means a bank which: (i) has its head office or a branch situated in the United Kingdom and which holds accounts denominated in the lawful currency of the United Kingdom at such office or branch; (ii) is a Settlement member of CHAPS or is a CHAPS participant by virtue of an agency agreement with a Settlement member; and (iii) is either:- (a) a European institution under the Banking Co-ordination (Second Council Directive) Regulations 1992; or (b) an authorised institution under the Banking Act 1987;