Guidance Note: Validation and verification of the '7.6 IRRBB – Minor' Sheet (JIBs) (March 2019)

Summary

This is a technical guidance note from the JFSC explaining how it validates and verifies data entered in the '7.6 IRRBB - Minor' sheet of the Jersey Income and Balance sheet (JIB) prudential return template, which captures interest rate risk in the banking book for non-primary (minor) currencies. It sets out, cell by cell, the automated checks the JFSC runs when a bank submits the template, and the error or warning messages that will be generated if a check fails.

• Input validation: Monetary amount cells must contain whole numbers within the range -1,000,000,000 to +1,000,000,000 (in units of GBP 1,000), covering all maturity bands from up to 1 month to over 10 years across balance sheet items A.1.1 to B.2.3.
• Mandatory blank cells: Certain cells in row D (items D28 across columns D to J) must be left blank; any entry there will trigger a 'Must be blank' error.
• Calculation checks: Subtotal and total cells (e.g. A.1.0, A.2.0, A.0, B.1.0, B.2.0, B.0, C.1, C.3, D) are checked against specified Excel formulas (sums, differences, and rounded products using fixed interest rate shock percentages) to confirm the workbook's calculations are correct.
• Submission process: On submission, the JFSC's systems run all checks; if all pass, the submission is accepted and the JIB is notified together with any warnings; Excel's own built-in validation is not a substitute for these checks.

The note does not introduce new reporting obligations itself but documents the existing validation logic underlying the JIB prudential return, so that banks preparing the '7.6 IRRBB - Minor' sheet can pre-check their data and correctly interpret any validation error messages (identified by a unique 'Check' number) received from the JFSC on submission.

Key obligations

• Ensure monetary amount entries in the '7.6 IRRBB - Minor' sheet are whole numbers within the range -1,000,000,000 to +1,000,000,000 for the relevant maturity band cells
• Leave the specified row D cells (D28 to J28) blank as required by the template
• Ensure calculated/subtotal cells reconcile with the prescribed Excel formulas before or upon submission of the JIB return
• Check and correct data prior to submission, since Excel's built-in validation is not a failsafe and the JFSC will independently validate the data on submission

Applies to

Jersey banks (JIBs) subject to JFSC prudential reporting requirements