O requisito mínimo de fundos próprios e passivos elegíveis (MREL)

Abstract

The adoption of the BRRD is aimed at ensuring the existence of an orderly resolution, the lowest possible costs to taxpayers, and reinforcing confidence in the banking sector. The MREL emerges as one of the main instruments that reinforces and strengthens the resolvability of a bank, considering this requirement ensures that institutions have sufficient loss absorption and recapitalization capacity. The purpose of this dissertation is to analyze the legal framework of MREL in view of the complexity and timeliness of the regime. The study begins with a description of the purpose, competent authority, and subjection to MREL, followed by the eligibility criteria, which distinguishes the liabilities considered eligible for MREL. Furthermore, the dissertation explores the calibration of the MREL requirement, in particular the form of expression of the requirement and the subordination requirements. Additionally, the rules applicable to the determination of the MREL requirement for group entities, as well as the relationships with other regulatory requirements and with TLAC, are deepened. Finally, the dissertation also addresses the issue of breaches of the MREL. The main results and contributions of this dissertation relate to the systematization of the legal framework, concluding favorably for the introduction of this requirement given the greater credibility and security conferred on the resolution regime.

Date of Award	17 Jan 2025
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Francisco Lourenço Fonseca Mendes Correia (Supervisor)