Metro Bank poised to miss MREL target

Metro Bank is likely to miss the Bank of England’s minimum requirement for own-funds and eligible liabilities (MREL) after cancelling a £200 million bond sale in September.

At the end of last year, the bank reported MREL-eligible capital of £1.4 billion ($1.7 billion) versus total risk-weighted assets (RWAs) of £8.9 billion – a ratio of 15.9%.

This is well short of the BoE’s target of 21.5% for January 2020, and 22.5% from January 2022.

The UK lender planned to issue £500 million of MREL

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