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The aim of the EU Bank Recovery and Resolution Directive (the “BRRD”) is to establish a framework for the recovery and resolution of EU credit institutions and significant investment firms and to equip EU national authorities with harmonised powers and tools to tackle financial crises at such institutions and firms. These powers and tools include preparatory and preventative measures , early supervisory intervention and resolution. One of the resolution tools is the “bail-in” tool which enables EU national authorities to recapitalise in-scope entities or reduce the principal amount of, or to convert to equity, in-scope liabilities