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.
The amendment is a step in the right direction. However, it does not solve the problem; there are still SIFIs for which the requirements are not sufficiently high for the institutions to be recapitalised and continued in a crisis situation. Furthermore, the problem with the current requirement for mortgage credit institutions is that it is not risk-sensitive. The MREL is.