5.1 The Code applies to existing boards and directors with effect from 1 January 2011. The Central Bank is conscious that institutions may need time to implement changes to systems and structures in order to ensure compliance with the Code. Institutions will be given until 30 June 2011 to introduce the necessary changes. Where changes to board membership are necessary this period will be extended to 31 December 2011 in order to allow institutions to identify and assess candidates prior to making appointments.
Version date: 8 November 2010 - onwards