Off-balance sheet items - general: a value must not be more than another (IR.03.01, Bank of England rule IR_bv0491)

The rule in plain words

The headline gives only the template and the kind of check, because the rule is too long to say in a headline. The plain words above say all of it.

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 bigger than it may be, one of them is wrong: check both before you change either.
3. 03It runs only when your filing indicators mark IR.03.01 as reported.
4. 04This is a blocking check. A return that fails it is normally rejected, so fix it before you submit.

The cells it reads

Which returns it applies to

Line4 Check runs it on annual solo (ARS) return on Bank of England taxonomy 2.2.0. The Bank of England applies it to annual solo (ARS) returns, as a blocking check.

The Bank’s own words and formula

In the Bank of England’s list of validations, word for word:

The value "Guarantees provided by the undertaking, including letters of credit, of which, guarantees, including letters of credit provided to other undertakings of the same group" reported in IR.03.01.01.01 - Off-balance sheet items - general should be smaller or equal to the value for "Guarantees provided by the undertaking, including letters of credit".

Other rules on Off-balance sheet items - general (IR.03.01)

Every Solvency UK rule on IR.03.01

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.