1. SUBJECT TO ARTICLE 3 (2), THIS DIRECTIVE SHALL APPLY TO ALL CREDIT INSTITUTIONS.
2. THE INSTITUTIONS EXEMPTED FROM THE PROVISIONS OF DIRECTIVE 77/780/EEC AND LISTED IN ARTICLE 2 THEREOF SHALL BE EXEMPTED FROM THIS DIRECTIVE.
3. MEMBER STATES MAY DEFER THE APPLICATION OF THIS DIRECTIVE TO CERTAIN INSTITUTIONS FOR A MAXIMUM PERIOD OF FIVE YEARS FROM THE DATE OF ITS NOTIFICATION. SUCH DEFERMENT SHALL BE GOVERNED BY ARTICLE 2 (5) AND BY THE SECOND SUBPARAGRAPH OF ARTICLE 2 (6) OF DIRECTIVE 77/780/EEC.