CORRECTED-UPDATE 1-Bank of England sets out bailout bond requirements for UK banks [Reuters]
Banco Santander, S.A. Sponsored ADR (Spain) (SAN)
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Source: Reuters
Bank of England sets out bailout bond requirements for UK banks LONDON The Bank of England on Friday made public for the first time how many special loss-absorbing bonds British-based banks must issue to prevent taxpayers having to pay for bank bailouts in the future. The bonds, known as MREL, are aimed at ending "too big to fail" banks, which means banks will have enough resources to draw on in a crisis without going cap in hand to taxpayers. MREL bonds convert into equity capital once a bank's main capital reserves are burnt through. The MREL requirements come under European Union law and form the final leg of reforms introduced since the 2007-09 financial crisis. The BoE said that from 2022, MREL would range from 21.6 percent of total value of exposures for Standard Chartered ( STAN.L ) to 25.9 percent for Santander UK ( SAN.MC ). The central bank also gave an average indicative figure of 22 percent for a group of eight smaller banks, including Metro Bank, Tesco Bank and Virgin Mo
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News
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- ROSEN, A TOP RANKED LAW FIRM, Encourages Banco Santander, S.A. Investors to Inquire About Securities Class Action Investigation – SANGlobeNewswire
- Levi & Korsinsky Reminds Banco Santander Investors of the Ongoing Investigation into Potential Violations of Securities Laws – SANAccesswire
- ROSEN, LEADING INVESTOR COUNSEL, Encourages Banco Santander, S.A. Investors to Inquire About Securities Class Action Investigation – SANGlobeNewswire
SAN
Earnings
- 2/1/24 - Miss
SAN
Sec Filings
- 4/18/24 - Form 6-K
- 4/11/24 - Form 6-K
- 4/5/24 - Form SBSE-A/A
- SAN's page on the SEC website