The provisions of this Directive shall apply to:
(a) any system as defined in Article 2(a), governed by the law of a Member State and operating in any currency, the euro or in various currencies which the system converts one against another;
(b) any participant in such a system;
(c) collateral security provided in connection with:
- participation in a system, or
- operations of the central banks of the Member States or the European Central Bank in the context of their function as central banks.