Guidance Note: Validation and verification of the '7.5 IRRBB – Major 3' Sheet (JIBs prudential reporting)

Summary

This is a technical guidance note issued by the JFSC explaining the automated validation and verification checks applied to the '7.5 IRRBB - Major 3' sheet within the JIBs (Jersey banks) prudential reporting return. It is a reference document for completing that specific worksheet correctly, not a policy or rule change.

• Input validation: Monetary amount cells only accept whole numbers between -1,000,000,000 and +1,000,000,000 (in units of £1,000), and certain cells (e.g. row D, columns D28-J28) must be left blank.
• Submission-time checks: Excel's built-in validation is not a failsafe; the JFSC runs its own checks when the template is submitted, and acceptance is communicated together with any warnings.
• Calculation checks: A large set of cells contain formulas (sums, differences, and fixed interest rate shock percentages such as -0.08% to -17.84% by time band) that the JFSC verifies against submitted figures.
• Error matching: Each validation test has a unique 'Check' identifier included in any failure message so preparers can match it back to the corresponding row in this guidance.

The document is purely explanatory: it lists, cell by cell, what values are expected, what triggers a validation error, and how calculated fields (subtotals, totals, and interest rate risk shock impacts across maturity bands) are derived, so that JIBs can prepare accurate IRRBB Major 3 submissions.

Key obligations

• JIBs must ensure monetary data entered on the '7.5 IRRBB - Major 3' sheet consists of whole numbers within the range -1,000,000,000 to +1,000,000,000 (in £1,000 units) before submission.
• JIBs must leave designated cells (row D, columns D28 to J28) blank as required by the template.
• JIBs should check their own data prior to submission rather than relying solely on Excel's built-in validation, since the JFSC will independently verify the data on submission.

Applies to

JIBs (Jersey banks subject to prudential reporting)