That compares well with the growth for the United States of about zero for the same period, and with the outcome for the major countries as a group, which was also about zero.
Fortunately, the Bank Recovery and Resolution Directive – BRRD – provides a solution: it is possible to exclude certain liabilities and own funds from being written down or converted. That should be the case for mortgage bonds. Instead, there must be sufficient eligible liabilities and own funds. That is why we should have an MREL for mortgage credit institutions.