Resolution - how it works
The Central Bank of Ireland is the national resolution authority for Ireland. This means that it prepares plans for the resolution of institutions and certain in-scope investment firms. These plans can then be activated in the event of failure, in compliance with the EU Bank Recovery and Resolution Directive (BRRD). There is both European and Irish legislation governing these areas.
Read more about Resolution.
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 of Ireland is a member of the SRB. The SRB is directly responsible for significant institutions and cross border groups, while the Central Bank is directly responsible for less significant institutions, investment firms and credit unions.
The SRB is a Brussels based agency of the EU. The SRB manages the Single Resolution Fund , to which all credit institutions within the Banking Union contribute.