3.1 The Requirements are introduced as conditions to which credit institutions are subject pursuant to Section 10 of the Central Bank Act 1971, Section 16 of the Asset Covered Securities Act 2001, or Section 17 of the Building Societies Act 1989 [Section 1 of the Requirements confirms that the scope of the Requirements is that they apply to all credit institutions licensed or authorised by the Central Bank. Section 3 of the Requirements drill down into the specific legislative references upon which we rely as the legal basis for imposing the Requirements by way of condition.].

3.2 In addition, the Central Bank is of the opinion that the Requirements are necessary to credit institutions' compliance with the following:

• Regulation 61 of the European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014).

3.3 To the extent that a credit institution is obliged under the Requirements to submit returns, statements and information to the Central Bank, such information and returns shall also be required under Section 18 of the Central Bank Act 1971, and Section 41A of the Building Societies Act 1989, as applicable.