(1) In these Regulations, unless the context otherwise requires -

"Act of 1942" means the Central Bank Act 1942 (No. 22 of 1942);

"applicant" means a person who applies for an authorisation under Regulation 7;

"Bank" means the Central Bank of Ireland;

"Commission Recommendation" means the Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises [OJ No. L 124, 20.5.2003, p. 36.];

"competent authority of another Member State" means a competent authority of another Member State designated for the purposes of the Payment Services Directive under the law of that Member State;

"court" means the High Court;

"credit institution" has the same meaning as it has in the European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014);