May 5, 2017 / 9:42 AM / 5 months ago

Bank of England sets out bailout requirements for UK-based banks

LONDON, May 5 (Reuters) - The Bank of England said on Friday it had set out indicative requirements for how much loss-absorbing capacity major banks based in Britain need to have to avoid the risk of future big taxpayer bailouts.

The BoE said that from 2022 the ‘minimum requirements for eligible liabilities and own funds’, known as MREL, would range from 21.6 percent of total value of exposures for Standard Chartered to 25.9 percent for Santander UK.

The BoE previously said how it planned to calculate this on Nov. 8. Banks also face an interim MREL target which applies from 2020.

Full details of the announcement are available at: here (Reporting by William Schomberg, editing by David Milliken)

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