UK Government HM Treasury Policy Paper: Financial Services Policy Update

On 15 October 2024, the Bank of England published a consultation entitled “Amendments to the Bank of England’s approach to setting a minimum requirement for own funds and eligible liabilities (MREL)”. This set out proposals for updates to the Bank of England’s statement of policy on its approach to setting MREL. The government has published a written ministerial statement welcoming this consultation and setting out its expectations in relation to the interaction between the policy in the consultation and the Bank Resolution (Recapitalisation) Bill.