1. Scope
1.1 The Requirements impose the following:
• Minimum core standards upon all credit institutions licensed or authorised by the Central Bank; and
• Additional requirements (as set out in Appendix 1) upon credit institutions which are designated as High Impact by the Central Bank so as to ensure that appropriate and robust corporate governance frameworks are in place and implemented to reflect the risk and nature of those credit institutions. There is no bar on credit institutions deciding to implement the additional requirements should they wish to do so and indeed credit institutions are encouraged to do so.
1.2 The Requirements will not apply to foreign incorporated subsidiaries of an Irish credit institution. Such credit institutions are encouraged, however, to adopt equivalent good governance practices.
1.3 The Central Bank has informed credit institutions of their Impact designation. Credit institutions are required to disclose in their annual report that they are subject to the Requirements and whether they are required to comply with the additional requirements for High Impact designated credit institutions.