Recital 2

(2)Implementing Regulation (EU) 2021/622 currently requires resolution authorities to transmit to the EBA, on an annual basis, information related to the setting of MREL. Subsequently, the EBA combines that information with information on the composition of the own funds and eligible liabilities obtained pursuant to Commission Implementing Regulation (EU) 2021/763 ⁴ to produce its report on MREL in accordance with Article 45l of Directive 2014/59/EU, which currently has a bi-annual frequency. The current yearly reporting of information on the setting of MREL means that MREL decisions adopted by resolution authorities after the relevant reference date are not transmited or assessed by the EBA, and are not reflected in its reports, until the following year, thus creating misalignments with the more updated information on the composition of the own funds and eligible liabilities.