PART 1General

Interpretation2

1

In these Regulations—

  • “the Act” means the Banking Act 2009;

  • “backing assets” means assets of a kind specified by regulation 6(2);

  • “Bank of England banknotes” means banknotes issued by the Bank of England;

  • “excluded banknote” has the meaning given by regulation 7(3);

  • “location” includes a vehicle;

  • “rules” means rules made by the Bank of England under these Regulations.

2

For the purposes of these Regulations—

a

a banknote is in circulation from the time that it is issued by an authorised bank until the time that it is returned to the bank;

b

a banknote has the potential to enter circulation if the banknote is not—

i

in circulation; or

ii

an excluded banknote;

c

a reference to the value of a banknote is a reference to the face value of the banknote.