As you know, Danish mortgage credit institutions have been exempted from the minimum requirement for eligible liabilities and own funds, MREL. Instead, they must meet a debt buffer requirement. In Danmarks Nationalbank's opinion, that is a bad idea.
And we still think so, even though things have changed since I last addressed you: Since then, a legislative amendment has been introduced for SIFIs that include mortgage credit institutions. For them, the sum of the MREL and capital and debt buffer requirements must constitute at least 8 per cent of total liabilities and own funds.