Recital 1

(1)Resolution authorities have been given the task of setting minimum requirements for own funds and eligible liabilities (MREL) in accordance with the requirements and procedures laid down in Articles 45 to 45i of Directive 2014/59/EU. To assist the European Banking Authority (EBA) in promoting convergence across the Union for the setting of MREL, resolution authorities are required under Article 45j of that Directive to inform the EBA, in coordination with competent authorities, of the MREL they have set.