Member

Amendment 10, tabled by the noble Lord, Lord Vaux, would restrict the mechanism for firms whose MREL requirement is set on the basis of a bail-in resolution strategy. I additionally note here that the Government agree that bail-in exists as the primary mechanism for resolving larger, more complex banks. The Bill does not change that principle but, as I say, it is important for the scope of the mechanism to remain flexible so that the Bank of England can respond effectively as the circumstances require.