26.1 A credit institution shall submit to the Central Bank a compliance statement specifying, in accordance with any relevant guideline issued by the Bank, whether the credit institution has complied with these Requirements during the period to which the statement relates. This compliance statement shall be submitted to the Central Bank on an annual basis or with such other frequency as the Central Bank may notify to the credit institution from time to time. The report shall be submitted with the credit institution's annual report. Where a credit institution does not have a financial reporting period coinciding with the calendar year it may submit a compliance statement for the period of its financial year. In the event of the credit institution deviating materially from the Requirements, the compliance report shall include a report on any material deviations, advising of the background to the breach and the actual or proposed remedial action.