Unless you get a V6-V8, all codes will refer to "bank 1". The poor performance of the cat is probably related to an air leak around the intake manifold. Check the vacuum elbows, the vacuum tree, the lines to the air cleaner, etc.

Otherwise, the dealer will start replacing O2 sensors because they cost a lot.

Your car will run just fine, just your gas mileage might suffer and your spark plugs are getting fouled. Check those, while you are at it :)

Klaus
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The more I learn, the more I forget. So why learn?

Your code description is correct, not sure what it actually means. There is an additional O2 sensor aft of the cat which measures how well the cat is working. Could it be one of the O2 sensors going flakey?
The car will not stop because of that problem.
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David Hunter