1.The competent authorities shall not grant authorization in cases where initial capital is less than 5 million ECU.
2.Member States may propose that initial capital be fixed at an amount lower than that provided for in paragraph 1 in the case of institutions whose scope of authorised business is restricted by law or statute. They shall notify the Commission of the institutions concerned and the amounts proposed within six months of the adoption of this Directive. The Commission shall adopt the list of categories of institutions concerned and the relevant initial capital requirements, according to the procedure laid down in Article 20.
1.The own funds of credit institutions must not fall below the initial capital required when they were authorized. In appropriate circumstances, the competent authorities may allow an institution a certain limited period in which to restore its own funds to the agreed minimum.
2.The own funds of credit institutions in existence at the time of the date of implementation of this Directive must by 31 December 1996 at the latest be at least equal to the level of initial capital stipulated in Article 3.