The resolution authorities are currently in the process of setting such requirements, known as the minimum requirement for own funds and eligible liabilities (MREL), for European banks. Some banks and savings banks will have to expand their holdings of MREL liabilities in future in order to satisfy these requirements.
The Federal Reserve’s supervisory teams are including the transition away from LIBOR in their monitoring discussions with large firms. The Federal Reserve will expect to see an appropriate level of preparedness at the banks it supervises.