Talked to my indie. He said, as "bl" stated in another thread, bank1 is the front O2 sensor, and bank2 is the rear O2 sensor. However, this generic code does not mean the O2 sensor is bad, just the part of the system that is involved with setting the code. If I understand everything he said, the bank1 sensor is associated with direct fuel mixture, etc. while bank2 (rear O2 sensor) is associated more with the air pump and the warming up of the engine. The guy has worked on volvos and saabs (only) for 20+ years. Basically, it could be anything from a malfunctioning injector to a TPS, etc. Thanks to everyone who replied.