For the banks, we're in a good place with a fully phased-in MREL requirement. This ensures that the investors carry the risk, during both good and bad times. But - for there is a but. We're still not quite there yet when it comes to the handling of mortgage credit institutions.
There is still no appropriate solution for how a mortgage credit institution should be handled if there are insufficient funds to cover the losses in a resolution situation. When we look into our crystal ball, the problem of insufficient funds will only grow larger as the new Basel capital requirements are phased in.