1. The competent authorities shall not grant authorization in cases where initial capital is less than ECU 5 million.
2. The Member States shall, however, have the option of granting authorization to particular categories of credit institutions the initial capital of which is less than that prescribed in paragraph 1. In such cases:
(a) the initial capital shall not be less than ECU 1 million;
(b) the Member States concerned must notify the Commission of their reasons for making use of the option provided for in this paragraph;
(c) when the list referred to in Article 3(7) of Directive 77/780/EEC is published, the name of each credit institution that does not have the minimum capital prescribed in paragraph 1 shall be annotated to that effect;
(d) within five years of the date referred to in Article 24(1), the Commission shall draw up a report on the application of this paragraph in the Member States, for the attention of the Banking Advisory Committee referred to in Article 11 of