1. A credit institution the minimum ratio of which has not reached the 8 % prescribed in Article 10(1) by the date prescribed in Article 12(1) must gradually approach that level by successive stages. It may not allow the ratio to fall below the level reached before that objective has been attained. Any fluctuation should be temporary and the competent authorities should be apprised of the reasons for it.
2. For not more than five years after the date prescribed in Article 10(1) the Member States may fix a weighting of 10 % for the bonds defined in Article 22(4) of Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) [OJ No L 375, 31. 12. 1985, p. 3.], as amended by Directive 88/220/EEC [OJ No L 100, 19. 4. 1988, p. 31.], and maintain it for credit institutions when and if they consider it necessary, to avoid grave disturbances in the operation of the