1. Greece, Ireland, Spain and Portugal may apply the following transitional arrangements:
(i) until 31 December 1992, they may apply, to all risks, the regime other than that for risks referred to in Article 5(d) of the first Directive,
(ii) from 1 January 1993 to 31 December 1994, the regime for large risks shall apply to risks referred to under (i) and (ii) of Article 5(d) of the first Directive; for risks referred to under (iii) of the abovementioned Article 5(d), these Member States shall fix the thresholds to apply therefor;
(iii) Spain
- from 1 January 1995 to 31 December 1996, the thresholds of the first stage described in Article 5(d)(iii) of the first Directive shall apply,
- from 1 January 1997, the thresholds of the second stage shall apply.
Portugal, Ireland and Greece - from 1 January 1995 to 31 December 1998 the thresholds of the first stage described in Article 5(d)(iii) of the first Directive shall apply,
- from 1 January 1999 the thresholds of the second stage sha