The Bank of Spain has formally informed three of country's major banks about their binding minimum requirement for own funds and eligible liabilities, or MREL, which must be reached by Jan. 1, 2020.
For Banco Bilbao Vizcaya Argentaria SA, the MREL is 15.08% of total liabilities and own funds of its resolution group, on sub-consolidated level as of Dec. 31, 2016. In terms of risk-weighted assets of the resolution group, the MREL would be equal to 28.04% as of Dec. 31, 2016.
Banco Santander SA's MREL has been set at 24.35%, at a sub-consolidated level.
The MREL of BBVA and Santander are already in line with the requirements.
Banco de Sabadell SA, at a consolidated level, has been assigned an MREL equal to 22.7% of risk weighted assets as of Dec. 31, 2016.
