Eurozone banks bet on 2024 MREL deadline to ease Brexit pain

SRB says legacy English law bonds ineligible, but BRRD grandfathering could solve the problem

2024 deadline

Bankers are hoping that grandfathering rules, which they expect to be adopted as part of an updated bank resolution regime in Europe, will also alleviate the problem of English law bonds no longer being deemed eligible for bail-in by the eurozone’s Single Resolution Board.

In a position paper published on November 15, the SRB confirmed that after Brexit, eurozone banks should be prepared for legacy bonds issued under English law to be discounted from their minimum requirement for own funds and

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