Central Bank Of Ireland Revised Corporate Governance Code

On 23 December 2013, the Central Bank of Ireland ("CBI") published a revised Corporate Governance Code for Credit Institutions and Insurance Undertakings (the "Code"). The Code applies to banks, and insurance and reinsurance undertakings licensed by the CBI ("Institutions"). The Code does not apply to captive insurance or reinsurance undertakings, nor to special purpose reinsurance vehicles. It sets out minimum statutory requirements on how the Institutions should organise their governance and imposes minimum core standards on their boards of directors with additional requirements imposed for certain designated institutions.

The Code comes into effect on 1 January 2015. In the meantime, Institutions continue to be governed by the existing CBI corporate governance code in effect since 1 January 2011 (the "Existing Code"). As with the Existing Code, the Code does not apply to foreign subsidiaries of an Institution (albeit that the CBI encourages those subsidiaries to