Application of MREL to entities defined in Article 1(1)

As regards entities referred to in Article 1(1), points (b) (c) or (d) , of Article 1 of Directive 2014/59/EU (BRRD), Articles 45 and 45a to 45i BRRD set out which entities are required to hold MREL and specify whether such entities must hold internal or external MREL. resolution authorities are provided with discretion on whether the MREL requirement should be applied to those entities (see Article 45(7) of Directive 2014/59/EU (BRRD)). Please see the reply to Q&A 2017­_3205 . Disclaimer: The answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.