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Recital 3

Recital 3

(3)In respect of groups which are subject to a consolidated MREL, it is necessary to clarify which resolution authority should transmit to the EBA the information on, first, the MREL determined for the parent undertaking concerned, and second, the MREL applied to the subsidiaries, whether on the basis of a joint decision reached between the group-level resolution authority and the resolution authority responsible for the subsidiary on an individual basis, or of a decision taken by the resolution authority of the subsidiary in the absence of a joint decision. In order to ensure that the EBA is provided with the necessary information as regards both the parent undertaking and the subsidiaries, the relevant group-level resolution authority should be required to inform the EBA, in coordination with the consolidating supervisor, of both the MREL determined on an individual and the MREL determined on a consolidated basis for the parent undertaking concerned, and the resolution authorities responsible for a group's subsidiaries, in coordination with competent authorities, should be required to inform the EBA of the MREL that has been set for each institution under their jurisdiction.

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