The rule in plain words
The "Total" value reported in Own funds (IR.23.01.04.01) should be equal to the sum of "Tier 2" and "Tier 3"
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
Own funds (IR.23.01.04.01)
Rows
- R0320Unpaid and uncalled preference shares callable on demand
- R0330A legally binding commitment to subscribe and pay for equity- and liability-accounted subordinated instruments on demand
- R0350Letters of credit and guarantees other
- R0370Supplementary members calls - other
- R0390Other ancillary own funds
- R0400Total ancillary own funds
Columns
- C0010Total
- C0040Tier 2
- C0050Tier 3
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 "Total" value reported in IR.23.01.04.01 - Own funds should be equal to the sum of "Tier 2" and "Tier 3".
Show the formulaShowHide
The Bank of England's formula. Cells are written as {t: table, r: row, c: column}.
{t: IR.23.01.04.01, c: C0010, z: Z0001} = {t: IR.23.01.04.01, c: C0040, z: Z0001} + {t: IR.23.01.04.01, c: C0050, z: Z0001}Other rules on Own funds (IR.23.01)
- The "Total" value reported in Own funds should be equal to the sum of "Tier 2" and "Tier 3" (IR_bv0840_01)Blocking
- The "Total eligible own funds to meet the minimum group SCR (group)" reported in Own funds should be equal to the sum of the tiers (IR_bv0839)Blocking
- The item "Total ancillary own funds" reported in Own funds should be equal to the sum of the items reported above (IR_bv0842)Blocking
- The item "Total ancillary own funds" for "Tier 3" reported in Own funds should be equal to the sum of the items reported above (IR_bv0843)Blocking
- Own funds and impact of long term guarantees measures and transitionals: a total must equal the sum of its parts (IR_bv0844)Blocking
- Own funds and list of items on own funds: values must agree (IR_bv0835)Blocking
- Own funds: values must agree (IR_bv0845)Blocking
- Own funds and impact of long term guarantees measures and transitionals: a total must equal the sum of its parts (IR_bv0834_01)Blocking
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.