Section 206E Interpretation: “wholesale cash distribution”F1

In this Part—

• “wholesale cash distribution” means the arrangements (taken as a whole) by which banknotes issued by an issuing authority, or coins made by the Mint, are—

  1. (a)

     made available for retail cash distribution, and

  2. (b)

     removed from circulation;

• “wholesale cash distribution activities” are activities intended to facilitate or control wholesale cash distribution and include (but are not limited to)—

  1. (a)

     purchasing cash from issuing authorities or the Mint;

  2. (b)

     storing cash;

  3. (c)

     transporting cash;

  4. (d)

     undertaking authentication processes;

  5. (e)

     facilitating the return of cash to issuing authorities or the Mint.

For these purposes—

• “authorised bank” has the meaning given by section 210;

• “banknote” has the meaning given by section 208;

• “cash” means—

  1. (a)

     banknotes issued by the Bank of England, or an authorised bank in its capacity as an issuer of banknotes in Scotland or Northern Ireland, or

  2. (b)

     coins made by the Mint, within the meaning of the Coinage Act 1971 (see section 11 of that Act);

• “issue”, in relation to banknotes, has the meaning given by section 209;

• “issuing authority” means—

  1. (a)

     the Bank of England, or

  2. (b)

     an authorised bank in its capacity as an issuer of banknotes in Scotland or Northern Ireland;

• “retail cash distribution” means arrangements for the provision of cash to end users of cash.