I come now to the crisis management framework and the SRM. As I said before, the MREL issue needs to be clarified. MREL sets the minimum level of bail-inable items on the liability side of each bank’s balance-sheet.
Senior Deputy Governor Wilkins and I are happy to be before you today to discuss the Bank’s Monetary Policy Report (MPR), which we published last week. When we were last here in April, we were celebrating the fact that we had upgraded our economic forecast following a long period of disappointment.