(1)Directive (EU) 2019/879 of the European Parliament and of the Councilnote and Regulation (EU) 2019/877 of the European Parliament and of the Councilnote amended the framework for the minimum requirement for own funds and eligible liabilities (‘MREL’) set out in Directive 2014/59/EU of the European Parliament and of the Councilnote and in Regulation (EU) No 806/2014 of the European Parliament and of the Councilnote, which applies to credit institutions and investment firms (‘institutions’) established in the Union as well as to any other entity that falls within the scope of Directive 2014/59/EU or Regulation (EU) No 806/2014 (‘entities’). Those amendments provided that internal MREL, that is, the MREL applicable to institutions and entities that are subsidiaries of resolution entities but are not themselves resolution entities, may be met by those institutions and entities using instruments issued to and bought by the resolution entity, either directly or indirectly, through other entities in the same resolution group.
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