(1) In section 48B -
"client assets" means assets which the bank has undertaken to hold on trust for, or on behalf of, a client;
"contract" includes any instrument;
"credit institution" means any credit institution as defined in Article 4.1(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council, other than an entity mentioned in Article 2.5(2), (3) or (24) of Directive 2013/36/EU of the European Parliament and of the Council;
"designated settlement system" means a system which is designated in accordance with the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979);
"employee" includes the holder of an office;
"pension scheme" includes any arrangement for the payment of pensions, allowances and gratuities;
"recognised central counterparty" has the meaning given in section 285 of the Financial Services and Markets Act 2000;
"secured" means secured against property or rights, or otherwise covered by collateral arrangements;
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