Article 1 - Article 2 (2) of Directive 77/780/EEC is hereby replaced by the following:

'2. It shall not apply to: - the central banks of Member States; - post office giro institutions; - in Belgium, the "Institut de Réescompte et de Garantie - Herdiscontering - en Waarborginstituut", the "sociétés nationale et régionales d'investissement - nationale en gewestelijke investeringsmaatschappijen", the regional development companies ("sociétés développement régionales - gewestelijke ontwikkelingsmaatschappijen"), the "Société Nationale du Logement - Nationale Maatschappij voor de Huisvesting" and its authorized companies and the "Société Nationale Terrienne - Nationale Landmaatschappij" and its authorized companies; - in Denmark, the "Dansk Eksportfinansieringsfond", "Danmarks Skibskreditfond", "Industriens Realkreditfond" and "Dansk Landbrugs Realkreditfond"; - in Germany, the "Kreditanstalt fuer Wiederaufbau", underakings which are recognized under the "Wohnungsgemeinnuetzigkeitsgesetz" as bodies of State housing policy and are not mainly engaged in banking transactions and undertakings recognized under that law as non-profit housing undertakings; - in Greece, the "Ellinikí Trápeza Viomichanikís Anaptýxeos", the "Tameío Parakatathikón kai Daneíon", the "Trápeza Ypothikón", the "Tachydromikó Tameieftírio" and the "Ellinikaí Exagogaí AE"; - in Spain, the "Instituto de Crédito Oficial", with the exception of its subsidiaries; - in France, the "Caisse des dépôts et consignations"; - in Ireland, credit unions and the friendly societies; - in Italy, the "Cassa Depositi et Prestiti"; - in the Netherlands, the "NV Export-Financieringsmaatschappij", the "Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden NV", the "Nederlandse Investeringsbank voor Ontwikkelingslanden NV", the "Nederlandse Waterschapsbank NV", the "Financieringsmaatschappij Industrieel Garantiefonds Amsterdam NV", the "Financieringsmaatschappij Industrieel Garantiefonds 's-Gravenhage NV", the "NV Noordelijke Ontwikkelings maatschappij", the "NV Industriebank Limburgs Instituut voor ontwikkeling en financiering" and the "Overijsselse Ontwikkelingsmaatschappij NV"; - in Portugal, Caixas Económicas existing on 1 January 1986 which are not incorporated as limited companies; - in the United Kingdom, the National Savings Bank, the Commonwealth Development Finance Company Ltd, the Agricultural Mortgage Corporation Ltd, the Scottish Agricultural Securities Corporation Ltd, the Crown Agents for overseas governments and adminsitrations, credit unions, and municipal banks.'