Article 1

The provisions of this Directive shall apply to:

1. (a)

   any system as defined in Article 2(a), governed by the law of a Member State and operating in any currency, the F1euro or in various currencies which the system converts one against another;

2. (b)

   any participant in such a system;

3. (c)

   collateral security provided in connection with:

   • participation in a system, or

   • operations of the central banks of the Member States or the European Central Bank in the context of their function as central banks.