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I had this combination of codes with a '92 245 I used to own. In my case the O2 sensor (which was a new generic Bosch) was defective. I was measuring 1.3 VDC on the sensor output with the car warmed up, which is well beyond the operating output of an oxygen sensor (0.15-0.85 VDC). My suspicion at at the time was that the heater circuit voltage was bleeding over into the sensor circuit, but I couldn't actually confirm that. Replacing the sensor fixed the problem, and the car ran properly afterward.
Measure your sensor output and report back!
Good luck!
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