What EU BRRD2 Directive 2019/879 - MREL, Subordination & Resolution Planning requires
Directive 2019/879 (BRRD2) amends the Bank Recovery and Resolution Directive (BRRD 2014/59/EU) to implement the FSB Total Loss-Absorbing Capacity (TLAC) standard for G-SIIs and introduce a new Minimum Requirement for Own Funds and Eligible Liabilities (MREL) applicable to all institutions. BRRD2 introduces subordination requirements for MREL-eligible instruments (internal MREL for significant subsidiaries), updated moratorium powers (preventing payments for up to 2 working days), and aligns the BRRD with the SRMR for Banking Union institutions. G-SII TLAC complies with FSB TLAC term sheet: minimum 16% RWA (18% from 2022) and 6% leverage ratio (6.75% from 2022).
Pillar: Banking & Global Finance · Authority: European Banking Authority; Single Resolution Board (SRB); national resolution authorities; European Commission · Version: 1.0.1 · Last updated:
Primary source: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32019L0879
SHA-256 integrity: 61f7ed84e5c879ff77b5159253c1a4cddf1e27cb7694b3aaa7830516b2f0ad0d
Primary Citations — 5 traced to source
- Art 1 amending BRRD Art 45 (MREL - 2× Pillar 1 floor, G-SII TLAC 16%/18% RWA), Art 45b (subordination - G-SII 100% subordinated, NCWO), Art 45f (internal MREL - 75-90% of external equivalent), Art 45h (consultation procedure), Art 69-71a (moratorium - 2 working days, covered deposit exemption) — Directive 2019/879 - BRRD2 (amending BRRD 2014/59/EU)
- Section 3 (TLAC quantum - 16%/18% RWA; 6%/6.75% leverage); Section 4 (TLAC eligibility - subordination requirements, excluded liabilities); Section 7 (internal TLAC for material sub-groups) — FSB Total Loss-Absorbing Capacity (TLAC) Term Sheet (November 2015)
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