Own funds: values must agree (IR.23.01, Bank of England rule IR_bv0622)

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.

This is a blocking check. A return that fails it is normally rejected, so fix it before you submit. It runs only when your filing indicators mark IR.23.01 as reported.

The cells it reads

Which returns it applies to

Line4 Check runs it on quarterly group (QRG) and annual group (ARG) returns on Bank of England taxonomy 2.2.0. The Bank of England applies it to quarterly group (QRG) and annual group (ARG) 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 item "Tier 1 - unrestricted" value of the "Total basic own funds after deductions" reported in IR.23.01.04.01 - Own funds should be equal to the sum of "Ordinary share capital (gross of own shares)", "Share premium account related to ordinary share capital", "Initial funds, members' contributions or the equivalent basic own - fund item for mutual and mutual-type undertakings", "Surplus funds", "Reconciliation reserve", "Other items approved by supervisory authority as basic own funds not specified above" and "Minority interests (if not reported as part of a specific own fund item)" less "Own funds from the financial statements that should not be represented by the reconciliation reserve and do not meet the criteria to be classified as Solvency II own funds" (as reported in Total) less "Total deductions".

Other rules on Own funds (IR.23.01)

Every Solvency UK rule on IR.23.01

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.