1. Member States shall require branches of credit institutions and financial institutions having their head offices in non-member countries to publish the documents specified in Article 2(1), drawn up and audited in the manner required by the law of the country of the head office, in accordance with the provisions set out therein.

2. Where such documents are in conformity with, or equivalent to, documents drawn up in accordance with Directive 86/635/EEC and the condition of reciprocity, for Community credit institutions and financial institutions, is fulfilled in the non-member country in which the head office is situated, Article 2(3) shall apply.

3. In cases other than those referred to in paragraph 2, Member States may require the branches to publish annual accounts relating to their own activities.

4. In the cases specified in paragraphs 2 and 3, Member States may require branches to publish the information referred to in Article 2(4) and the amount of the endowment capital.

5. Article 9(1) and (3) of Directive 77/780/EEC shall apply by analogy to branches of credit institutions and financial institutions covered by this Directive.