Guidance Note: Validation and verification of the '7.3 IRRBB Major - 1' Sheet (JIBs) (2019-03)

Summary

This is a technical guidance note issued by the JFSC explaining the automated validation and verification checks that run when a Jersey International Bank (JIB) submits the '7.3 IRRBB Major 1' sheet as part of its prudential reporting. It does not create new substantive prudential requirements, but documents the data-entry rules, calculated-field formulas and error messages a JIB will encounter when submitting this specific interest rate risk in the banking book (IRRBB) return.

• Input validation: Monetary amount cells accept only whole numbers within a fixed range (roughly minus to plus 1,000,000,000 in units of £1,000), and some cells (row 28 columns) must be left blank.
• Submission checks: When a JIB submits the completed template, the JFSC's system runs these checks; if all are passed the submission is accepted and the JIB is notified, together with any warnings.
• Calculated fields: Certain cells are pre-populated by formulas (sums of maturity-bucket rows, net repricing gaps, weighted sensitivity factors by time bucket, and a rounding/absolute-value check) rather than manual entry.
• Error identification: Each check has a unique reference number that appears in any validation failure message so the JIB can match the error to the relevant row in this guidance.

In practice, the document functions as a reference table for compliance and reporting staff at Jersey banks to understand why a submission of the IRRBB Major 1 sheet may be rejected or flagged, and how the underlying figures (gaps, sensitivities, and the final check total) are derived.

Key obligations

• JIBs must ensure data entered into the '7.3 IRRBB Major 1' sheet consists of whole numbers within the permitted range (approximately -1,000,000,000 to +1,000,000,000, denominated in units of £1,000) for all specified maturity-bucket cells.
• JIBs must leave the specified cells in row 28 (columns D through J) blank as required by the template.
• JIBs must correct and resubmit the template if the JFSC's submission checks return validation failures, since only submissions passing all checks are accepted.

Applies to

Jersey International Banks (JIBs), banks subject to JFSC prudential reporting requirements