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  "documentTitle": "Q1 2025 Fixed Income Call",
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  "notes": "Data as of March 31, 2025. Footnotes refer to slides 38 and 39.",
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      "text": "Q1 2025 loss-absorbing capacity significantly above all regulatory requirements, with MREL remaining the most binding constraint.",
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      "text": "Q1 2025 loss-absorbing capacity significantly above all regulatory requirements, with MREL remaining the most binding constraint. € 22bn MREL surplus down by ~€ 1bn quarter on quarter. New MREL requirement from Q2 2025 will marginally reduce the headroom by € 1bn",
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