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Bank State Aid under BRRD and SRM

Karel Lannoo


I. Introduction The agreements on the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism (SRM), the second pillar of banking union, weremilestones.1 One of the key objectives is to ensure that insolvent banks can be resolved in an orderly and uniformmanner in the EUwithout State aid. A single resolution board will play the key role in ensuring that this process unfolds under a unique governance structure, at least for

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