The MREL requirement is set by the Swedish National Debt Office (SNDO). The SNDO has decided that a part of the MREL requirement must be met with liabilities and that by 1 January 2022. Such liabilities must be subordinated to senior preferred debt. Swedbank has therefore begun issuing senior non-preferred debt and is expecting to continue to do so until the required liability proportion of the requirement is fully met with senior non-preferred debt.