(1) In this Order -

"the Act" means the Bank of England Act 1998;

"credit items in the course of transmission", in relation to an eligible institution, means standing orders and other credit transfers debited to customers' accounts, and payment orders including cheques and bankers' payments, in respect of which the eligible institution is required to make a payment and has not yet made it;

"debit items in the course of collection", in relation to an eligible institution, means payment orders including cheques (other than cheques passed to United Kingdom offices of other eligible institutions for collection) and bankers' payments in respect of which the eligible institution is entitled to receive a payment and has not yet received it;

"ecu" means - (a) the European currency unit as defined in Article 1 of Council Regulation No. 3320/94/EC [O.J. L350, 31.12.94, page 27.]; or (b) any other unit of account which is defined by reference to the European currency unit as so defined;