Compliance with the minimum requirement for own funds and eligible liabilities – Q4 2022
Press release 3 March 2023
All systemically important banks and other institutions were compliant with the minimum requirement for own funds and eligible liabilities (MREL) at the end of the fourth quarter. Today, the Swedish National Debt Office released its quarterly report on MREL compliance.
MREL is being phased in until 1 January 2024. To enable a linear build-up of MREL, including subordination requirements, the Debt Office has set target levels that apply as of 1 January 2022.
At the end of the fourth quarter of 2022, all systemically important institutions met the MREL set for them. This means that the institutions reached the target levels for risk-based and non-risk-based MREL.
All institutions also had a sufficient amount of own funds and subordinated liabilities for the target levels of the subordination requirement.
On 31 December 2022, the systemically important institutions had issued SEK 198 billion in subordinated liabilities. In order to meet the subordination requirements that will apply as of 1 January 2024, they will need to issue a further SEK 7 billion in subordinated liabilities.
The Debt Office makes decisions on MREL annually
Further information about MREL and its application for Swedish institutions is available in the Debt Office’s MREL policy and on the Debt Office’s website
The Debt Office's operations shall be characterized by an openness to the public and the media. The right of access to official business is a cornerstone of Swedish democracy.
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Mats Lilja, press officer
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