1. The coordination measures prescribed by this Directive shall apply to
(a) credit institutions within the meaning of the first indent of Article 1 of Directive 77/780/EEC which are companies or firms as defined in the second paragraph of Article 58 of the Treaty;
(b) financial institutions having one of the legal forms referred to in Article 1(1) of Directive 78/660/EEC which, on the basis of paragraph 2 of that Article, are not subject to that Directive.
For the purposes of this Directive 'credit institutions' shall also include financial institutions unless the context requires otherwise.
2. The Member States need not apply this Directive to:
(a) the credit institutions listed in Article 2(2) of Directive 77/780/EEC;
(b) institutions of the same Member State which, as defined in Article 2(4)(a) of Directive 77/780/EEC, are affiliated to a central body in that Member State. In that case, without prejudice to the application of this Directive to the central body, the whole constitute
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