means bonds issued by a credit institution which -
(a) has its registered office in the UK; and
(b) is subject by law to special public supervision designed to protect bondholders and in particular protection under which -
(i) sums deriving from the issue of the bond must be invested in conformity with the law in assets;
(ii) during the whole period of validity of the bond, those sums are capable of covering claims attaching to the bond; and
(iii) in the event of failure of the issuer, those sums would be used on a priority basis for the reimbursement of the principal and payment of the accrued interest