Guidance Note: Validation and verification of the '7.4 IRRBB – Major 2' Sheet (JIB-74, March 2019)

Summary

This guidance note from the Jersey Financial Services Commission sets out the technical validation and verification checks that are run when a Jersey international bank (JIB) submits the '7.4 IRRBB - Major 2' sheet as part of its prudential reporting. It is a technical reference document, not a policy change: it lists every check performed on the Excel template, the cell references involved, and the error or warning message a filer will see if a check fails.

• Data input validation: Cells expecting numeric input must contain whole numbers within the range minus 1,000,000,000 to plus 1,000,000,000 (representing amounts in units of GBP 1,000); certain cells (e.g. row D28 to J28 in the 'D' item) must be left blank.
• Calculation checks: Specified cells contain locked formulas (sums, differences, and rounding calculations) that combine maturity-bucketed figures across rows A.1, A.2, B.1, B.2 and derive net positions and weighted results using fixed interest rate shock percentages (e.g. minus 0.08 percent for 'up to 1 month' through minus 17.84 percent for 'over 10 years').
• Submission process: On submission, the JFSC runs these checks automatically; if all pass, the submission is accepted and the JIB is notified together with any warnings; Excel's own validation is not treated as a failsafe, so JIBs are expected to check their own data before submitting.

Each check has a unique identifier ('Check' number) referenced in any error message so the filer can match it back to this guidance for the underlying rule and expected input.

Key obligations

• JIBs must ensure numeric entries in the '7.4 IRRBB - Major 2' sheet are whole numbers within the range -1,000,000,000 to +1,000,000,000 (in units of GBP 1,000)
• JIBs must leave designated cells (e.g. row 28, columns D to J) blank as required by the template
• JIBs should independently check their data for accuracy before submission, as Excel's built-in validation is not a failsafe
• Submitted data must pass the JFSC's automated checks on submission for the return to be accepted

Applies to

Jersey international banks (JIBs)