The MREL requirement is decided by the Swedish National Debt Office (SNDO). A part of the MREL requirement must be met with own funds and subordinated eligible liabilities (subordination requirement), e.g. senior non-preferred debt. Hence, Swedbank has begun issuing senior non-preferred debt and expects to continue to do so until the subordination requirement is fully met with own funds and senior non-preferred debt. Swedbank will also hold sufficient buffers to the requirement.