The Single Resolution Board (SRB), together with the national resolution authorities (NRAs), published its 2018 policy statement on minimum requirements for own funds and eligible liabilities (MREL), which serves as a basis for setting binding, consolidated MREL targets for banks under the remit of the SRB in the first wave of resolution plans. The SRB has split the cycle for resolution planning into two waves. The first started in January 2018 to allow for the banks that did not have binding targets – those without presence outside the Banking Union - to be addressed first based on a MREL policy largely following the 2017 approach. The current document serves as a point of reference for the determination of SRB decisions on MREL for these banks. For the most complex banks, all of them having resolution colleges, MREL setting will be based on an enhanced MREL policy to be published later this year.