relevant funds bank account

an account held at an approved bank or the Bank of England which: 

(a) holds relevant funds for the purposes of regulation 21(2)(a) of the Electronic Money Regulations or regulation 23(6)(a) of the Payment Services Regulations; or

(b) is an account of the type described in regulation 21(4A) of the Electronic Money Regulations or regulation 23(9) of the Payment Services Regulations (Bank of England settlement accounts).