# The Scottish and Northern Ireland Banknote Regulations 2009, Regulation 2: Interpretation


(1) In these Regulations—
“the Act” means the Banking Act 2009;
“backing assets” means assets of a kind specified by regulation 6(2);
“Bank of England banknotes” means banknotes issued by the Bank of England;
“excluded banknote” has the meaning given by regulation 7(3);
“location” includes a vehicle;
“rules” means rules made by the Bank of England under these Regulations.
(2) For the purposes of these Regulations—
(a) a banknote is in circulation from the time that it is issued by an authorised bank until the time that it is returned to the bank;
(b) a banknote has the potential to enter circulation if the banknote is not—
(i) in circulation; or
(ii) an excluded banknote;
(c) a reference to the value of a banknote is a reference to the face value of the banknote.

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Source: https://www.legislation.gov.uk/ukdsi/2009/9780111486306/regulation/2 (the official version)
Page: https://openlegislation.uk/draft-scottish-and-northern-ireland-banknote-regulations-2009/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.