1. A credit institution's own funds may not fall below the amount of initial capital required pursuant to Article 4 at the time of its authorization.
2. The Member States may decide that credit institutions already in existence when the Directive is implemented, the own funds of which do not attain the levels prescribed for initial capital in Article 4, may continue to carry on their activities. In that event, their own funds may not fall below the highest level reached after the date of the notification of this Directive.
3. If control of a credit institution falling within the category referred to in paragraph 2 is taken by a natural or legal person other than the person who controlled the institution previously, the own funds of that institution must attain at least the level prescribed for initial capital in Article 4.
4. However, in certain specific circumstances and with the consent of the competent authorities, where there is a merger of two or more credit institutions fall