1. Apart from the provision of payment services listed in the Annex payment institutions shall be entitled to engage in the following activities:
(a) the provision of operational and closely related ancillary services such as ensuring the execution of payment transactions, foreign exchange services, safekeeping activities, and the storage and processing of data;
(b) the operation of payment systems, without prejudice to Article 28;
(c) business activities other than the provision of payment services, having regard to applicable Community and national law.
2. When payment institutions engage in the provision of one or more of the payment services listed in the Annex, they may hold only payment accounts used exclusively for payment transactions. Any funds received by payment institutions from payment service users with a view to the provision of payment services shall not constitute a deposit or other repayable funds within the meaning of Article 5 of Directive 2006/48/EC, or electr