(1) Regulation 2 (interpretation) is amended as follows.

(2) In paragraph (1) -

(a) for the definition of "central bank" substitute -

""central bank" means -

(a) the Bank of England; or

(b) any central bank (or other monetary authority) of a country or territory outside the United Kingdom that is a central bank (or other monetary authority) of an EEA state (including the European Central Bank) or a member of the Bank of International Settlements (including the Bank for International Settlements), as may be notified by the Bank of England to the Treasury from time to time;";

(b) for the definition of "credit institution" substitute -

"credit institution" means a body corporate or unincorporated association whose head office is in the United Kingdom and whose business is to take deposits or other repayable funds from the public and to grant credits for its own account;";

(c) for the definition of "designated system" substitute

""designated system" means -

(a) a system which is declared by a designation order for the time being in force to be a designated system for the purposes of these Regulations; or