Interpretation
2.—(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.