xxiii See European Commission 2009. xxiv See EU Banking Structures October 2007. The subsidiary number reflects the EU rather than the euro area specifically. xxv See Minimum Requirements for Own Funds and Eligible Liabilities (MREL). xxvi See ‘Macro-Financial Policies for the Short Term and the Long Term,’ address by Governor Philip R. Lane, at the MacGill Summer School 27 July 2018. Available here.
xxvii A Systemic Risk Buffer is one potential instrument allowed under CRR/CRD to mitigate non-cyclical systemic risks, such as those related to exposure concentration. 15