The MREL to cover loans of the same nature which are to be treated equally in a resolution solution must be the same, irrespective of whether the loan has been granted by a bank or a mortgage bank. If these principles are to be observed, a consolidated MREL must be set, comprising all entities of a SIFI.
The Eurosystem therefore continues to strongly support the creation of SEPA, in which “individuals and companies are able to make cashless payments throughout the euro area  1  SEPA comprises the countries of the EU plus Norway, Iceland, Liechtenstein, Switzerland and Monaco, as well as oversees territories of EU countries.