On January 1, the Single Resolution Mechanism (SRM) became fully operational. The SRM implements the European Union Bank Recovery and Resolution Directive (BRRD). The SRM is designed to strengthen the resilience of the financial system and to assist in mitigating against future crises. The regulation underlying the SRM establishes the framework and procedures that member states of the European Union will be required to follow when a bank in their jurisdiction fails and requires resolution.
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