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The Central Bank manages resolution funds and prepares resolution plans for these entities with the exception of CCPs as there are currently none authorised in Ireland. These plans can then be activated in the event of a failing or likely to fail determination, in accordance with the EU Bank Recovery and Resolution Directive (BRRD) (as amended by BRRD2). The Resolution & Crisis Management function within the Central Bank has the responsibility for day-to-day resolution matters. There is both European and Irish legislation governing these areas. For a plain language Explainer on the Resolution framework, please read our article here Single Resolution Mechanism The Single Resolution Mechanism (SRM) is made up of a network of national resolution authorities and a central decision making body, the Single Resolution Board (SRB). The Central Bank works closely with the SRB, which is directly responsible for significant institutions and cross border groups in the Banking Union while the Central Bank remains directly responsible for less significant institutions, investment firms, and credit unions. The SRB is a Brussels based independent EU agency. It is the resolution authority for the Banking Union and is responsible for the management of the Single Resolution Fund, to which all credit institutions within the Banking Union contribute. The Central Bank's Approach to Resolution and Minimum Requirement for Own Funds and Eligible Liabilities (MREL) The Central Bank published the first edition of its Approach to Resolution for Banks and Investment Firms in April 2019. This document: Provided an overview of the resolution framework, including the Single Resolution Mechanism system; Outlined the Central Bank's general perspectives on resolution planning; and Illustrated how the Central Bank would exercise its resolution and liquidation powers in a failure event. In October 2021, the Central Bank published a second edition of this document in order to reflect domestic and EU legislative and policy developments introduced in the intervening period, particularly with regard to the Risk Reduction Measures (RRM) Package and BRRD2 (see legislation for further details). At the same time, the Central Bank also developed …