Guidance Note: Validation and verification of the '8.1 Asset Quality & Provisions' Sheet (September 2019)

Summary

This guidance note is a technical reference for Overseas Investment Businesses (OIBs, i.e. Jersey branches subject to the JFSC's prudential reporting requirements) that must complete the '8.1 Asset Quality & Provisions' sheet of the prudential return template. It sets out the automated validation and verification checks the JFSC runs on submission of that sheet, so preparers can understand and pre-empt error and warning messages.

• Data entry checks: Most monetary input cells for items A.1 to A.10.4 must be whole numbers between -1,000,000,000 and +1,000,000,000 (in units of £1,000), while several 'General' column cells (e.g. A.4 to A.10.4) must be left blank.
• Calculation checks: Certain cells (e.g. item A.6, cells C8 and D8) are populated by formulas that sum or net other cells in the sheet, and the JFSC verifies these calculations on submission.
• Submission process: Submitting the template to the JFSC triggers these checks; if all checks pass the submission is accepted and the OIB is notified together with any warnings, while failed checks generate a message referencing a unique Check number matched to this guidance.

The note clarifies that Excel's built in validation is not a failsafe, since it only operates on direct manual input, so OIBs remain responsible for checking their own data quality before and after submission.

Key obligations

• OIBs completing the '8.1 Asset Quality & Provisions' sheet must enter monetary amounts as whole numbers within the range -1,000,000,000 to +1,000,000,000 (in £1,000 units) in the designated input cells, unless the guidance specifies the cell must be left blank
• OIBs must ensure specified 'General' column cells for items A.4, A.5, A.7 to A.10.4 are left blank rather than populated
• OIBs should independently check their own submitted data for accuracy rather than relying solely on Excel's built in validation, since the JFSC will also check the data on submission

Applies to

Overseas Investment Businesses (OIBs)