Centre for Technical Central Bank Cooperation
International Central Banking
Courses 2017
Foto: Jan Eckert
Centre for Technical Central Bank Cooperation
International Central Banking
Courses 2017
Content
Foreword ............................................................................................................................................................4
Introduction.........................................................................................................................................................6
Our team.............................................................................................................................................................7
Our range of international central banking courses .............................................................................................8
Annual overview of our courses.........................................................................................................................12
Monetary policy...................................................................................................................................... 14
Implementing monetary policy......................................................................................................................16
Theoretical pricing of central bank collateral.................................................................................................17
Monetary policy and the financial system......................................................................................................18
Foreign reserve management........................................................................................................................19
Macroeconomic analysis and forecasting......................................................................................................20
Analytical tools for monetary policy..............................................................................................................21
In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank:
Monetary policy implementation..................................................................................................................71
Banking supervision ............................................................................................................................... 22
Stress tests – methods and areas of application.............................................................................................24
On-site banking supervision..........................................................................................................................25
Banking supervision within the Basel framework – Course level I . ................................................................26
Banking supervision within the Basel framework – Course level II..................................................................27
Towards a European banking union: the Single Supervisory Mechanism for banks.........................................28
In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank:
Banking supervision within the Basel framework...........................................................................................70
Financial and monetary system................................................................................................................ 30
Financial stability, systemic risk and macroprudential policy – course level I....................................................32
Recovery and resolution with a focus on credit institutions............................................................................34
Issues related to monetary policy and financial stability.................................................................................36
Financial stability, systemic risk and macroprudential policy – course level II...................................................38
Blockchain technology and fintechs .............................................................................................................39
Cash management and payment systems................................................................................................ 40
Current challenges for cash management.....................................................................................................42
Cash management and combating counterfeit money..................................................................................43
Payment and securities settlement systems...................................................................................................44
Combating money laundering .....................................................................................................................45
Good governance.................................................................................................................................... 46
Public procurement......................................................................................................................................48
Economic education – the role of central banks............................................................................................49
Cash-related processes at a central bank – risk coverage by the internal audit function..................................50
IT auditing ...................................................................................................................................................51
Accounting from a central bank’s perspective...............................................................................................52
Operational risk management, business continuity planning and crisis management.....................................53
Money museum...........................................................................................................................................54
Human resources management....................................................................................................................55
Central bank governance..............................................................................................................................56
Design and application of a risk-oriented/risk-centric audit approach – best practices....................................57
Enabling the cloud for central banks ............................................................................................................58
Controlling at central banks..........................................................................................................................61
In cooperation with the Federal Financial Supervisory Authority (BaFin):
Financial consumer protection......................................................................................................................72
Statistics.................................................................................................................................................. 62
Big data and central banking .......................................................................................................................64
Price and volume indices in official statistics – theory and practice.................................................................65
Seasonal adjustment of economic data.........................................................................................................66
Courses in cooperation with other institutions........................................................................................ 68
In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank:
Banking supervision within the Basel framework...........................................................................................70
In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank:
Monetary policy implementation..................................................................................................................71
In cooperation with the Federal Financial Supervisory Authority (BaFin):
Financial consumer protection......................................................................................................................72
Administrative information.................................................................................................................................74
Inside the Deutsche Bundesbank........................................................................................................................76
Our venues........................................................................................................................................................78
Course impressions............................................................................................................................................80
Foreword
Page 4
Foreword
For many years now, the Bundesbank has welcomed
central bank staff and banking supervisors from all
over the world to its international central banking
courses to discuss the latest issues in the world of
Photo: DGaby Gerster
central banking. Over time, our range of courses has
become a permanent feature of our dialogue with
colleagues hailing, in particular, from countries outside
the European Union and the group of “classic” industrial countries, and it is still met with great interest
throughout the world.
On the one hand, many countries all over the world
Dr Jens Weidmann
President
Deutsche Bundesbank
have close economic ties to Germany and the European Union, meaning that monetary policy decisions
in the European monetary union are relevant to them
and they are interested in the way the union functions
and how it is developing. On the other hand, in times
of globalisation, the world of central banking is not only
growing ever closer. In light of the growing complexity
of the tasks faced, the current picture is being shaped
by an increasingly multifaceted debate. Here we only
have to recall that in Europe, especially, monetary
policy has ventured deep into uncharted territory, and
the economic and financial crisis means that the agenda for financial market regulation is far from having
been completed.
Foreword
Page 5
Against this backdrop, we are again offering the opportunity for dialogue and an exchange of views next
year. To make it easier for prospective participants to
find a suitable course and to allow them to progress
Photo: Frank Rumpenhorst
in a modular format, we will differentiate between
course level I, course level II and expert panels in
future. In terms of content, we are looking beyond
our traditional central banking subjects in our five core
business areas – monetary policy, financial stability,
banking supervision, cash management and payment
systems – to include some completely new topics.
We are for example currently particularly interested in
the issue of how central banks foster stability-oriented
thinking of the general public through economic education. Those with an interest in the subject will therefore have the opportunity – also as part of an expert
panel – to visit our newly renovated Money Museum
and to discuss the ideas that have been realised there.
Following an extremely successful trial run this year, our
course programme is rounded off by courses organised in cooperation with the Joint Vienna Institute and
the Federal Financial Supervisory Authority (BaFin).
We hope that the programme will be of interest to
you and would be delighted to welcome you to the
Bundesbank next year for one of our international
central banking courses.
Dr Andreas Dombret
Member of
the Executive Board
Deutsche Bundesbank
Introduction
Page 6
Introduction
The Deutsche Bundesbank has been working with
All these activities, which draw on the entire resources
central banks worldwide since its foundation in 1957.
of the Bundesbank, are organised and coordinated by
The aim of central bank cooperation is to promote the
the Centre for Technical Central Bank Cooperation at
creation and development of central banking systems
the Central Office in Frankfurt.
appropriate to a market economy, to foster the process
of monetary reform, and to enhance economic and
All international central banking courses are held in
financial stability in our partner countries. Training
English. Each of these courses is open to individuals at
programmes and advisory assistance for executives
different stages of their professional career, depending
and other members of staff of foreign central banks
on the topic and type of the event. Central bank staff
serve as a vehicle for exchanging knowledge and ex-
from all our partner countries are cordially invited to
perience. The topics featured cover the entire range of
register as participants.
economic, operational and legal instruments used in
modern central banking.
The international central banking courses take place
in Frankfurt, Munich and Vienna. The Bundesbank
The Bundesbank adopts a variety of approaches to
provides accommodation to all participants for the
enhance this cooperation, including
duration of the course. Meals taken with other course
members and excursions to places of interest help to
– sending experts or project support to the countries
concerned
– arranging study visits to the Bundesbank to discuss
create an international atmosphere based on mutual
trust which, in turn, fosters an open exchange of
ideas.
specific issues with in-house experts
– running course programmes in Germany and
abroad.
Details of the courses planned for 2017 can be found
on the following pages.
Our team
Page 7
Our team
Photo: Bert Bostelmann
Back row (left to right):
Jörn Flegler, Lisa Bauscher, Irina Schatalow, Andrea Mink, Angelika Ißlei
Middle row (left to right):
Jens Fuhrmann, Silke Schrupp, Jan Eckert, Beate Westerberg, Dr Martine Niederkorn, Christa Lampe, André Sturm, Martina Harms, Silke Frühklug,
Dr Thomas Goswin
Front row (left to right):
Daniel Januschka, Christoph Stute, Peter Spicka, Claudia Brune (Deputy Director), Martin Dinkelborg (Director), Dr Martin Pontzen, Ralf Hannemann
At the Deutsche Bundesbank’s Centre for Technical
Our team would be pleased to welcome you to one
Central Bank Cooperation, a dedicated team is re-
of the more than 40 international central banking
sponsible for organising international central banking
courses due to be held mostly in Frankfurt in 2017.
courses. It not only plans and prepares the courses
but also provides advice and support for our foreign
The course organisation team:
guests during their visits to the Bundesbank.
[email protected]
Our range of international central banking courses
Page 8
Our range of international
central banking courses
Course level I
Content
Our level I courses in 2017
Level I courses cover core aspects of central banking
– Financial stability, systemic risk and
or supervision with the aim of offering a general overview and transmitting basic knowledge in major central banking topics. They also provide a platform for
discussion and for participants an opportunity to exchange views and ideas with central bankers from
around the world.
macroprudential policy
– Price and volume indices in official statistics –
theory and practice
– Banking supervision within the Basel framework –
basic
– Monetary policy and the financial system
– Macroeconomic analysis and forecasting
The various lectures, which are held by Bundesbank
– Analytical tools for monetary policy
experts and external specialists, are supplemented by
– Seasonal adjustment of economic data
workshops or exercises and the possibility for discus-
– Banking supervision within the Basel framework
sion.
in cooperation with the Joint Vienna Institute and
the Oesterreichische Nationalbank
Target group
– Monetary policy implementation
The courses are primarily targeted at young profes-
in cooperation with the Joint Vienna Institute and
sionals with work experience of up to two years in the
the Oesterreichische Nationalbank
designated central banking field or a central bank area
that is related to the topic of the course.
Our range of international central banking courses
Page 9
Course level II
Content
Our level II courses in 2017
Courses focus on specific subjects related to central
– On-site banking supervision
bank tasks. These topics will be treated at an ad-
– Cash management and combating counterfeit
vanced level and shall facilitate an in-depth analysis.
money
They are also designed to enable participants to ex-
– Implementing monetary policy
change their views and to deepen and broaden
– Theoretical pricing of central bank collateral
knowledge or to generate new opinions and ideas.
– Financial stability, systemic risk and
macroprudential policy
Courses involve lectures, group work, case studies or
discussions. The courses require an active contribution
– Banking supervision within the Basel framework –
advanced
by participants. The lectures will be held by Bundes-
– Foreign reserve management
bank specialists and external experts.
– Towards a European banking union:
the Single Supervisory Mechanism for banks
Target group
– Human resources management
The courses are primarily directed at experienced em-
– Central bank governance
ployees with more than two years of work experience
– Controlling at central banks
in the respective central bank field. Participants are
– Combating money laundering
expected to have a basic expertise and to be familiar
– Payment and securities settlement systems
with general aspects in the working area which will be
– Banking supervision within the Basel framework
the focus of the course.
in cooperation with the Joint Vienna Institute and
the Oesterreichische Nationalbank
Our range of international central banking courses
Page 10
Expert panels
Content
Our expert panels in 2017
Expert panels are designed to provide central bank
– Stress tests – methods and areas of application
employees with a discussion platform to share their
– Current challenges for cash management
experience and knowledge about very specific cen-
– Public procurement
tral banking topics. This also includes topics of special
– Economic education – the role of central banks
interest that arise during the course of the year. These
– Big data and central banking
ad hoc expert panels will be announced on our web-
– Cash-related processes at a central bank –
site and organised in the same way as our regular
expert panels.
risk coverage by the internal audit function
– IT auditing
– Recovery and resolution with a focus on credit
Participants are expected to actively contribute to the
institutions
discussion. Experts are requested to submit a paper or
– Accounting from a central bank’s perspective
a presentation in advance to be presented during the
– Issues related to monetary policy and financial
panel. Expert panels require a considerable amount
of active participation, high proficiency in English and
a true interest in engaging in discussions with central
bankers from around the world.
stability
– Operational risk management, business continuity
planning and crisis management
– Blockchain technology and fintechs
– Money museum
Target group
Expert panels are aimed exclusively at experienced
– Design and application of a risk-oriented/
risk-centric audit approach – best practices
employees, ideally with a work experience of more
– Enabling the cloud for central banks
than five years. Participants should have extensive and
– Financial consumer protection
detailed knowledge of the respective subject area.
in cooperation with the Federal Financial
While the individual topics have already been set, the
Supervisory Authority (BaFin)
needs of specific groups of participants can also be
taken into consideration.
Our range of international central banking courses
Page 11
Ad hoc expert panels
In addition, the Deutsche Bundesbank’s Centre for
If you have a suggestion for a possible ad hoc expert
Technical Central Bank Cooperation will organise ad
panel, please send us your proposal by e-mail:
hoc expert panels on topics of special interest that
arise during the course of the year. These ad hoc
[email protected]
expert panels will be announced on our website and
organised in the same way as our regular expert
panels.
Content
Target group
Course level I
core aspects of central bank
tasks
lectures, exercises, discussions
or workshops
young professionals with a
work experience up to two
years
Course level II
specific aspects of central bank
tasks at an advanced level
lectures, exercises, discussions,
workshops, group work, case
studies
experienced professionals with
a work experience of more
than two years
Expert panel
specific aspects of central bank
tasks at an advanced level
Expert discussions, case studies/
country experience presented
by panel participants, hands-on
exercises
experienced professionals in a
specific field of central banking,
ideally with a work experience
of more than five years
Annual overview of our courses
Page 12
Annual overview of our courses
Date
Title
Course type
Venue
Page
23 – 25 Jan
Stress tests - methods and areas of application
Expert panel
Frankfurt
24
30 Jan – 3 Feb
Banking supervision within the Basel framework*
Level I and Level II
Vienna
70
30 Jan – 1 Feb
Current challenges for cash management
Expert panel
Frankfurt
42
6 – 10 Feb
On-site banking supervision
Level II
Munich
25
21 – 23 Feb
Public procurement
Expert panel
Frankfurt
48
28 Feb – 2 Mar
Economic education - the role of central banks
Expert panel
Frankfurt
49
13 – 17 Mar
Cash management and combating counterfeit money
Level II
Frankfurt
43
13 – 17 Mar
Monetary policy implementation*
Level I
Vienna
71
27 – 31 Mar
Financial stability, systemic risk and macroprudential policy –
Course Level I
Level I
Frankfurt
32
10 – 12 Apr
Big data and central banking
Expert panel
Frankfurt
64
25 – 27 Apr
Cash-related processes at a central bank –
risk coverage by the internal audit function
Expert panel
Frankfurt
50
3 – 5 May
IT auditing
Expert panel
Frankfurt
51
8 – 12 May
Implementing monetary policy
Level II
Frankfurt
16
17 – 19 May
Recovery and resolution with a focus on credit institutions
Expert panel
Frankfurt
34
30 May – 1 June
Theoretical pricing of central bank collateral
Level II
Frankfurt
17
6 – 8 June
Accounting from a central bank's perspective
Expert panel
Frankfurt
52
12 – 14 June
Issues related to monetary policy and financial stability
Expert panel
Frankfurt
36
19 – 23 June
Payment and securities settlement systems
Level II
Frankfurt
44
26 – 30 June
Banking supervision within the Basel framework – Course level I
Level I
Frankfurt
26
10 – 14 July
Financial stability, systemic risk and macroprudential policy –
Course Level II
Level II
Frankfurt
38
24 – 28 July
Monetary policy and the financial system
Level I
Frankfurt
18
January
February
March
April
May
June
July
Annual overview of our courses
Page 13
Date
Title
Course type
Venue
Page
14 – 16 Aug
Operational risk management, business continuity planning and
crisis management
Expert panel
Frankfurt
54
16 – 18 Aug
Blockchain technology and fintechs
Expert panel
Frankfurt
39
21 – 25 Aug
Banking supervision within the Basel framework – Course level II
Level II
Frankfurt
27
21 – 25 Aug
Foreign reserve management
Level II
Frankfurt
19
5 – 7 Sep
Money museum
Expert panel
Frankfurt
53
11 – 15 Sep
Towards a European banking union: the Single Supervisory
Mechanism for banks
Level II
Frankfurt
28
12 – 14 Sep
Macroeconomic analysis and forecasting
Level I
Frankfurt
20
25 – 29 Sep
Human resources management
Level II
Frankfurt
55
4 – 6 Oct
Analytical tools for monetary policy
Level I
Frankfurt
21
16 – 20 Oct
Central bank governance
Level II
Frankfurt
56
16 – 20 Oct
Seasonal adjustment of economic data
Level I
Frankfurt
66
25 – 27 Oct
Design and application of a risk-oriented/risk-centric audit approach –
best practices
Expert panel
Frankfurt
57
6 – 8 Nov
Financial consumer protection**
Expert panel
Frankfurt
72
6 – 8 Nov
Enabling the cloud for central banks
Expert panel
Frankfurt
58
13 – 17 Nov
Controlling at central banks
Level II
Frankfurt
61
20 – 24 Nov
Implementing monetary policy
Level II
Frankfurt
16
20 – 24 Nov
Price and volume indices in official statistics – theory and practice
Level I
Frankfurt
65
27 Nov – 1 Dec
Combating money laundering
Level II
Frankfurt
45
Payment and securities settlement systems
Level II
Frankfurt
44
August
September
October
November
December
4 – 8 Dec
* in cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank
** in cooperation with the Federal Financial Supervisory Authority (BaFin)
Monetary
Workshop
policy
Photo: Dieter Rosen
Monetary policy
Page 15
Content
Implementing monetary policy................................................................................................................ 16
I 8 – 12 May 2017 (deadline for application: 10 March 2017)
II 20 – 24 November 2017 (deadline for application: 22 September 2017)
Theoretical pricing of central bank collateral........................................................................................... 17
30 May – 1 June 2017 (deadline for application: 31 March 2017)
Monetary policy and the financial system ............................................................................................... 18
24 – 28 July 2017 (deadline for application: 19 May 2017)
Foreign reserve management.................................................................................................................. 19
21 – 25 August 2017 (deadline for application: 23 June 2017 )
Macroeconomic analysis and forecasting ............................................................................................... 20
12 – 14 September 2017 (deadline for application: 14 July 2017)
Analytical tools for monetary policy ....................................................................................................... 21
4 – 6 October 2017 (deadline for application: 4 August 2017)
Please apply online at www.bundesbank.de/courseregistration
Monetary policy
Page 16
Course level II
Implementing monetary policy
Duration
tailed insights into a variety of specific aspects such as
I 8 – 12 May 2017 (5 days)
non-standard measures, liquidity analysis, procedures
II 20 – 24 November 2017 (5 days)
for open market operations, collateral management,
etc. In addition, the course provides a platform for
Deadline for application
participants to gain more knowledge on country-spe-
I 10 March 2017
cific differences in the implementation of monetary
II 22 September 2017
policy outside the euro area. The programme encompasses lectures that are supplemented by group work
Venue
and group discussions.
Frankfurt
Content
Objective
–Operational framework of the Eurosystem
While the ultimate goals that guide monetary policy
–Design and evolution of monetary policy instruments
in different countries are very similar, central banks
–Technical procedures
diverge in their methods of implementing their policy.
–Comparison of monetary policy operational frame-
The specification of operational frameworks and more
particularly, the choice of the operational target, the
works
–Collateral framework and other risk control measures
selection and design of policy instruments as well as
the specific procedures and methods central banks
Target group
apply reveal significant differences. For other central
This course is targeted at central bank staff working in
bankers, it is often difficult to fully understand how
monetary policy implementation at their central bank
monetary policy is implemented in practice and the
with a work experience of at least two years. Participants
motives that explain a central bank’s operational
should have a sound knowledge of the operational
choices.
framework of their central bank and the determinants
of the choice and design of monetary policy instru-
This one-week course aims primarily to improve the
ments in their country. Practical experience, either in
understanding of the Eurosystem’s operational frame-
implementing and analysing the use of monetary
work. It focuses on the role and functioning of the
policy instruments at their central bank or in decision-
operational framework, the various policy instruments
making processes triggering changes to the opera-
that have been used in the past as well as the specific
tional framework of monetary policy, would be an
procedures applied within the European Monetary
advantage. Participants will be expected to contribute
Union. Lectures by Bundesbank experts will give de-
actively to discussions and share their experience.
Monetary policy
Page 17
Course level II
Theoretical pricing of central bank
collateral
Duration
also give a short introduction to ABS products and will
30 May – 1 June 2017 (3 days)
briefly discuss possibilities for theoretical pricing. The
course will address difficulties in the current low or
Deadline for application
negative interest rate environment and will outline
31 March 2017
other recent financial market developments and their
impact on theoretical bond pricing.
Venue
Frankfurt
Content
–Overview and explanation of financial instruments
Objective
The course aims to give an introduction to various
financial instruments typically accepted by central
typically accepted as central bank collateral
–Introduction of the model universe needed for
theoretical pricing of these instruments
banks as collateral. As many of these financial instru-
–Assignment of securities to the respective models
ments do not have viable market prices, the objective
–Calculation of discount curves used in the models
of the course is to give an overview and a detailed
–Current financial market developments and
description of approaches to price such instruments
their impact on the theoretical pricing of financial
theoretically. The course therefore starts with an over-
instruments
view of the product universe and the model universe
that is needed for computing theoretical prices. The
Target group
product universe includes zero-coupon bonds, bonds
The course is aimed exclusively at employees with
with a fixed coupon, bonds with multi-step coupon
proven experience and an extensive and detailed
with a predefined coupon schedule that cannot result
knowledge of financial instruments. They should be
in a negative cash flow, bonds linked to a floating
familiar with the intricacies of the financial models
index, bonds with extension and/or termination rights
that are needed to compute theoretical prices for fi-
both on the issuer and the investor side and bonds with
nancial instruments. The experts should have a deep
a sink schedule. The assignment of these securities to
understanding of financial markets, of current devel-
models is explained and the calculation of discount
opments and their interconnectedness. Experts are
curves used in the models is outlined. The models will
expected to be open to share their experiences and to
be described mathematically and the determination
contribute actively to the discussions.
of model parameters will be outlined. The course will
Monetary policy
Page 18
Course level I
Monetary policy and the financial system
Duration
to learn how monetary policy is conducted in the
24 – 28 July 2017 (5 days)
Eurosystem. At the end of the course, participants
should be familiar with the major concerns of mone-
Deadline for application
tary policy and the factors that determine how mone-
19 May 2017
tary policy is conducted by central banks in different
national settings, depending on the institutional, eco-
Venue
nomic and financial environment. The course should
Frankfurt
enable participants to analyse and compare differences in the conduct of monetary policy in different
Objective
countries in a more rigorous manner. The course offers
Monetary policy is the core business of central banks.
a combination of lectures, case studies and group
The subject of monetary policy is highly complex and
workshops. Participants are expected to contribute
encompasses a vast range of subtopics. This complex-
actively to the discussions and will be asked to provide
ity makes it difficult, in particular for junior central
basic information about the monetary policy of their
bankers, to get a holistic overview of the monetary
central banks.
policy issues that their institutions have to deal with
and how these relate to each other. What complicates
Content
matters even more is that tasks related to monetary
–Monetary and financial system
policy are usually spread over different departments
–Monetary policy strategies
of a central bank. Interdepartmental exchange of views
–Instruments and procedures of monetary policy
and experience is often limited, leaving junior central
–Monetary transmission mechanism
bankers to wonder about the connections between
–Monetary policy analysis
their sometimes highly technical daily work and the
–Institutional aspects of monetary policy
broader objective of monetary policy. Against this
–Monetary policy and risk control
background, this two-week course aims primarily to
provide a general and broad introduction to the topic
Target group
of monetary policy. It provides an overview of the
The course is primarily intended for junior central
different dimensions of monetary policy and central
bank employees with a maximum experience of one
banks’ related tasks, and it aims to enhance the under-
to three years in departments that deal with monetary
standing of the interdependencies between mone-
policy issues from either a strategic or an operational
tary policy and the financial system. In this context,
perspective. The course could also be of interest to
the course will provide general, theoretical as well as
central bankers who have only recently started work-
practical insights into aspects related to the strategy
ing in the area of monetary policy or related fields.
as well as the implementation of monetary policy. The
It is especially suited for staff interested in getting a
course will review general ideas and key concepts of
general overview of topics and tasks related to mone-
monetary policy. Participants will have the opportunity
tary policy.
Monetary policy
Page 19
Course level ll
Foreign reserve management
Duration
Content
21 – 25 August 2017 (5 days)
–Management of the ECB’s and the Bundesbank’s
foreign reserves
Deadline for application
23 June 2017
–Reserve management service offered by the
Bundesbank
–Level and adequacy of foreign reserves
Venue
Frankfurt
–Financial instruments used in reserve management,
eg repos, gold deposits and financial derivatives
–Portfolio management
Objective
–Investment guidelines and strategic benchmarking
In recent years, foreign reserve managers have been
–Market and credit risk control
challenged by low or negative interest rates. At the same
–Performance measurement
time, counterparty and liquidity risk have increased.
–Gold management
This course aims to explain the current reserve manage-
Target group
ment policies and practices of the Bundesbank and
The course is aimed at employees responsible for
the ECB. Special attention will be paid to portfolio
reserve management at the policy-making, operational
management and diversification, as well as the attrac-
or risk control level. Participants should have a sound
tiveness of the various financial instruments used in
knowledge of portfolio management to be able to
reserve management. The course will also focus on
share their experience and contribute actively to dis-
risk management issues and benchmarking.
cussions.
To broaden the perspective, participants will be asked
to make an active contribution to discussions and to share
their national experience of selected aspects relating
to reserve management.
Monetary policy
Page 20
Course level I
Macroeconomic analysis and forecasting
Duration
Content
12 – 14 September 2017 (3 days)
–Analysis and forecast of the international
environment
Deadline for application
–Short-term macroeconomic projections
14 July 2017
–Macroeconometric models used at the
Bundesbank
Venue
–Macroeconomic forecasting at the Bundesbank
Frankfurt
–Simulation exercise and scenario analysis with
macroeconometric models
Objective
–Potential output and medium-term projections
Monetary policy decisions require a thorough analysis
–Analysis and projections of labour market and
of the national and international macroeconomic environment. Central banks have to build sophisticated
analytical skills in order to model complex macroeconomic relationships and forecast their inherent potential to cause risks to price stability. This three-day
course provides an overview of the modelling and
forecasting approach used by the Bundesbank in the
wage developments
–Analysis of the housing market and projections of
house prices
–Analysis of price developments and inflation
forecasting
–Research projects related to macroeconomic
forecasting
context of the monetary policy decision-making process in the European Monetary Union. The focus is
Target group
on the practical aspects of macroeconomic analysis.
Junior to mid-level central bank officials working in
Bundesbank experts will present and discuss key fun-
macroeconomic analysis. PLEASE NOTE: The course
damentals of their regular analytical work. The pro-
does not cover topics related to the deeper analysis
gramme will begin with a general discussion of the
of monetary and financial developments. There is a
macroeconometric models and forecasting tools used
separate course on this (see course on “Analytical
by Bundesbank experts, distinguishing between short-
tools for monetary policy”). What is more, the course
term and medium-term analysis. Then the course will
does not provide an introduction to econometrics or
cover specific analytical approaches based on which
specific modelling techniques. Potential candidates
Bundesbank staff assess developments in selected
who wish to apply for the course should have a sound
segments of the economy such as the labour or the
understanding of basic econometric methods.
housing market.
Monetary policy
Page 21
Course level I
Analytical tools for monetary policy
Duration
Content
4 – 6 October 2017 (3 days)
–Money market analysis
–Monetary analysis
Deadline for application
–Capital market analysis
4 August 2017
–Monetary transmission analysis
–Current research projects related to monetary
Venue
policy
Frankfurt
Target group
Objective
Junior to mid-level central bank officials working in
Monetary policy decision-making requires a thorough
monetary analysis or financial market analysis. PLEASE
analysis of economic, monetary and financial develop-
NOTE: The course does not cover topics related to
ments. Central banks have to construct an analytical
broader macroeconomic analysis. There is a separate
framework, ie a systematic and structured analysis
course on this (see course on “Macroeconomic analysis
encompassing all aspects that are essential to support
and forecasting”). What is more, the course does not
the decision-making process and help formulate a
provide an introduction to econometrics or specific
monetary policy stance. The analytical framework
modelling techniques. Potential candidates who wish
should be based on and tailored to meet the require-
to apply for the course should have a sound under-
ments of the underlying monetary policy strategy. This
standing of macroeconomic theory and of econometric
three-day course provides an overview of various
methods.
analytical tools used by the Bundesbank in the context
of the monetary policy decision-making process in the
European Monetary Union. The focus is on the practical
aspects of monetary policy analysis. Bundesbank experts will present and discuss key fundamentals of
their regular analytical work. The programme covers
specific approaches based on which Bundesbank staff
monitor and assess developments in the money market, in the area of money and credit, in the capital
markets as well as in relation to the monetary transmission process.
Banking
Workshop
supervision
Photo: Justin Lightley
Banking supervision
Page 23
Content
Stress tests – methods and areas of application ..................................................................................... 24
23 – 25 January 2017 (deadline for application: 16 December 2016)
On-site banking supervision ................................................................................................................... 25
6 – 10 February 2017 (deadline for application: 30 December 2016)
Banking supervision within the Basel framework – Course level I............................................................ 26
26 – 30 June 2017 (deadline for application: 28 April 2017 )
Banking supervision within the Basel framework – Course level II........................................................... 27
21 – 25 August 2017 (deadline for application: 23 June 2017)
Towards a European banking union: the Single Supervisory Mechanism for banks.................................. 28
11 – 15 September 2017 (deadline for application: 14 July 2017)
Please apply online at www.bundesbank.de/courseregistration
Banking supervision
Page 24
Expert panel
Stress tests –
methods and areas of application
Duration
Content
23 – 25 January 2017 (3 days)
–Basic principles of stress testing
–Application of stress tests at banks
Deadline for application
–Stress tests as an information source for supervisors
16 December 2016
–The Bundesbank’s stress tests
–Macro stress tests
Venue
–EU-wide stress testing exercises
Frankfurt
Target group
Objective
The course is aimed at experts in banking supervision
The importance of comprehensive risk management
or financial stability with a sound background in stress
and its constant ongoing development has been made
testing. They should have a thorough understanding
abundantly clear by recent developments in the finan-
of the stress testing approaches used at their central
cial markets. Stress tests are one of the instruments
bank, and they should be prepared to share their
used by banks as well as by central banks and super-
knowledge with the other participants in the group.
visory authorities to detect potential vulnerabilities.
Consequently, banks have clearly expanded and refined their methodology in this area. Banks are called
upon, not least by supervisors, to conduct regular
stress tests in order to ensure their capital adequacy.
Furthermore, stress tests are conducted by central
banks for stability studies.
The course aims to impart comprehensive expert
knowledge on stress testing. It will focus on both
theory and practice, where possible.
Banking supervision
Page 25
Course level II
On-site banking supervision
Duration
6 – 10 February 2017 (5 days)
– Introduction to the German qualitative regulations
as laid out in the Minimum Requirements
for Risk Management
Deadline for application
30 December 2016
– Qualitative and quantitative supervisory regulations
and review thereof
• General risk management requirements
Venue
• Risk management and risk-taking capacity
Munich
• Credit business and credit risk
• Trading business and market risk
Objective
• Liquidity risk
The course is designed to provide on-site examiners
• Operational risk
from central banks and supervisory authorities with an
• Information technology security, IT risk, and
understanding of how on-site inspections are carried
out at the Deutsche Bundesbank. The course will focus
on risk-based examination as well as on common ana-
business continuity management
– National experience with regard to on-site
inspections
lytical and supervisory topics and techniques. In particular,
supervisory experts from the Bundesbank will provide
Target group
policy background information and share hands-on ex-
This course is aimed at bank inspectors and senior
perience about how Pillar 2 of Basel II is implemented
employees working in the banking supervision depart-
via on-site inspections (eg for credit, market or liquidity
ment of their central bank or supervisory authority.
risk). The course will include interactive sessions in which
Basic knowledge of the new regulations under Basel
participants will be invited to give short presentations
II and III is essential for productive participation. Partici-
about specific aspects of on-site supervisory processes
pants should be familiar with the supervisory policies
in their home country and share their experience.
and practices applied in their home country. Moreover,
they are invited to take an active part in the discussions
Content
and to make contributions with regard to the on-site
–The Single Supervisory Mechanism (SSM) as part
inspection processes in their jurisdictions.
of the European banking union, including new
regulatory requirements such as Basel III
–Banking supervision in Germany
–Introduction to on-site inspections
• Inspection approach
• Types of inspections
• Inspection planning and organisation
• On-site inspection process
• Documentation and wrap-up
Banking supervision
Page 26
Course level I
Banking supervision within the Basel
framework – Course level I
Duration
introduction to major Pillar 2 issues (supervisory review
26 – 30 June 2017 (5 days)
process).
Deadline for application
Content
28 April 2017
–Banking supervision in Germany
–The Single Supervisory Mechanism as a first step
Venue
Frankfurt
towards a banking union in Europe
–Motivation behind Basel III, scope of application,
implementation process
Objective
–Capital – quality, quantity and transparency
Basel III is a comprehensive set of reform measures
–Risk coverage – credit risk, operational risk, market
developed by the Basel Committee on Banking Super-
risk
vision to strengthen the regulation and supervision of
–Macroprudential instruments – capital conservation
the banking sector. In this context, the three pillars of
buffer, countercyclical capital buffer, systemically
Basel II have been considerably updated and supple-
important banks, systemic risk buffer
mented. Specifically, Basel III focuses on strengthening
–Leverage ratio
the quality and quantity of the regulatory capital frame-
–Liquidity – quantitative standards, monitoring
work, introduces a global liquidity standard, deploys
tools, management principles
measures to reduce cyclicality, introduces a leverage
–Pillar 2: approaches and principles (overview)
ratio and provides a basic approach to regulating sys-
–Business model analysis
temically important banks. The work of finalising
–Supplemental Pillar 2 guidance
Basel III in 2016 concentrates on fundamental reviews
–German implementation: ICAAP and SREP
of the determination of the minimum capital require-
–Supervision of IT risks including cyber risks
ments for credit, operational and market risk. The
–Pillar 3: market discipline
Basel framework is a major component of the regulatory
harmonisation process within the European Union
Target group
and was transposed via the Capital Requirements
This course is aimed at bank inspectors and employees
Directive IV package and implemented in 2014. The
working in the banking supervision department of
course aims to impart comprehensive expert know-
their central bank or supervisory authority. Basic
ledge on major issues relating to the implementation
knowledge of the new regulations under Basel II and
of the Basel III framework in the EU and Germany as
III is essential for productive participation. Participants
well as on the changes to the Basel framework in 2016.
should also be familiar with the supervisory policies
and practices applied at their institution and should be
The course will focus on both theory and practice,
where possible. A key focus of the course will be an
prepared to take an active part in discussions.
Banking supervision
Page 27
Course level II
Banking supervision within the Basel
framework – Course level II
Duration
The course will focus on both theory and practice,
21 – 25 August 2017 (5 days)
where possible. A key focus of the course will be an
introduction to major Pillar 2 issues (supervisory review
Deadline for application
process). Unlike the level I course, the level II course
23 June 2017
will look in depth at the new requirements for the
advanced approaches to covering credit and market
Venue
risk as well as the securitisation framework.
Frankfurt
Content
Objective
–Banking supervision in Germany – the Single
Basel III is a comprehensive set of reform measures,
Supervisory Mechanism as a first step towards a
developed by the Basel Committee on Banking Super-
banking union in Europe
vision, to strengthen the regulation and supervision of
the banking sector. In this context, the three pillars of
–Motivation behind Basel III, scope of application,
implementation process
Basel II have been considerably updated and supple-
–Capital – quality, quantity and transparency
mented. Specifically, Basel III focuses on strengthening
–Risk coverage – credit risk, securitisation, counter-
the quality and quantity of the regulatory capital frame-
party credit risk, market risk, operational risk
work, introduces a global liquidity standard, deploys
–Macroprudential instruments – capital conservation
measures to reduce cyclicality, introduces a leverage
buffer, countercyclical capital buffer, systemic risk
ratio and provides a basic approach to regulating sys-
buffer
temically important banks. The work of finalising
–Leverage ratio
Basel III in 2016 concentrates on fundamental reviews
–Liquidity – standards, monitoring tools, management
of the determination of the minimum capital require-
principles
ments for credit, operational and market risk. The Basel
–Pillar 2: ICAAP, SREP – business model analysis
framework is a major component of the regulatory
–Corporate governance
harmonisation process within the European Union. It
was transposed via the Capital Requirements Directive
Target group
IV package and implemented in 2014. This course
The level II course is aimed at experts from central banks
aims to impart comprehensive expert knowledge on
and supervisory authorities involved in the implemen-
major issues relating to the implementation of the
tation of Basel III. A sound knowledge of the revised
Basel III framework in the EU and Germany as well as
framework is essential for participation. Participants
on the changes to the Basel framework in 2016.
should also be familiar with the supervision policies
and practices of their financial system and should be
prepared to take an active part in the discussions.
Banking supervision
Page 28
Course level II
Towards a European banking union: the
Single Supervisory Mechanism for banks
Duration
Content
11 – 15 September 2017 (5 days)
•Motivation for creating a banking union
•Organisation of the SSM and decision-making
Deadline for application
14 July 2017
within the SSM (SSM governance)
•Description and explanation of the SSM Regulation
and SSM Framework Regulation
Venue
Frankfurt
•Distribution of tasks between the ECB and national
authorities
•Preparatory work and organisational requirements
Objective
for the SSM from the perspective of a national
The banking union, which was conceived in the wake
central bank (NCB)
of the financial and economic crisis, has set in motion
•Supervision of significant institutions
a fundamental reform of the European financial archi-
•Role and functioning of Joint Supervisory Teams (JSTs)
tecture. The banking union comprises a Single Super-
•Supervision of less significant institutions
visory Mechanism (SSM), a Single Resolution Mechanism
•SSM methodology for the SREP risk assessment
(SRM) and a harmonised system of deposit guarantee
•Single Resolution Mechanism (SRM) and Single
schemes. The objective of the banking union is to
strengthen financial stability in the euro area, to take
better account of cross-border financial activities and
to loosen the doom loop between financial sector
Resolution Fund (SRF)
•Possibilities for close cooperation with non-euroarea member states
•Harmonisation of deposit guarantee schemes
debt and sovereign debt, which had the effect of
exacerbating the crisis. The SSM, which was launched
Target group
in November 2014, encompasses the ECB and the
Candidates should be experts in banking supervision
national supervisory authorities of the euro-area
or financial stability. Central banks and supervisory
countries. EU member states outside the euro area are
authorities from EU member states whose currency is
able to opt into the SSM. The ECB directly supervises
not the euro as well as from EU candidate countries
significant banks in the participating countries and
and potential candidate countries, in particular, are
receives support from the national competent author-
encouraged to nominate staff members (several
ities (NCAs) in the day-to-day duties of off-site super-
nominations possible). The course might also offer
vision and on-site inspection. The ongoing supervisory
interesting insights to participants from outside the
tasks are carried out by Joint Supervisory Teams (JSTs)
EU, particularly to experts from countries which have
comprising supervisors from the ECB and the NCAs.
an interest in or experience of regional economic co-
This course aims to impart comprehensive expert
operation or which already have mechanisms similar
knowledge on major issues relating to the banking
to an economic and monetary union in place.
union, particularly the SSM. The course will focus on
both theory and practice, where possible.
Photo: Jan Eckert
Financial
Workshop
and
monetary system
Photo: gettyimages/SusanneB
Financial and monetary system
Page 31
Content
Financial stability, systemic risk and macroprudential policy – course level I............................................ 32
27 – 31 March 2017 (deadline for application: 9 December 2016)
Recovery and resolution with a focus on credit institutions..................................................................... 34
17 – 19 May 2017 (deadline for application: 24 March 2017)
Issues related to monetary policy and financial stability . ........................................................................ 36
12 – 14 June 2017 (deadline for application: 14 April 2017)
Financial stability, systemic risk and macroprudential policy – course level II .......................................... 38
10 – 14 July 2017 (deadline for application: 12 May 2017)
Blockchain technology and fintechs ....................................................................................................... 39
16 – 18 August 2017 (deadline for application: 16 June 2017)
Please apply online at www.bundesbank.de/courseregistration
Financial and monetary system
Page 32
Course level I
Financial stability, systemic risk and
macroprudential policy
Duration
focuses on improving participants’ skills in assessing
27 – 31 March 2017 (5 days)
and monitoring risks to financial stability. The course
will include interactive sessions in which participants
Deadline for application
will be invited to give short presentations on specific
9 December 2016
aspects of financial stability in their home country and
share their experience with colleagues.
Venue
Frankfurt
Content
–Current Financial Stability Board (FSB) issues
Objective
–European Systemic Risk Board
As the guardian of price stability, the Bundesbank has
–Financial stability at the Bundesbank
an inherent interest in ensuring a stable financial sys-
–Financial Stability Review
tem. As an integral part of the European System of
–Macroprudential surveillance of the banking system
Central Banks, it also has an explicit mandate to con-
–Macroprudential policies and housing prices
tribute to financial stability.
–Early warning models
–International financial linkages and spillovers
Through its involvement in banking supervision, the
Bundesbank has an in-depth knowledge of German
–Data foundations for financial stability and
macroprudential analyses
credit institutions’ business situation. However, finan-
–Stress testing the banking system
cial institutions and financial markets today are inter-
–Stability issues for the insurance sector
connected across the world by means of modern
–Stability issues for the financial infrastructure
technology and a multitude of financial products. The
–The shadow banking system
current crisis in particular has shown that monitoring
–National experience in financial stability analysis
individual institutions does not reveal all the risks that
potentially threaten a financial system. Looking, ad-
Target group
ditionally, at the financial system as a whole in its full
The course is intended for central bankers who wish
complexity is therefore essential. What is known as
to enhance their knowledge of the various aspects of
macroprudential supervision is closely interlinked with
financial stability analysis and macroprudential policy.
traditional banking supervision and – besides banks –
They should have a special interest in financial stability
also analyses insurance companies, financial markets
issues but do not necessarily need to be experts in this
and financial infrastructures. The course aims to
field. Participants are invited to take an active part in the
strengthen participants’ theoretical and practical
discussions and to provide contributions on financial
knowledge of central banks’ role in safeguarding the
stability work in their jurisdiction.
stability of the financial system. The course also
Photo: Jan Ecker
Financial and monetary system
Page 34
Expert panel
Recovery and resolution with a focus
on credit institutions
Duration
Objective
17 – 19 May 2017 (3 days)
The course will be organised in the form of an expert
panel. It will focus not only on the newly enacted
Deadline for application
recovery and resolution regime at the international,
24 March 2017
European and national level, but will also cover how
it ties in with prudential supervision under the SSM
Venue
and its function as part of the European banking
Frankfurt
union. Attention will also be given to possible conflicts
of interest that institutions involved in the resolution
Background
process may face and that might impact on their role
One of the key lessons learned from the recent financial
in monetary policy, banking supervision and/or com-
crisis starting in 2007 – 08 is that the existing legal
petition.
framework proved insufficient and a set of adequate
tools was required to deal effectively with unsound
The expert panel will not only provide information, it
or failing credit institutions. To this end, the European
will also create a platform for participants to discuss
Union enacted the Bank Recovery and Resolution
the recovery and resolution regime as well as related
Directive (BRRD) in May 2014, establishing a new set
initiatives for improved crisis management in other
of harmonised recovery and resolution instruments and
jurisdictions and to share experiences in this field. To
powers within all EU member states as of 1 January
this end, participants will be expected to prepare
2015. While the BRRD leaves the powers over and
contributions.
application of these tools in the hands of national
authorities, a centralised European decision-making
Content
mechanism in the form of the Single Resolution
–Historic development of the recovery and resolution
Mechanism (SRM) will be operational as of 2016 for
regime for financial institutions at the international
those institutions subject to the Single Supervisory
level and in the European Union, including the
Mechanism (SSM), generally transferring the authority
Financial Stability Board’s “Key Attributes”
to resolve credit institutions from the national level to
–Overview of the European banking union: Single
the European Union level. The SRM forms an integral
Supervisory Mechanism (SSM), Single Resolution
part of the European banking union and complements
Mechanism (SRM) and deposit guarantee scheme
the SSM, which confers upon the European Central
(DGS)
Bank (ECB) specific tasks in the prudential supervision
–The recovery and resolution tools and powers under
of euro-area credit institutions and credit institutions
the EU Bank Recovery and Resolution Directive
of non-euro-area states which participate voluntarily
(BRRD), its implementation in Germany and further
through close cooperation between the ECB and the
national legislation on crisis management
national competent authority.
–The Single Resolution Mechanism with a focus on
decision-making procedures
Financial and monetary system
Page 35
–Current supervisory structure and resolution
Target group
powers in Germany: the role of the German Federal
This expert panel is aimed at experts from the legal,
Financial Supervisory Authority (BaFin), the Federal
supervisory or international areas of their respective
Agency for Financial Market Stabilisation in
central bank or supervisory authority. Participants
Germany (FMSA) and the Bundesbank
should be familiar with the current international dis-
–National experience in crisis management and
cussion on resolution policies and frameworks or with
resolution, particularly with regard to the restruc-
the legislation adopted or under consideration in their
turing and resolution of credit institutions
own jurisdiction. Central banks in developing or
–Reflections on a future recovery and resolution
regime for CCPs
emerging economies, in particular, are encouraged to
nominate staff members.
Photo: Jan Eckert
Financial and monetary system
Page 36
Expert panel
Issues related to monetary policy and
financial stability
Duration
Content
12 – 14 June 2017 (3 days)
–Lessons from the financial crisis: macroprudential
policy as a policy area in its own right
Deadline for application
14 April 2017
–Changes in the institutional frameworks, eg new
institutional arrangements in the euro area and the EU
–Interaction between monetary policy and
Venue
Frankfurt
macroprudential policy
–Challenges involved in making monetary policy
more focused on financial stability
Objective
The global financial crisis has sparked intense debate
–Risks posed by a financial stability-oriented monetary policy
amongst economists regarding the future shape and
role of monetary policy. Certain elements of the pre-
Target group
crisis monetary policy consensus remain valid even
The expert panel is aimed at mid-level to senior central
today – in particular, the continued paramount sig-
bank staff working in the monetary policy or financial
nificance of price stability. By contrast, the relationship
stability departments of their institutions. Given the
between monetary policy, with its focus on price sta-
objective of the expert panel, participants are expected
bility, and macroprudential policy, which is concerned
to take an active part in the discussions and should be
with financial stability, remains an issue of discussion.
prepared to provide contributions on their field of
expertise. Applications should include a title and an
Against this background, the expert panel aims to
bring together central bank experts to discuss issues
concerning the nexus of monetary policy and financial
stability. It provides a platform to exchange views and
to discuss strategic, institutional, analytical and operational issues and experiences related to the topic of
the panel.
abstract outlining the topic participants wish to present.
Financial and monetary system
Page 37
We encourage contributions (in the form of country
case studies) with a focus on the following aspects:
3.Analytical issues related to monetary policy
and financial stability
–Experience/new developments in the analysis of
1.Strategic issues related to monetary policy and
financial stability
–What strategy should central banks adopt to align
their monetary policy mandates with financial stability objectives?
–What are country-specific experiences/arguments
in favour or against separating the two fields?
–How do strategies that form the basis for the
monetary policy decision-making process need to
be adapted to account more directly for financial
risks to price stability taking into account financial
stability risks? How do central banks link their
monetary policy and financial stability analysis?
–Similarities and differences in the analysis of risks
to price stability and risks to price stability and
ways?
–What do we know about the relationship between
monetary policy and financial stability?
–What insights does the transmission mechanism
analysis provide?
stability risks?
4.Operational issues related to monetary policy
2.Institutional issues related to monetary policy
and financial stability
and financial stability
–What institutional challenges and legal barriers do
–What is the universe of policy instruments to
central banks face with respect to monetary policy
maintain price stability and financial stability? What
and financial stability?
options are within the scope of the central bank?
–What institutional arrangements seem promising
to overcome issues related to policy coordination
and cooperation?
–What lessons can central banks draw from their
experience with existing institutional set-ups?
–How should the two fields be organised within
the central bank to promote coordination and
cooperation?
–How do the different policy instruments interact?
–How should policy instruments be designed to
account for the different policy objectives?
–What is the impact of macroprudential instruments
on price stability and what is the impact of
monetary policy instruments on financial stability?
Financial and monetary system
Page 38
Course level II
Financial stability, systemic risk and
macroprudential policy
Duration
10 – 14 July 2017 (5 days)
The course aims to offer high-quality training and to
familiarise participants with best practices and new
Deadline for application
developments in financial stability and macroprudential
12 May 2017
policy. Participants will be invited to join the discussion
and share their experience with others. Active partici-
Venue
pation will be encouraged, in particular, by an inter-
Frankfurt
active case study, which will serve as the common
thread for the entire course.
Objective
The Bundesbank, as the guardian of price stability,
Content
has an inherent interest in ensuring a stable financial
–Current Financial Stability Board (FSB) issues
system. As an integral part of the European System of
–European Systemic Risk Board
Central Banks, it also has an explicit mandate to
–Financial stability at the Bundesbank
contribute to financial stability.
–Financial Stability Review
–Macroprudential surveillance of the banking system
Through its involvement in banking supervision, the
–Macroprudential policies and housing prices
Bundesbank has gained an in-depth knowledge of
–Early warning models
German credit institutions’ business situation. How-
–International financial linkages and spillovers
ever, financial institutions and financial markets today
–Stability issues for the financial infrastructure
are interconnected across the world by means of
–Stability issues for the insurance sector
modern technology and a multitude of financial
–The shadow banking system
products. The current crisis in particular has shown
–Case study on financial stability and macro stress
that monitoring individual institutions does not reveal
testing
all the risks that potentially threaten a financial system.
Looking, additionally, at the financial system as a
Target group
whole in its full complexity is therefore essential. What
The course is intended for central bankers who wish
is known as macroprudential supervision is closely in-
to deepen their knowledge of the various aspects of
terlinked with traditional banking supervision and –
financial stability and macroprudential oversight.
besides banks – also analyses insurance companies,
Participants should have a special interest in financial
financial markets and financial infrastructures.
stability issues but do not necessarily need to be
experts in this field. Participants are invited to take an
active part in the discussions and in the case study.
Financial and monetary system
Page 39
Expert panel
Blockchain technology and fintechs
Duration
Content
16 – 18 August 2017 (3 days)
–Recent developments in fintechs
–Breaking up the value chain
Deadline for application
16 June 2017
–Existing and potential uses of blockchain
technology in finance
–Implications for central bank tasks and objectives
Venue
Frankfurt
Target group
Central bank experts in the following areas: payment
Objective
and settlement operations and oversight, financial
The expert panel will look at blockchain technology
stability and IT.
and fintechs and how they impact on central bank
tasks and objectives. With regard to fintechs, the
changing structure of the banking industry will be discussed. Also on the agenda are the potential uses of
blockchain technology in the financial sector and a
comparison of existing implementations.
Cash management
Workshop
and
payment systems
Photo: Masterfile (Royalty-Free Division)
Cash management and payment systems
Page 41
Content
Current challenges for cash management . ............................................................................................. 42
30 January – 1 February 2017 (deadline for application: 23 December 2016)
Cash management and combating counterfeit money............................................................................. 43
13 – 17 March 2017 (deadline for application: 3 February 2017)
Payment and securities settlement systems............................................................................................. 44
I 19 – 23 June 2017 (deadline for application: 21 April 2017)
II 4 – 8 December 2017 (deadline for application: 6 October 2017)
Combating money laundering ................................................................................................................ 45
27 November – 1 December 2017 (deadline for application: 29 September 2017)
Please apply online at www.bundesbank.de/courseregistration
Cash management and payment systems
Page 42
Expert panel
Current challenges
for cash management
Duration
Target group
30 January – 1 February 2017 (3 days)
The expert panel aims to give managers and experts
from the cash areas of participating central banks the
Deadline for application
opportunity to exchange views and ideas with colleagues
23 December 2016
from other central banks through debate and presentations on their specialist areas.
Venue
Frankfurt
In addition to your registration, please send us a
short 20-minute presentation covering, if possible,
Objective
the following topics:
The purpose of this panel is to discuss current challenges in relation to the national cash cycle. The expert
–Short description of the national cash cycle
panel will serve as a platform for central bankers to
–Function of the central bank in the cash cycle
discuss recent occurrences in cash management with
–The role of private cash recycling in the cash cycle
a view to exchanging experiences and opinions. The
–Current challenges
payment behaviour of the general public, what deter-
–Vision for the future
mines it and how it is likely to develop will form a
–Conclusion
further topic for discussion.
Please feel free to use charts in your cash cycle
Participants are invited to provide the expert panel
with their own presentations on this subject in order
to promote debate.
presentation.
Cash management and payment systems
Page 43
Course level II
Cash management and combating
counterfeit money
Duration
–Automation of cash processing
13 – 17 March 2017 (5 days)
–Cash recycling: testing of banknote recycling
machines
Deadline for application
–Cash recycling and the ECB decision
3 February 2017
–The NAC: tasks, activities and legal aspects
–International aspects of combating counterfeit
Venue
money (in cooperation with the State Criminal
Frankfurt
Police Office)
–Counterfeit prevention measures
Objective
–Processing damaged money
Participants will learn about modern central bank cash
–Visit to the Bundesbank‘s Frankfurt branch
management methods, the changing framework for
–Payment and withdrawal behaviour in Germany
these methods and the requirements for combating
–Foreign demand for euro banknotes issued
counterfeit money. They will be expected to take an
active part in discussions and to exchange their opinions
and views during the course.
in Germany
–The relationship between banknote quality and
detection of counterfeits
Content
Target group
–Current topics in cash management
The course is designed for mid-level and senior
–The role of the Bundesbank in the cash cycle
employees engaged in issuing and processing bank-
–BMS – The cash management system of the
notes and coins or in dealing with counterfeit money,
Deutsche Bundesbank
especially in developing and emerging economies.
–Workshop: inside BMS
Participants should have a sound background in cash
–CashEDI – Electronic Data Interchange for cash
management.
payments
–Issuance policy for banknotes and coins,
cash requirement planning
Cash management and payment systems
Page 44
Course level II
Payment and securities settlement systems
Duration
Content
I 19 – 23 June 2017 (5 days)
–Role of the Bundesbank in payment and
II 4 – 8 December 2017 (5 days)
settlement systems
–Payment system analysis
Deadline for application
I 21 April 2017
II 6 October 2017
•Retail payments: current developments,
innovations and secure retail payments
•TARGET2: individual payment services at the
Bundesbank
Venue
–TARGET2-Securities (T2S)
Frankfurt
–Collateral management system
•Oversight of payment systems and instruments
Objective
•Workshops on T2S, innovations and oversight
In this course, participants will be able to deepen their
knowledge of payment and securities settlement
Target group
systems and will be introduced to the current state-of
The course is designed for employees of central banks
the-art technology in the EU. The course is designed
in new EU member states, in EU accession countries
to help participants enhance and refine the payment
or in developing or emerging economies who have a
and securities settlement systems in their countries in
solid background in payment clearing and settlement
a targeted manner (ie with a view to convergence
issues.
with the EU).
Cash management and payment systems
Page 45
Course level II
Combating money laundering
Duration
Target group
27 November – 1 December 2017 (5 days)
The course is designed for employees working at
central banks or other state institutions who are involved
Deadline for application
in combating money laundering at an operational
29 September 2017
level.
Venue
In addition to your registration, please send us a brief
Frankfurt
15-minute presentation setting out the money laundering situation in your country. The focus should lie
Objective
on the following aspects:
Combating money laundering is an area which has
been steadily gaining in importance in recent years.
Participants will acquire a greater insight into the
–Institutions involved in fighting money laundering
and their functions
problems associated with money laundering and the
–The role of your institution in AML
obligations deriving from statutory regulations.
–Current situation regarding ML in your country
–Significant challenges
Content
–International regulations and the legal framework
in Germany
–Combating the financing of terrorism
–Discussion of case studies highlighting money
laundering mechanisms
–AML supervision in Germany
–AML measures at the Bundesbank
–Criminal justice measures/law enforcement and
prosecution authorities
–The role of the FIU
–How financial institutions fight money laundering
–Options for improvement
Workshop
Good governance
Photo: Dieter Rosen
Good governance
Page 47
Content
Public procurement................................................................................................................................. 48
21 – 23 February 2017 (deadline for application: 13 January 2017)
Economic education – the role of central banks...................................................................................... 49
28 February – 2 March 2017 (deadline for application: 20 January 2017)
Cash-related processes at a central bank – risk coverage by the internal audit function........................... 50
25 – 27 April 2017 (deadline for application: 24 February 2017)
IT auditing............................................................................................................................................... 51
3 – 5 May 2017 (deadline for application: 3 March 2017)
Accounting from a central bank’s perspective......................................................................................... 52
6 – 8 June 2017 (deadline for application: 7 April 2017)
Operational risk management, business continuity planning and crisis management.............................. 53
14 – 16 August 2017 (deadline for application: 16 June 2017)
Money museum....................................................................................................................................... 54
5 – 7 September 2017 (deadline for application: 7 July 2017)
Human resources management............................................................................................................... 55
25 – 29 September 2017 (deadline for application: 28 July 2017)
Central bank governance......................................................................................................................... 56
16 – 20 October 2017 (deadline for application: 18 August 2017)
Design and application of a risk-oriented/risk-centric audit approach – best practices............................. 57
25 – 27 October 2017 (deadline for application: 25 August 2017)
Enabling the cloud for central banks....................................................................................................... 58
6 – 8 November 2017 (deadline for application: 28 July 2017)
Controlling at central banks..................................................................................................................... 61
13 – 17 November 2017 (deadline for application: 15 September 2017)
Please apply online at www.bundesbank.de/courseregistration
Good governance
Page 48
Expert panel
Public procurement
Duration
Content
21 – 23 February 2017 (3 days)
–Corporate controlling
–Procurement procedures
Deadline for application
13 January 2017
–Legal acts and bylaws governing procurement
procedures (Germany and Europe)
–Back office
Venue
–Asset management – outsourcing
Frankfurt
Target group
Objective
The expert panel is designed for central bank staff
This course presents the Deutsche Bundesbank’s
from developing or emerging countries who work in
procurement and contract management unit and
a leading position in organisation, controlling or pro-
describes its place and function in the Bundesbank’s
curement at their institution. Participants should have
organisational structure.
knowledge of central bank contract management.
Good governance
Page 49
Expert panel
Economic education –
the role of central banks
Duration
Content
28 February – 2 March 2017 (3 days)
•Economic education: concepts, goals and target
groups
Deadline for application
20 January 2017
•Why do central banks support economic
education?
•Economic educational activities offered by the
Venue
Frankfurt
Bundesbank
•Economic education programmes that work –
experience from different countries
Objective
Over the past few years, particularly in the wake of
Target group
the financial crisis, many educational initiatives have
The expert panel is aimed at central bankers as well as
been launched across the globe to strengthen the
regulators and supervisors with expertise in the area
general public’s financial competence and knowledge
of economic education. Candidates should be well
of economics. Government bodies, central banks,
versed in their institution’s approach and are expected
membership organisations (eg consumer protection
to make an active contribution to the discussions.
organisations) and other institutions have made considerable efforts to enhance the public’s understand-
Participants will be invited to give a presentation relating
ing of macroeconomics and make them more aware
to their field of expertise/their jurisdiction’s experience
of money and financial issues.
in this area.
Central banks around the world devote significant
In this context, it would also make sense to discuss
resources to fostering economic education. For example,
whether a central bank should apply its energies to
the Bundesbank’s range of educational services avail-
promoting financial literacy and, if so, on which legal
able to the outside community is designed to impart
basis this would occur.
basic knowledge in the areas of money, currency and
central banking as part of its general economic activities.
The aim is to give both young people and the wider
general public an opportunity to understand and appreciate the importance of a stable currency and the
Bundesbank’s long-term commitment to stability.
This expert panel is geared towards sharing experience
and providing a forum for central bankers from around
the world to present their strategies in the area of
economic education.
Good governance
Page 50
Expert panel
Cash-related processes at a central bank –
risk coverage by the internal audit function
Duration
Content
25 – 27 April 2017 (3 days)
The expert panel will consist of a combination of presentations and workshops covering the following topics:
Deadline for application
24 February 2017
–Audit coverage of specific risks related to
processes in the context of banknote procurement
Venue
Frankfurt
and production
–Concepts of central bank involvement in the cash
cycle and impact on the risk situation and the
Objective
appropriate internal controls
The general purpose of this expert panel is to facilitate
–Sampling and stocktaking methodology
the exchange of experiences and points of view re-
–Coverage of IT applications and physical security
garding methodological approaches in the auditing of
measures by pre-implementation audits and
cash-related processes. Participants will learn about
process-related audits
different concepts as to how central banks are involved in cash cycles and how different internal audit
–Audit coverage of specific risks related to money
laundering
functions cover specific risk situations.
Target group
Senior auditors who regularly engage in audits of
cash-related processes.
Good governance
Page 51
Expert panel
IT auditing
Duration
mutual approach to the audit. Participants will compile
3 – 5 May 2017 (3 days)
an audit programme and learn from the different
opinions and experiences of their foreign colleagues.
Deadline for application
Furthermore, the group work is intended to encourage
3 March 2017
networking and enable participants to contribute their
own approaches or present problems and thoughts
Venue
for discussion. Good practice frameworks will be ap-
Frankfurt
plied while working on the audit programme.
Objective
Content
Projects are a crucial success factor for a company’s
–Identifying the main risk areas that should be
sustainability. Because projects are usually associated
with significant risks, it is important for the audit
covered in a pre-implementation audit
–Applying good practice frameworks
function to perform pre-implementation audits. A
pre-implementation audit should cover the business
Target group
case, project organisation and management processes
The expert panel is designed for employees who work
as well as any application-specific aspects that could
in their central bank’s audit department. The nominated
pose system risk. Although there are a few similarities,
staff members should be familiar with IT auditing as
there are also a number of differences in the charac-
well as the audit methodology and practices in use at
teristics of audits of processes that are already in
their bank. Participants will be expected to make an
operation and pre-implementation audits.
active contribution to the discussions, drawing on
their own experiences.
On the one hand, this expert panel will focus on the
auditing of project organisation and management as
To aid networking and the exchange of experience,
an essential part of a pre-implementation audit. On
participants should prepare a brief introduction to their
the other hand, it will cover general system risk aspects
central bank’s IT environment as well as the structure
inherent in IT applications, such as access control, etc.
and set-up of the IT auditing division. A specific form
The main goal is to discuss the aspects an auditor
stating the points of interest will be sent to participants
should cover when auditing an IT project and to find a
prior to the panel event.
Good governance
Page 52
Expert panel
Accounting from a central bank’s
perspective
Duration
Content
6 – 8 June 2017 (3 days)
–Accounting problems facing central banks
–The European Central Bank’s accounting guideline
Deadline for application
7 April 2017
–Treatment of financial instruments and associated
uncertainties
–Current developments with regard to IAS/IFRS
Venue
Frankfurt
–Presentation of accounting guidelines of
participating countries’ central banks
Objective
Target group
The course aims to discuss current issues in interna-
The expert panel is aimed at central bank employees
tional accounting, mainly – but not only – related to
who are involved in accounting and banking super-
problems in the accounting of financial instruments
vision.
from the perspective of central bankers and banking
supervisors.
Good governance
Page 53
Expert panel
Operational risk management, business
continuity planning and crisis management
Duration
Content
14 – 16 August 2017 (3 days)
–Organisation and structure of the Deutsche
Bundesbank
Deadline for application
16 June 2017
–Framework, procedure and instruments for
conducting operational risk management
–Approach to business continuity planning for core
Venue
business areas of the Bundesbank
Frankfurt
–Concept of crisis management
Objective
Target group
ORM, BCP and CM are crucial elements of good
Managers and experts in ORM, BCP and CM.
governance at a central bank. During the expert panel,
the Bundesbank’s framework and its methodology for
ORM, BCP and CM will be presented and discussed.
The panel will also serve as a platform for exchanging
experiences and sharing information within and
across these disciplines.
Good governance
Page 54
Expert panel
Money museum
Duration
and installations, which need to be informative whilst
5 – 7 September 2017 (3 days)
also presenting the sub-ject matter appropriately.
Deadline for application
This process is supported by accompanying educa-
7 July 2017
tional museum events and lectures, particularly for
educational establishments.
Venue
Frankfurt
This Expert panel offers a platform for comparing the
various forms of presentation and approaches with
Objective
one another, placing a special focus on intercultural
Every country has its own unique monetary history,
aspects.
which central banks’ money museums and exhibitions
reflect in different ways.
Content
–Ideas, concepts and realisations of central bank
Alongside numismatic pieces, central banks are in-
museums and exhibitions
creasingly displaying information on the financial
–Visualisation of economic and monetary terms
sector and monetary policy, using their exhibitions
–Intercultural differences in the perception of
and money museums to explain their activities and
economic processes and their impact on museum
tasks to the general public.
and exhibition concepts and implementation
One challenge they face is to portray complex mone-
Target group
tary policy topics in an accessible way using exhibits
Experts from central bank museums.
Good governance
Page 55
Course level II
Human resources management
Duration
Content
25 – 29 September 2017 (5 days)
–HR strategy and corporate culture
–Organisation and the role of the HR Directorate
Deadline for application
28 July 2017
General
–HR instruments (recruitment, training, staff
development, appraisal system, employee feedback
Venue
meetings, performance bonuses, promotion, job
Frankfurt
evaluation)
–Compensation and benefits
Objective
–Health management
Managing human resources (HR) properly is essential
–Pension systems
for successful central banking because employees are
–Case studies on change management
a key factor in every organisation. This course aims to
–HR information systems
provide an insight into all aspects of HR management
at the Deutsche Bundesbank. Participants are invited
Target group
to discuss their experiences and views.
The course is aimed at staff from the HR units of
central banks, especially those from developing or
emerging countries. Participants should have a good
knowledge of the system and procedures used at
their bank to manage HR issues and are expected to
take an active role in the discussions, drawing on their
own experience.
Good governance
Page 56
Course level II
Central bank governance
Duration
Content
16 – 20 October 2017 (5 days)
–Basics of corporate governance
–Governance in the Eurosystem:
Deadline for application
18 August 2017
IT project organisation and control policy
–Code of conduct
–Board-related rules, anti-fraud, staff behaviour,
Venue
Frankfurt
prevention of corruption
–Financial controlling
–Auditor scrutiny
Objective
–Strategic aspects of HR work
The integrity and credibility of public institutions have
–HR instruments
recently become increasingly important issues. Central
–Strategic planning
banks, in particular, are a focus of public interest on
–Risk management
account of their independence. This course is there-
–Analytical and automated procedures for
fore designed to provide an insight into the Deutsche
assessing headcount
Bundesbank’s tools and rules for good governance.
Target group
The course is aimed at central bank staff who are
involved in interdisciplinary tasks and the preparation
of strategic decisions.
Good governance
Page 57
Expert panel
Design and application of a risk-oriented/
risk-centric audit approach – best practices
Duration
Content
25 – 27 October 2017 (3 days)
The expert panel starts with a brief introduction and
an overview of general concepts of risk-oriented/risk-
Deadline for application
centric audit approaches. In a second step, the partici-
25 August 2017
pants will give a brief overview of the audit approaches
used at their central banks. Based on the discussion and
Venue
best practices (eg COSO Framework), we will develop
Frankfurt
a synopsis of risk-oriented/risk-centric audit approaches.
Objective
According to the definition used by the Institute of
Target group
Internal Auditors (IIA), the task of an internal audit
Senior auditors with responsibilities and experience in
function is to help its “organization accomplish its ob-
audit methodologies.
jectives by bringing a systematic, disciplined approach
to evaluate and improve the effectiveness of risk management, control and governance processes.” In this
context, “systematic” can be interpreted as meaning
“risk-oriented” or “risk-centric”.
Our expert panel focuses on different approaches to
implementing and adopting risk-oriented/risk-centric
audit approaches that have been developed by practitioners or established in best practice frameworks.
Good governance
Page 58
Expert panel
Enabling the cloud for central banks
Duration
Meanwhile, central banks are considered to be very
6 – 8 November 2017 (3 days)
trustworthy protagonists not only in the financial
world. They provide essential services and tend to
Deadline for application
deal with very sensitive data. Are there good practices
28 July 2017
that would allow the cloud to be utilised in this area?
To make life more complicated, central banks are
Venue
often part of the public sector (or at least treated this
Frankfurt
way), which adds additional challenges, eg in terms of
procurement or legal issues.
Objective
In all discussions on how to organise and source fu-
This expert panel aims to bring together central bank
ture IT solutions – and how to structure the IT itself –
cloud experts to discuss both potential benefits and
the topic of the “cloud” is seldom far from the top of
the issues associated with cloud solutions, touching
the list. Modern central banks rely as heavily on IT as
upon business and technological topics ranging from
most other organisations. They are therefore inter-
governance and contracts, integration matters to the
ested in taking advantage of the potential benefits of
omnipresent security issues. The event will not only
moving services into the cloud. But those benefits do
offer information on the state of play in terms of cloud
not come for free: the “cloud” – if different from the
services, it will primarily provide a platform to meet
familiar internal IT – in many ways and requires tailor-
peers, compare specific challenges, present innova-
made provisioning and management approaches.
tive ideas and exchange views on how central banks
Moreover, using cloud services and ensuring proper
can use cloud solutions and their advantages while
security for the processed information is commonly
managing the challenges they present.
seen as somehow contradictory.
Participant will be invited to fill in a questionnaire well
in advance of the panel in order to tailor the agenda
to their interests.
Good governance
Page 59
Content
Cloud market
Topics
–Requirements management for finding suitable
Why is everybody talking about the cloud?
cloud solutions in the market (market capability
analysis)
Business perspective
–How to make your central bank business fit for
cloud solutions?
–Are central bank needs too specific for general
purpose cloud offerings? Does central banking
require a CB cloud?
–How to identify suitable market solutions?
–How to manage the shift using tailored standard
solutions rather than tailor-made in-house tools?
Formats
–Keynotes
–Panel discussions
Cloud security
–Round table discussions
–Between contracts and trust
–User story presentations
–Certifications of “aaS” solutions – pure marketing
or meaningful aid?
–Encryption of everything – the holy grail for cloud
computing?
Target group
Experts in charge of selecting, implementing and/or
managing cloud solutions
Governance
Participant prerequisites
–Governance of cloud solutions
Ability and willingness to contribute experiences in
–Scalable, flexible and manageable procurement
one of the above topics as a presentation or as part of
policies as a key factor for cloud deployment at
a panel or round table discussion group/chair.
cloud pace
–Management and monitoring of provider service
level
You are required to explain your motivation to attend under “What positive effects do you
expect this course to have on your work?” in the
Integration
–How to couple my internal applications with cloud
solutions?
–Hybrid cloud scenarios – the worst of both worlds?
questionnaire section of the online application.
Photo: Westend TV
Good governance
Page 61
Course level II
Controlling at central banks
Duration
Content
13 – 17 November 2017 (5 days)
–Corporate controlling
–Controlling in the ESCB
Deadline for application
–Strategic planning
15 September 2017
–Cost accounting
–Budgeting
Venue
–Project controlling
Frankfurt
–Personnel controlling
–Provision of information to top-level management
Objective
and external addresses
The main goal of this course is to discuss ways of
developing a controlling function in a central bank,
Target group
starting with an overview of corporate controlling.
The course is designed for high-level employees from
Participants will discuss the connection between stra-
non-EU countries who work in controlling in their central
tegic planning and budgeting. Special attention will
banks. The nominated staff members should be familiar
be paid to project management.
with cost accounting and budgeting. Participants will
be expected to make an active contribution to the
discussions, drawing on their own experiences.
Workshop
Statistics
Photo: gettyimages/Kick Images
Statistics
Page 63
Content
Big data and central banking . ................................................................................................................ 64
10 – 12 April 2017 (deadline for application: 17 February 2017)
Price and volume indices in official statistics – theory and practice.......................................................... 65
20 – 24 November 2017 (deadline for application: 22 September 2017)
Seasonal adjustment of economic data................................................................................................... 66
16 – 20 October 2017 (deadline for application: 18 August 2017)
Please apply online at www.bundesbank.de/courseregistration
Statistics
Page 64
Expert panel
Big data and central banking
Duration
how big data can help central banks to take timely
10 – 12 April 2017 (3 days)
policy measures and to extract information on the
impact of their actions within the financial system and
Deadline for application
the economy at large.
17 February 2017
The expert panel aims to address such issues. It will
Venue
provide a forum for central bankers across the globe
Frankfurt
to present the strategies they use to develop collection and analysis of big data and enable an exchange
Objective
of knowledge among countries on this increasingly
Big data includes both structured and unstructured
important topic.
information, which can consist of a large variety of
data sources and types (eg demographic, social or
Content
financial). It is basically about combining different
–Collection, analysis and use of big data
volumes of data with new datasets, using software
–Data governance and management
programmes to detect possible patterns in these
–Case studies from central bankers, regulators and
cumulated data and then drawing the right conclusions
supervisors as well as other industries
from the results.
–Data protection and data access issues
An increasing number of important topics for central
Target group
banks and supervisory authorities, such as forecasting,
The expert panel is aimed at central bankers as well as
high-frequency trading and statistics, necessitate the
regulators and supervisors with an interest in helping
evaluation of these enormous and constantly growing
develop best practices in big data mining and manage-
volumes of data.
ment. Participants will be expected to make an active
contribution to the discussions, and will be invited to
Big data is therefore likely to become a topic of in-
present and discuss current big-data issues in their
creasing interest to central banks and supervisory
own jurisdictions.
authorities in the years ahead. A key question will be
Statistics
Page 65
Course level I
Price and volume indices in official
statistics – theory and practice
Duration
Content
20 – 24 November 2017 (5 days)
A range of topics will be covered by way of empirical
examples using Microsoft Excel. These include ap-
Deadline for application
proaches, elementary and aggregate indices, quality
22 September 2017
adjustment, and chain indices. Inter alia, this course
enables participants to calculate index numbers from
Venue
price and quantity data, to work with indices including
Frankfurt
unit values and unit labour costs, to rebase and chainlink indices, to aggregate quarterly figures to annual
Objective
results, to analyse sub-indices and their contributions
Key macroeconomic indicators, such as consumer
to the total, to handle infra-annual chain indices, and to
prices and gross domestic product (at previous-year
impute/quality-adjust prices. The CPI Manual and the
prices), are widely used in monitoring the state and
supplementary Practical Guide are used as reference
development of the economy. Movements of such
material.
price and volume measures are used in short-term
business cycle analysis, not least in central banks. The
Target group
most recent financial crisis highlights again the need
This course is aimed at economists and statisticians
for high-quality data to inform monetary policy makers
working in the area of price statistics and national
and macroprudential authorities.
accounts. There are no prerequisites for participation
except for a basic academic knowledge of statistics
The objective of this course is to introduce participants
to price and volume measurements in official statistics.
Both index theory and its application in practice will
be covered.
and economics.
Statistics
Page 66
Course level I
Seasonal adjustment of economic data
Duration
Content
16 – 20 October 2017 (5 days)
The course covers all aspects of X-13ARIMA-SEATS
and includes various exercises using examples pro-
Deadline for application
vided by the participants and the lecturer. It also gives
18 August 2017
a broad overview of JDemetra+, a new open-source
tool for seasonal adjustment. Participants are invited
Venue
to apply the two programmes to their own time series
Frankfurt
and to discuss their findings with the lecturer and the
group.
Objective
The course is designed to enable all participants to
Target group
understand the basics of X-13ARIMA-SEATS and
The course is aimed at economists or statisticians who
JDemetra+, work with the two programmes and inter-
are interested in seasonal adjustment and, in particular,
pret the results in economic terms.
in the application of JDemetra+ and X-13ARIMA-SEATS,
the successor of X-12-ARIMA, which is used by the
Bundesbank and the European Central Bank. Prior
knowledge and/or experience of seasonal adjustment
are not prerequisites for participation.
Photo: Jan Eckert
Courses in cooperation
with other institutions
Photo: Antje Meichsner-Armbrust
Courses in cooperation with other institutions
Page 69
Content
In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank:
Banking supervision within the Basel framework..................................................................................... 70
30 January – 3 February 2017 (deadline for application: 1 November 2016)
In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank:
Monetary policy implementation............................................................................................................. 71
13 – 17 March 2017 (deadline for application: 11 December 2016)
In cooperation with the Federal Financial Supervisory Authority (BaFin):
Financial consumer protection................................................................................................................. 72
6 – 8 November 2017 (deadline for application: 8 September 2017)
For courses which are held in cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank,
please apply online at www.jvi.org/training/online-application-2017, and for courses which are held in cooperation
with the Federal Supervisory Authority (BaFin) please apply online at www.bundesbank.de/courseregistration.
Courses in cooperation with other institutions
Page 70
Course level I and course level II
Banking supervision within the Basel framework
In cooperation with the
Joint Vienna Institute and the Oesterreichische Nationalbank
Duration
Content
30 January – 3 February 2017 (5 days)
–The Single Supervisory Mechanism in Europe as a
first step towards a European banking union
Deadline for application
–Banking supervision in Germany and in Austria
1 November 2016
–Overview of Basel III and latest developments with
regard to the Basel framework
Venue
–Objectives and processes of on-site inspections
Vienna
–Examination of credit risk, market and liquidity risk
–Introduction to the Internal Capital Adequacy
Objective
Assessment Process (ICAAP)
Basel III is a comprehensive set of reform measures
–Interaction of micro and macroprudential policies
developed by the Basel Committee on Banking Super-
–Stress testing and its use in supervision
vision to strengthen the regulation and supervision of
–National experience in off-site and on-site
risk management in the banking sector. In this con-
supervision
text, the Basel II rules have been supplemented and,
in part, developed further. This course aims to impart
Target group
comprehensive expert knowledge on major issues
Mid to senior-level bank supervisors from central
relating to the implementation of the Basel II and III
banks and supervisory authorities. Basic knowledge of
frameworks, focusing on countries in the EU, emerging
the new Basel II and III regulations is essential.
Europe and the Caucasus, and drawing significantly
on the experience of Germany and Austria.
The course will focus on both theory and practice
with special attention given to introducing the Internal
Capital Adequacy Assessment Process (ICAAP). Furthermore, the objectives and processes of on-site inspections
will be covered, including the examination of credit,
market and liquidity risk. Participants will be invited to
share their experience by giving short presentations
on specific aspects of banking supervision in their
home country.
Please apply online at www.jvi.org/training/online-application-2017
Courses in cooperation with other institutions
Page 71
Course level I
Monetary policy implementation
In cooperation with the
Joint Vienna Institute and the Oesterreichische Nationalbank
Duration
Content
13 – 17 March 2017 (5 days)
–Monetary policy strategy and exchange rates
–Monetary policy implementation and impact on
Deadline for application
11 December 2016
the central bank’s balance sheet
–Open market operations, auction mechanisms,
collateral requirements, repos and reverse repos,
Venue
foreign exchange interventions
Vienna
–Unconventional monetary policies
–Central bank communication
Objective
–Case studies, including participant presentations
The implementation of monetary policy requires both
a well-defined system of monetary policy goals and a
Target group
well-developed set of policy instruments. This one-
Junior to mid-level central bank officials working in
week course will begin by placing the central bank’s
monetary policy operations; and officials from central
monetary operations in the context of its broader
banks or ministries of finance/economy whose re-
monetary policy strategy, touching on the choice of
sponsibilities require, or who have a strong interest in
the monetary policy/exchange rate regime, monetary
acquiring, a thorough understanding of monetary
policy objectives and instruments, operational goals
policy implementation.
and the functioning of the monetary policy transmission mechanism. The course will then focus on the practicalities of implementing monetary policy, including
its effects on the central bank’s balance sheet. It will
discuss monetary policy instruments, factors affecting
short-term money market liquidity, forecasting liquidity,
the conduct of open market operations, the role of
required reserves, standing facilities, and central bank
communication.
Please apply online at www.jvi.org/training/online-application-2017
Courses in cooperation with other institutions
Page 72
Expert panel
Financial consumer protection
In cooperation with the Federal Financial Supervisory
Authority (BaFin)
Duration
Content
6 – 8 November 2017 (3 days)
–European developments in the area of financial
consumer protection
Deadline for application
8 September 2017
–Consumer protection in Germany
(legal background, responsible authorities)
–The role of German consumer organisations
Venue
Frankfurt
–Collective consumer protection
(eg new Retail Investors Protection Act in Germany)
–Management of consumer complaints and enquiries
Objective
The global financial crisis highlighted the need for
–The role of central banks in promoting financial
literacy
more effective financial consumer protection measures,
as consumers are being challenged by more sophisti-
Target group
cated and complex financial markets. The quantity
The expert panel is aimed at managers and employees
and complexity of the available information has
from central banks or supervisory authorities who are
grown, and new product developments, product in-
actively involved in financial consumer protection issues.
novations and technological advances are occurring
Participants will be expected to make an active contri-
at ever-faster speed. Building and maintaining con-
bution to the discussions, and will be invited to present
sumer confidence and trust in financial markets is
and discuss their own topics or cases. Therefore, par-
conducive to efficiency and stability and helps to
ticipants should be familiar with the financial consumer
create positive results for both financial institutions
policy frameworks of their jurisdictions.
and their customers.
The purpose of this expert panel is to provide information on the financial consumer protection framework
in the EU and in Germany as well as to provide a forum
for an exchange of knowledge among countries on
this important topic.
Please apply online at www.bundesbank.de/courseregistration
Photo: Jan Eckert
Administrative information
Page 74
Administrative information
Thank you for your interest in the courses offered in
Course language
the Deutsche Bundesbank’s central bank cooperation
All courses will be held in English. Participants are
programme. Please read the important information
therefore expected to have a good command of the
below for participating institutions and prospective
English language. The Bundesbank does not provide
course attendees.
translation services for participants.
Accommodation
Dress code
Participants are provided with accommodation for the
Normal business attire is recommended when attending
entire duration of the course plus the days of arrival
the course.
and departure. The Bundesbank cannot offer accommodation for any additional days.
Internet access
Free Wi-Fi access is available in all Bundesbank guest
Accompanying persons
houses, and you can use your own laptop in your
Under no circumstances can the Bundesbank provide
room.
accommodation for family members or other accompanying persons. Furthermore, as accompanying
Invitation letter
persons cannot be considered as official guests, the
The official letters of invitation are e-mailed to the
Bundesbank cannot assist in obtaining a visa.
participants approximately five weeks before the course
begins. Any further correspondence will be conducted
Costs
directly with the participants. We regret that we are
No fee is charged for attending the courses.
unable to confirm acceptance sooner. Please refrain
from making any queries in this regard.
During the courses, participants will receive breakfast
and lunch at the Bundesbank. The Bundesbank also
Length of course
bears the costs of the social events which are planned
Our courses start with an official welcome lunch on
as part of the course programme.
Monday and end with a farewell lunch on the final
day. Three-day courses start during the morning of
The Bundesbank has also taken out appropriate health
the first day and finish during the afternoon of the last
insurance to cover the costs of any emergency treatment
day. Lectures normally last from 9.00 until 16.00 or
that may be needed.
17.00, although some sessions may finish later. Participants are expected to attend the entire course and
However, the Bundesbank does not cover travel costs
should not schedule appointments during course
to and from Frankfurt am Main.
times.
Administrative information
Page 75
Number of participants
The general rule applies that only one person per
country may be invited. In many cases, the number of
applications will exceed the available places. Therefore, a selection will be made on the basis of the questionnaires completed and returned by the applicants.
Questionnaire
The questionnaires are evaluated as a basis for selecting
suitable participants in the event of more applications
being received than there are places available.
Registration procedure
To register a member of your staff for a course, please
fill in the online application form and questionnaire at
www.bundesbank.de/courseregistration. If you have
any problems applying online, please contact a
member of the International Central Banking Courses
team ([email protected]). Please
note that applications received after the stated deadlines will not be processed. For courses which are held
in cooperation with the Joint Vienna Institute and the
Oesterreichische Nationalbank please apply online at
www.jvi.org/online-application-2017.
Inside the Deutsche Bundesbank
Page 76
Inside the Deutsche Bundesbank
Photo: Bert Bostelmann
The Executive Board of the Deutsche Bundesbank
Dr Johannes Beermann, Dr Joachim Wuermeling, Prof Dr Claudia M. Buch (Vice-president), Dr Jens Weidmann (President),
Dr Andreas Dombret, Carl-Ludwig Thiele
Inside the Deutsche Bundesbank
Page 77
The Deutsche Bundesbank was founded in 1957 as
by the Federal Government, while the remaining
the successor to the federal central banking system
members are nominated by the Bundesrat (the upper
established in Germany after World War II. That system
house of Parliament representing the federal states) in
comprised the Bank Deutscher Länder and the Land
agreement with the Federal Government. Members
Central Banks, which shared responsibility for the
of the Executive Board are normally appointed for
Deutsche Mark when it was introduced in 1948.
eight years.
Today the “Buba”, as the Bundesbank is sometimes
Today, the Bundesbank is a key player at the inter-
affectionately called, has retained something of the
national level. The President is a member of the Gov-
decentralised structure which reflects the composition
erning Council of the European Central Bank and is
of Germany itself. In addition to its Central Office in
thus involved in shaping the single monetary policy
Frankfurt am Main, it has nine Regional Offices lo-
in the euro area. The Bundesbank is represented on
cated in Berlin, Düsseldorf, Frankfurt am Main, Ham-
numerous international committees and is a member,
burg, Hanover, Leipzig, Mainz, Munich and Stuttgart.
for example, of the International Monetary Fund (IMF)
and the Bank for International Settlements (BIS). It also
Through their network of branches in the major towns
works with other central bank governors in the Group
in each region, the Regional Offices are often the first
of Twenty (G20), the Group of Ten (G10) and the Group
point of contact between the Bundesbank and the local
of Seven (G7), and is involved in the activities of the
banks and public authorities. The Regional Offices
OECD. Bundesbank staff members are active on the
report to the Executive Board of the Bundesbank.
various ESCB committees and in numerous working
groups. As part of the ESCB, the Bundesbank shares
The recent changes to the structure of the Deutsche
responsibility with the other national central banks for
Bundesbank reflect its role as an integral part of the
maintaining price stability in Europe and implements
European System of Central Banks (ESCB). In 2002, the
the Governing Council’s decisions in Germany. Its
task of governing and managing the Bundesbank’s
many and varied tasks include holding and managing
operations was conferred on its decision-making body,
Germany’s foreign reserves, putting banknotes and
the Executive Board. The appointment system again
coins into circulation, arranging for domestic and
reflects Germany’s federal structure: the President, the
cross-border payments to be made and contributing
Vice-President and one other member are nominated
to the stability of payment and clearing systems.
Our venues
Page 78
Our venues
Deutsche Bundesbank
Central Office in Frankfurt am Main
Photo: Deutsche Bundesbank
Frankfurt am Main
Both the Bundesbank’s Central Office and its Regional
the seat of the European Central Bank and the loca-
Office in Hesse are located in Frankfurt am Main.
tion of one of the world’s largest stock exchanges.
Frankfurt jealously guards its reputation as a financial
Frankfurt has an international character. Today, nearly
hub. Its banking heritage, and perhaps even its inter-
25 % of its 708,000 inhabitants is non-German, rep-
national outlook, owe much to financiers such as
resenting more than 150 different countries and all ex-
Johann Philipp Bethmann and Amschel Rothschild, the
isting religious communities. Frankfurt’s rich cultural
founder of the Rothschild dynasty, who lived in the
life is certainly worthy of its most famous resident and
city’s former Jewish quarter. In 1798, the Rothschilds
Germany’s most revered writer, Johann Wolfgang von
opened their first bank in the city, successfully laying
Goethe.
the foundation stone of “Bankfurt’s” importance. The
city is now home to many German and foreign banks,
Our venues
Page 79
Deutsche Bundesbank
Regional Office in Bavaria – Munich
Photo: Deutsche Bundesbank
Munich
Joint Vienna Institute Residence – Vienna Photo: Joint Vienna Institute
Vienna
The Bundesbank has nine Regional Offices. Within the
The Joint Vienna Institute (JVI) was established in
framework of banking supervision, the Regional Offices
1992 by Austria (represented by the Federal Ministry
monitor credit institutions and financial services pro-
of Finance and the Oesterreichische Nationalbank),
viders in their respective regions. Furthermore, banks
the International Monetary Fund, and several other
can use the Bundesbank for refinancing purposes. In
international organisations.
order to do so, they are required to deposit collateral,
eg credit claims of enterprises. The Regional Offices
It is a regional training centre, primarily for public
analyse the creditworthiness of these enterprises.
sector officials from countries in central, eastern and
south-eastern Europe, the Caucasus and central Asia,
Banking supervision constitutes one of the most im-
as well as other selected countries.
portant tasks for the Bundesbank’s Regional Office in
Bavaria. Bavaria is home to almost one in four of the
Vienna is the capital and largest city of Austria. It is
financial institutions in the German financial sector
Austria’s primary city, with a population of about
that are subject to supervisory oversight. The banking
1.8 million, and its cultural, economic and political
supervisors of the Regional Office monitor around
centre.
760 of the roughly 3,300 institutions in Germany. Of
these, around 420 are credit institutions and 340 are
financial services providers.
Munich is located in the south of Germany. It is well
connected thanks to its international airport (MUC)
and a large central railway station.
Course impressions
Page 80
Course impressions
Photo: Antje Meichsner-Armbrust
Photo: Jan Eckert
Photo: Jan Eckert
Photo: Jan Eckert
Photo: Jan Eckert
Photo: Jan Eckert
Deutsche Bundesbank
Centre for Technical Central Bank Cooperation
Wilhelm-Epstein-Straße 14
60431 Frankfurt am Main, Germany
E-mail: [email protected]
Internet: www.bundesbank.de/tzk