Single Resolution Board sets resolution strategy for BNG Bank

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On 27 February 2019, the Single Resolution Board (SRB) announced that simplified obligations apply to BNG Bank. This means that the preferred resolution strategy is normal insolvency law. No explicit Minimum Requirement for own funds and Eligible Liabilities (MREL) has been included in the decision.

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Based on the current SRB guidelines, an MREL requirement equal to the Loss Absorption Amount, consisting of Pillar 1 and Pillar 2 requirements plus  the combined buffer requirement applies. Hence, the current capitalisation is sufficient to meet the MREL requirements. In two years, the SRB will evaluate the decision taken in accordance with legislation.

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