Line4

1 min readWarningBank of England banking taxonomy 4.1.1Updated 11 November 2026

Market risk: internal models (MKR IM): "Latest available (SVaRt-1)" must not be less than "Previous day (VaRt-1)" (C24.00.01.01, Bank of England check v6303_m)

A warning on the market risk: internal models (MKR IM) template (C24.00.01.01), in the own funds (PRA001) return.

Line4 Check runs it on the own funds (PRA001) return, proven on test files, check by check: the same outcome on all three test files of that return.

Check your file for this ruleWhat to do if it fails

The rule in plain words

In row "Total positions" (row 0010) of Market risk: internal models (MKR IM) (C24.00.01.01): "Latest available (SVaRt-1)" (column 0060) must not be less than "Previous day (VaRt-1)" (column 0040).

What to do if your return fails it

  1. 01Open the table below and find the cells the rule reads.
  2. 02Compare the values in your return. If the first is smaller than it may be, one of them is wrong: check both before you change either.
  3. 03The Bank of England allows a small rounding difference, worked out from the decimals each value is reported with.
  4. 04It runs only when your filing indicators mark C24.00.01 as reported.
  5. 05This is a warning. It does not stop the return on its own, but your supervisor may ask you to explain it.

The cells it reads

Market risk: internal models (MKR IM) (C24.00.01.01)

Row

  • R0010Total positions

Columns

  • C0040Previous day (VaRt-1)
  • C0060Latest available (SVaRt-1)

Which returns it applies to

Line4 Check runs it on the own funds (PRA001) return on Bank of England banking taxonomy 4.1.1. The Bank of England applies it to own funds (PRA001) returns, as a warning.

The Bank’s own words and formula

The plain words above spell out the Bank’s formula, with each cell named from its templates. In the Bank of England’s list of validations, word for word:

[v6303_m];[scope({t: C24.00.01.01, r:0010})];[{t: C24.00.01.01, c: 0060} >= {t: C24.00.01.01, c: 0040}]
Show the formulaShow

The Bank of England's formula. Cells are written as {t: table, r: row, c: column}.

{t: C24.00.01.01, c: 0060} >= {t: C24.00.01.01, c: 0040}

Where it applies, in the Bank's words (its scope):

scope({t: C24.00.01.01, r:0010, f: banking, fv: banking_reporting})

Every PRA banking rule on C24.00.01.01

Checks like this one, run at the point of submission, are the first step to real-time supervision. Line4 builds SupTech software for financial regulators that runs checks like these as each return arrives.