q320222023202220232022202320222023202220232022202320222023202220232022202320222023202220232022202320222023ATBEDEESFRGRHRITNLPTSIOtherBU (rhs)EUR bn  EUR bnMREL shortfall incl. the CBRo/w for the subordination component incl. the CBRMREL shortfall 
 
 
 
 
 
 
 
 
 
 
Table 2. Q3.2023 key MREL metrics for resolution entities6  

Chart 14.  MREL shortfalls against final targets of resolution entities by bank category  

6 MREL net issuances are calculated as the difference between the outstanding amount of the MREL resources in Q3.2023 and Q2.2023 

considering the same sample of banks.  

9

0.0%0.6%1.2%1.8%2.4%3.0%048121620Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q320222023202220232022202320222023G-SIITop TierOther Pillar 1non-Pillar 1% TREAEUR bnMREL shortfall incl. the CBR, EUR bnMREL shortfall incl. the CBR, % TREA (rhs)Total TREAMREL final target incl. the CBRMREL final subordination target incl. the CBREUR mn%TREAAT203,90431.8%22.0%72,92235.8%1,5690.77%280.01%1310.06%00.00%BE203,84229.1%24.4%63,81831.3%3,3581.65%1,5490.76%4350.21%4350.21%DE1,035,17128.9%25.2%418,01440.4%11,9361.15%4,0840.39%4360.04%1930.02%ES1,085,15527.7%16.8%330,07630.4%12,3781.14%8,3080.77%1180.01%1180.01%FR2,601,15226.1%20.9%863,07033.2%13,4950.52%12,7290.49%00.00%00.00%GR145,07027.2%0.0%32,93322.7%1,0060.69%1,1360.78%6,5974.55%00.00%HR10,63230.0%0.0%3,57533.6%20.01%00.00%00.00%00.00%IT950,92625.4%18.4%320,93333.7%11,4251.20%7,4160.78%3260.03%00.00%NL720,36729.1%25.6%245,81934.1%4,4790.62%5,3090.74%00.00%00.00%PT83,04027.1%0.0%22,22726.8%00.00%-9-0.01%8180.98%00.00%SI15,46330.1%0.0%5,53635.8%410.26%270.18%450.29%00.00%Other409,18428.5%23.8%141,33234.5%3,6600.89%3,2410.79%300.01%00.00%BU7,463,90627.3%21.4%2,520,25533.8%63,3490.85%43,8200.59%8,9360.12%7460.01%CountryEUR mnEUR mn%TREA%TREAMREL resources MREL gross issuancesMREL net issuances (net quarterly change in the MREL resources)MREL shortfall incl. the CBR against final targetso/w for the subordination component%TREA%TREAEUR mnEUR mn%TREA%TREAEUR mn 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.4.  MREL targets and shortfalls of non-resolution entities 

The average MREL final (2024) target including the CBR of non-resolution entities remained stable, amounting 
to 24.4% TREA (EUR 568.5 bn, cf. Chart 15)7. When considering the CBR, the overall MREL shortfall against 
final targets amounted to EUR 6.6 bn (0.3% TREA), with 24 banks reporting a shortfall (cf. Charts 16-17).  

Chart 15.  MREL final targets for non-resolution entities by country, % TREA8  

Chart 16.  MREL shortfalls against final targets of non-resolution entities by country, 
EUR bn  

7 When not considering the CBR, the average MREL final (2024) was equal to 21.7% TREA (around EUR 505 bn). 

8 As a result of the evolution of scope of non-resolution entities in the 2022 RPC, LV is now represented by three institutions. Consequently, 
starting from Q4.2022, figures for the country are presented in charts in Section 1.4. For the previous quarters, the country was grouped 
as “Other”. 

10

0%5%10%15%20%25%30%Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q4.2022Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3202220232022202320222023202220232022202320222023202220232022202320222023202320222023202220232022202320222023ATBEBGDEESFRIEITLULVNLPTOtherBU% TREAMREL target incl. the CBRMREL target048121620240123456Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q4.2022Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3202220232022202320222023202220232022202320222023202220232022202320222023202320222023202220232022202320222023ATBEBGDEESFRIEITLULVNLPTOtherBU(rhs)EUR bn  EUR bnMREL shortfall incl. the CBRMREL shortfall 
 
 
 
 
 
 
 
 
Chart 17.  MREL shortfalls against final targets of non-resolution entities by country,  
% TREA   

11

0.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q4.2022Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3202220232022202320222023202220232022202320222023202220232022202320222023202320222023202220232022202320222023ATBEBGDEESFRIEITLULVNLPTOtherBU% TREAMREL shortfall incl. the CBRMREL shortfall 
 
 
 
 
 
  
 
 
2. Market activity and cost of funding 

2.1.  MREL gross issuances 

In Q3.2023, banks under the SRB remit overall issued a total of EUR 63.3 bn (0.8% TREA) of MREL-eligible 
instruments, in reduction compared to the second quarter of the year (by around a fifth). The issuances volume 
remained above the levels reported for the same period of 2020-2021, but below Q3.2022. As for year-to-date 
issuances, their volume remained rather elevated (EUR 259.5 bn) and above the levels reported during the 
same period in 2020-2022 (cf. Charts 18-21). 

Lower issuances were reported by G-SIIs, Top Tier and non-Pillar 1 banks, with issuances decreasing by 18%, 
26%  and  15%,  respectively.  On  the  contrary,  Other  Pillar  1  banks’  issuances  rose  significantly  during  the 
reporting  quarter,  up  by  81%  (or  by  EUR  1.8  bn).  Looking  at  the  distribution  of  total  issuances  across  the 
different categories of banks, Top Tier banks issued half of the total, followed by G-SIIs, which issued 36% of 
the total amount (against 54% and 35% in Q2.2023, respectively). The share of issuances from banks with 
total assets below EUR 100 bn (i.e. Other Pillar 1 and non-Pillar 1 banks) accounted for 14% of the total, up 
from the 10% registered in the previous quarter (cf. Chart 22).  

Chart 18. Gross bond issuances volume of  BU banks (weeks start on Wednesdays 
and end on Tuesdays)  

Source: Dealogic, SRB computations 

Chart 19.  MREL gross issuances by country, EUR bn  

12

0481216202428323612345678910111213141516171819202122232425262728293031323334353637383940414243444546474849505152Jan.Feb.Mar.Apr.May.Jun.Jul.Aug.Sep.Oct.Nov.Dec.EUR bn2015-20212022202302550751001250481216202428323640444852Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q320222023202220232022202320222023202220232022202320222023202220232022202320222023202220232022202320222023ATBEDEESFRGRHRITNLPTSIOtherBU (rhs)EUR bn  EUR bn 
 
 
 
 
 
 
Chart 20.  MREL gross issuances by country, % TREA  

Chart 21. MREL gross issuances by type of instrument, EUR bn  

Chart 22.  MREL gross issuances by bank category  

13

0%10%20%30%40%50%60%70%80%90%100%Q3Q4Q1Q2Q320222023G-SIITop TierOther Pillar 1non-Pillar 10%1%2%3%4%5%6%7%Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q3Q4Q1Q2Q320222023202220232022202320222023202220232022202320222023202220232022202320222023202220232022202320222023ATBEDEESFRGRHRITNLPTSIOtherBU% TREA21%44%37%25%32%28%35%32%35%41%40%52%44%54%43%34%26%30%38%43%40%30%33%41%31%34%25%35%23%29%91.788.250.944.576.069.442.959.084.067.375.072.5117.778.463.30102030405060708090100110120130Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32020202120222023EUR bnCET1AT1Tier 2Subordinated liabilities (notrecognised as own funds)Senior non-preferredliabilitiesSenior unsecured liabilitiesStructured notesDeposits, not covered andnot preferentialOther MREL-eligible liabilities05101520253035G-SIITop TierOther Pillar 1non-Pillar 1EUR bnQ3.2023 
 
 
 
 
 
  
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
2.2. Cost of funding

 wide

Supported by
a
and
low
risk-off

the
range of issuers

tightening

of spreads, the month of September started strong in terms of issuances, with
MREL-eligible bonds continued to attract investors

the market.

being able to

tap

funding costs continued their descending trend throughout the final months of 2023.
levels

beginning 

volatility 

started 

2023, 

rising 

2024,

late

the

up 

of 

at 

in 

After

staying at
of

dominance 

the 

very 

sentiment that reverberated negatively on European credit spreads

due 
(cf. Chart 23).

to 

Chart

23.

Cost of funding (iTraxx Europe Financials)

Source: Bloomberg Finance L.P., SRB computations 

14

18/03/2020; 16515/03/2023; 13102/02/2024; 6918/03/2020; 35115/03/2023; 23802/02/2024; 130050100150200250300350400Mar-20Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24bpsiTraxx Senior financial indexiTraxx Subordinated financial index 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3. Methodological annex  

Sub-Section 

Sample 

Reference 
Date 

Data Source 

SRB MREL quarterly data collection, 

1.1 MREL targets for 
resolution entities 

1.3 Shortfalls of 
resolution entities 

1.2. MREL resources 
of resolution entities  
(Charts 4-5) 

Resolution groups under the SRB remit 
during the 2022 RPC, excluding groups 
whose preferred strategy is liquidation. 

Q3.2022 – 
Q3.2023 

COREP and 

Commission Implementing Regulation (EU) 
2021/763: template M 01.00 –Key metrics for 
MREL and TLAC (KM2) 

SRB MREL quarterly data collection and 

Q3.2022 – 
Q3.2023 

Commission Implementing Regulation (EU) 
2021/763: template M 01.00 –Key metrics for 
MREL and TLAC (KM2) 

1.2. MREL resources 
of resolution entities  
(Charts 6-7) 

Resolution groups under the SRB remit 
during the 2022 RPC, excluding groups 
whose preferred strategy is liquidation. 

Q3.2022 – 
Q3.2023 

Commission Implementing Regulation (EU) 
2021/763: templates: i) M 02.00 – MREL and 
TLAC capacity and composition (resolution 
groups and entities) (TLAC1) and, ii)  M 04.00 
– Funding structure of eligible liabilities (LIAB-
MREL) 

1.2. MREL resources 
of resolution entities  
(Charts 8-9) 

1.2. MREL resources 
of resolution entities  
(Charts 10-11) 

Q3.2022 – 
Q3.2023 

Commission Implementing Regulation (EU) 
2021/763: template M 06.00 – Creditor ranking 
(resolution entity) (RANK) 

Q3.2022 – 
Q3.2023 

Commission Implementing Regulation (EU) 
2021/763: template M 07.00 – Instruments 
governed by third country law (MTCI) 

1.4. MREL targets and 
shortfalls of non-
resolution entities 

Non-resolution entities under the SRB remit 
during the 2022 RPC, excluding entities 
earmarked for liquidation. The sample of 
non-resolution entities for a country 
consists of subsidiaries of national and 
foreign banking groups domiciled in the 
country. 

COREP and 

Q3.2022 – 
Q3.2023 

Commission Implementing Regulation (EU) 
2021/763: template M 03.00 – Internal MREL 
and Internal TLAC (ILAC) 

2.1. MREL gross 
issuances (Chart 18) 

- 

Until January 
2024 

Dealogic 

2.1. MREL gross 

issuances                   

(Charts 19-22) 

MREL gross issuances: resolution groups 
under the SRB remit at each reference date 
(according to the applicable legislation), 
excluding groups, whose preferred strategy 
is liquidation. 

SRB MREL quarterly data collection 

Q1.2020– 
Q3.2023 

Commission Implementing Regulation (EU) 
2021/763: template M 01.00 –Key metrics for 
MREL and TLAC (KM2) 

2.2. Cost of funding 

- 

March 2020- 
February 2024 

Bloomberg Finance L.P. 

15

 
 
 
 
 
 
 
 
 
Number of resolution groups 

Number of non-resolution entities 

Country 

Q3.2022  Q4.2022-Q1.2023 

 Q2.2023- Q3.2023 

Q3.2022 

Q4.2022 

Q1.2023 

Q2.2023- Q3.2023 

AT 

BE 

BG 

CY 

DE 

EE 

ES 

FI 

FR 

GR 

HR 

IE 

IT 

LT 

LU 

LV 

MT 

NL 

PT 

SI 

SK 

BU 

6 

3 

- 

2 

12 

1 

10 

2 

6 

4 

3 

2 

11 

1 

2 

1 

1 

4 

3 

3 

2 

6 

4 

- 

2 

12 

1 

10 

2 

6 

4 

3 

2 

12 

1 

2 

1 

1 

4 

3 

3 

2 

6 

4 

- 

2 

12 

1 

10 

2 

6 

4 

3 

2 

12 

1 

2 

1 

1 

4 

3 

4 

2 

14 

6 

4 

2 

15 

2 

3 

2 

8 

- 

2 

11 

16 

2 

4 

2 

1 

3 

5 

2 

2 

15 

8 

4 

2 

17 

2 

5 

2 

9 

- 

2 

11 

36 

2 

5 

3 

1 

3 

6 

2 

2 

15 

8 

4 

2 

18 

2 

5 

2 

9 

- 

2 

11 

23 

2 

5 

3 

1 

3 

6 

2 

2 

15 

8 

4 

2 

18 

2 

5 

2 

9 

- 

2 

11 

36 

2 

5 

3 

1 

3 

6 

2 

2 

79 

81 

82 

106 

137 

125 

138 

Resolution groups in the analysis were divided into four BRRD2/SRMR2 categories: 

1.  G-SIIs, as identified by the Financial Stability Board.  

2.  Top Tier, banks with total assets exceeding EUR 100 bn, consolidated at the level of the resolution 

group.  

3.  Other Pillar 1, banks chosen by the respective NRA, which are not Top Tier Banks but are assessed 

as likely to pose a systemic risk in the event of failure. 

4.  Non-Pillar 1, banks not pertaining to any of the previous categories. 

The bank category, the preferred resolution strategy and tool considered in the analysis across different 
sections  refer  to  the  2021  (for  metrics  with  reference  date  Q3.2022)  and  2022  RPCs  (for  metrics  with 
reference date from Q4.2022 onwards) as per resolution plans.  

Category 

Strategy 

Tool 

Reference date 

G-SII 

Top Tier 

Other 
Pillar 1 

non-Pillar 1 

SPE 

MPE 

Bail-in 

Q3.2022 

Q4.2022- Q1.2023 

 Q2.2023- Q3.2023 

8 

8 

8 

26 

27 

27 

8 

10 

10 

37 

36 

37 

66 

67 

67 

13 

14 

15 

63 

65 

65 

Transfer 
tool 

16 

16 

17 

16

 
 
 
 
 
 
 
3.1.  MREL monitoring 

For metrics with reference date Q3.2022, the targets considered in the analysis are external (for resolution 
entities) and internal (for non-resolution entities) final and intermediate MREL targets (expressed as % TREA 
and % LRE) set by the SRB under the 2021 RPC as per official decisions. For metrics with Q4.2022 reference 
date onwards, the targets considered in the analysis are external (for resolution entities) and internal (for non-
resolution entities) final and intermediate MREL targets (expressed as % TREA and % LRE) set by the SRB 
under the 2022 RPC (targets set in 2021 RPC may be exceptionally used). For resolution entities that fell in 
2021  or  in  2022  within  the  scope  of  subordination  requirements  (as  per  Article  12d  (4)  or  (5)  SRMR),  the 
analysis considers the MREL targets applicable after the three years period as per Article 12k (4) SRMR. For 
metrics with reference date Q3.2022, for resolution entities that applied for the ECB leverage relief measure 
and where any change in the LRE due to its discontinuation materially impacted their external MREL target, 
the analysis considers the notional targets that would have applied in the absence of the LRE relief measure 
under the 2021 RPC, as per press release (link).   

To obtain targets in EUR amounts, the targets (% TREA and % LRE) set in the MREL decisions are multiplied 
by  TREA  and  LRE  at  the  respective  reference  date.  The  most  stringent  targets  in  EUR  amounts  are  then 
expressed as percentages of TREA. Aggregated external MREL targets (% TREA) are the weighted average 
of targets of resolution entities in the same country or under the same category/strategy/tool (as presented in 
Charts 1-3 and Table 2). In Chart 1/ Table 2, aggregated MREL subordination targets (% TREA) consider only 
banks with an MREL subordination target set and are calculated as the weighted average of  subordination 
targets of resolution entities in the same country (as opposed to the previous editions, where the average was 
computed across all banks). In Charts 2-3, aggregated MREL subordination targets (% TREA) are calculated 
over the full sample, considering also entities with no subordination requirement (taking the value of zero) and 
are  calculated  as  the  weighted  average  of  subordination  targets  of  resolution  entities  under  the  same 
category/strategy/tool. Aggregated internal MREL targets (% TREA) are the weighted average of targets of 
non-resolution entities in the same country.  

The CBR used in addition to the risk-based MREL is the CBR reported at respective reference date.  

To monitor the level of MREL of banks granted a permission to reduce eligible liabilities instruments (as per 
Article 78a(1) CRR), the analysis considers the amount of MREL-eligible liabilities and own funds reduced by 
the amount of the unused predetermined amount of the General prior permission. 

From Q2.2023 edition onwards, to monitor the level of subordinated MREL for banks granted a permission to 
reduce eligible  liabilities instruments (as per Article  78a(1) CRR), the analysis considers the amount of the 
subordinated  MREL-eligible  liabilities  and  own  funds  reduced  by  the  amount  of  the  unused  predetermined 
amount  of  the  General  prior  permission  (as  opposed  to  the  previous  editions,  where  the  amount  without 
excluding the unused predetermined amount of the General prior permission was considered).  

The level of the MREL resources is calculated over the sample of banks (resolution entities) described in the 
table above.  Average residual maturities are the weighted average of MREL resources of resolution entities 
in the same country for each cluster. For the determination of the weights, the mid-point value for each cluster 
is considered, i.e. 1.5 years for amounts with residual maturity of ≥ 1 year < 2 years, 3.5 years for amounts 
with residual maturity of ≥ 2 year < 5 years and 7.5 years for amounts with residual maturity of ≥ 5 years < 10 
years. For MREL resources with a residual maturity of ≥ 10 years a weight of 15 years is considered. Perpetual 
securities are excluded from the calculation. 

For resolution entities,  MREL and subordination shortfalls are calculated with respect to the most  stringent 
between the TREA-based  target (excluding  and  including the CBR on top)  and  the LRE-based target. The 
amount of the MREL shortfall presented is the highest between MREL and subordination shortfalls (as defined 
above).  MREL  and  subordination  shortfalls  (%  TREA)  are  the  weighted  average  of  shortfalls  of  resolution 

17

 
 
 
 
 
 
entities in the same country or under the same category. The average MREL shortfall (excluding and including 
the CBR on top) is calculated as the ratio between the aggregated shortfall and the aggregated TREA of all 
the resolution entities in scope. The average subordination shortfall is calculated over the full sample including 
banks with no subordination requirement and is defined as the ratio between the aggregated shortfall and the 
aggregated TREA  of  all  the resolution entities in scope.  The results may be subject to changes in case of 
banks’ resubmission of relevant reports. 

For  non-resolution  entities,  MREL  shortfalls  are  calculated  with  respect  to  the  most  stringent  between  the 
TREA-based  target  (excluding  and  including  the  CBR  on  top,  when  applicable)  and  the  LRE-based  target. 
MREL shortfalls (% TREA) are the weighted average of shortfalls of non-resolution entities in the same country. 
The  average  MREL  shortfall  (excluding  and  including  the  CBR)  is  calculated  as  the  ratio  between  the 
aggregated shortfall and the aggregated TREA of all the non-resolution entities in scope. The results may be 
subject to changes in case of banks’ resubmission of relevant reports. 

The MREL net issuances (net quarterly change in the MREL resources) presented in Table 2 are calculated 
as  the  difference  between  the  outstanding  amount  of  the  MREL  resources  in  Q3.2023  and  Q2.2023 
considering the same sample of banks. 

3.2.  Market activity and cost of funding 

Between Q1.2020 and Q4.2020, MREL gross issuances are reported under BRRD1 framework, while from 
Q1.2021, data is reported under BRRD2 framework. Due to the evolution of scope of entities under the SRB 
remit,  the  sample  of  bank  may  vary  across  reporting  quarters.  Therefore,  the  comparison  of  MREL  gross 
issuance levels across quarters should be taken as indicative due to the different reporting framework and the 
different samples. The results may be subject to changes in case of banks’ resubmission of relevant reports. 

The chart on cost of funding plots the iTraxx subordinated financial index (ticker ITRXEUE Curncy, 5y daily) 
and the iTraxx senior financial index (ticker ITRXESE Curncy, 5y daily), from Bloomberg. The iTraxx financials 
indexes  are  standardised  credit  derivatives  used  to  hedge  credit  risk.  Each  index  is  composed  of  25 
investment-grade entities from the European financial sector. 

3.3.  Confidentiality criteria 

Country data is presented only when there are at least three institutions in the same country. Countries that 
do not meet this criterion have been grouped and labelled in the charts and the table as “Other”. 

18

 
 
 
 
 
 
4. Abbreviations

AT1 

Additional Tier 1

BRRD

Bank Recovery and Resolution Directive

BU

Banking Union

CBR

Combined Buffer Requirement

CET1

Common Equity Tier 1

CRR

Capital Requirements Regulation

G-SIIs

Globally Systematic Important Institutions

ECB

European Central Bank

LRE

Leverage Ratio Exposure Measure

MPE

Multiple Point of Entry

MREL

Minimum Requirement for Own Funds and Eligible Liabilities

NRA

National Resolution Authority

RPC

Resolution Planning Cycle

SoB

SPE

Sale of Business

Single Point of Entry

SRB

Single Resolution Board

SRMR

Single Resolution Mechanism Regulation

TREA 

Total Risk Exposure Amount

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