1.A cheque for a sum whose payment is guaranteed by a financial institution recognised for the purpose by the Member State of the competent authority concerned shall be treated as a cash deposit. The competent authority need not present such a cheque for payment until the period for which it is guaranteed is about to expire.
2.A cheque, other than as referred to in paragraph 1, shall constitute a security only when the competent authority is satisfied that it has the amount at its disposal.
3.Any charges by a financial institution shall be borne by the party giving the security.