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Recital 5

Recital 5

(5)Directive 2014/59/EU requires information on MREL to be reported to both competent and resolution authorities. Regulation (EU) No 575/2013 requires information on TLAC to be reported to competent authorities only. However, pursuant to Article 45d(1) of Directive 2014/59/EU, MREL of a resolution entity that is a G-SII or part of a G-SII consists of the TLAC requirement and any additional add-on. It is therefore appropriate to ensure that resolution authorities obtain information on TLAC from G-SIIs as part of their MREL reporting. This should be without prejudice to arrangements concluded by competent authorities and resolution authorities to minimise data flows.

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