(1) In this Part -

"the Act of 1969" means the Decimal Currency Act, 1969;

"conversion rate" means the irrevocably fixed conversion rate adopted for the currency of each participating Member State by the Council according to the first sentence of Article 109 1(4) of the Treaty;

"the Council Regulation of 1998" means Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro [O.J. No. L139 of 11 May 1998, p.1.];

"euro unit" means the currency unit referred to in the second sentence of Article 2 of the Council Regulation of 1998;

"the Irish pound unit" means the unit of the Irish pound as duly defined on the 31st day of December, 1998