Centre for Technical Central Bank Cooperation
International Central Banking
Courses 2016
Foto: Antje Meichsner-Armbrust
Content
Foreword.............................................................................................................................................................4
Introduction.........................................................................................................................................................5
Our team.............................................................................................................................................................6
Our range of international central banking courses...............................................................................................7
Annual overview of our courses.........................................................................................................................10
Monetary policy...................................................................................................................................... 12
Monetary policy and the financial system......................................................................................................14
Implementing monetary policy......................................................................................................................15
Foreign reserve management........................................................................................................................16
Liquidity analysis and liquidity management . ...............................................................................................17
Monetary policy instruments.........................................................................................................................18
Collateral management................................................................................................................................20
Central bank transparency and monetary policy communication...................................................................22
In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank:
Monetary policy implementation..................................................................................................................68
Banking supervision................................................................................................................................. 24
Towards a European Banking Union: the Single Supervisory Mechanism for banks........................................26
Banking supervision within the Basel framework – basic................................................................................27
Banking supervision within the Basel framework – advanced........................................................................28
On-site banking supervision..........................................................................................................................29
Stress tests – methods and areas of application.............................................................................................30
In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank:
Banking supervision within the Basel framework...........................................................................................69
Financial and monetary system................................................................................................................ 32
Financial stability, systemic risk and macroprudential policy – Seminar...........................................................34
Financial stability, systemic risk and macroprudential policy – Workshop........................................................35
Recovery and resolution with a focus on credit institutions............................................................................36
Cash management and payment systems................................................................................................ 38
Cash management and combating counterfeit money..................................................................................40
Combating money laundering......................................................................................................................41
Combating counterfeit money by the National Analysis Centre.....................................................................42
Current challenges for cash management.....................................................................................................43
Payment and securities settlement systems...................................................................................................44
Good governance.................................................................................................................................... 46
Central bank governance..............................................................................................................................48
Controlling at central banks..........................................................................................................................49
Cash-related processes at a central bank – risk coverage by the internal audit function..................................50
Design and application of a risk-oriented/risk-centric audit approach – best practices....................................51
IT auditing....................................................................................................................................................52
IT service continuity......................................................................................................................................53
Accounting from a central bank’s perspective...............................................................................................54
Human resources management....................................................................................................................55
Public relations ............................................................................................................................................56
Public procurement......................................................................................................................................57
Economic education – the role of central banks............................................................................................58
Statistics.................................................................................................................................................. 60
Price and volume indices in official statistics – theory and practice ...............................................................62
Seasonal adjustment of economic data.........................................................................................................63
Big data and central banking........................................................................................................................64
Courses in cooperation with other institutions........................................................................................ 66
In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank:
Monetary policy implementation..................................................................................................................68
In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank:
Banking supervision within the Basel framework...........................................................................................69
In cooperation with the Federal Financial Supervisory Authority (BaFin):
Insurance supervision – current developments from a micro and macroprudential perspective.......................70
In cooperation with the Federal Financial Supervisory Authority (BaFin):
Financial consumer protection......................................................................................................................71
Administrative information.................................................................................................................................72
Inside the Deutsche Bundesbank........................................................................................................................74
Our venues........................................................................................................................................................76
Course impressions…………………………………………………………………………........................... ……79
Foreword
Page 4
Photo: Deutsche Bundesbank
Photo: Deutsche Bundesbank
Foreword
Dr Jens Weidmann
President
Deutsche Bundesbank
Carl-Ludwig Thiele
Member of
the Executive Board
Deutsche Bundesbank
For many years now, the Deutsche Bundesbank has
monetary policy currently dominates international dis-
been welcoming central bank staff and banking super-
cussions. The global community has also been focusing
visors from all over the world to its international central
on the relationship between monetary policy and
banking courses. With the growing complexity of dis-
financial stability for some time now. Alongside these
cussions in the world of central banking since the onset
topics, however, we also cover current questions in
of the economic and financial crisis, interest in these
the other core business areas of the Bundesbank –
courses has increased further. This is a welcome sign
banking supervision, cash management, cashless pay-
for us that central banks and supervisory authorities
ments – as well as good governance. Moreover, we
are working together across the globe to seek answers
are turning our attention to new issues such as eco-
to the questions which are currently being raised in our
nomic education and big data. To round off our offer,
rapidly changing environment. The Bundesbank believes
we will for the first time be conducting joint seminars
that the exchange of personal ideas and experiences
with the Federal Financial Supervisory Authority
provides a unique backdrop to explain different view-
(BaFin), the Joint Vienna Institute (JVI) and the Oester-
points, foster understanding and find solutions.
reichische Nationalbank.
The international central banking courses in 2016
We hope that the programme will be of interest to
clearly trace this development both in terms of content
you, and we would be delighted to welcome you to
and methodology. We have taken into account the
the Bundesbank for one of our international central
suggestions and ideas of our partners as far as possible.
banking courses.
The lively debate on the future role and design of
Introduction
Page 5
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 Deutsche Bundesbank, are organised and coor-
The aim of central bank cooperation is to promote the
dinated by the Centre for Technical Central Bank Co-
creation and development of central banking systems
operation at 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
from all our partner countries are cordially invited to
experience. The topics featured cover the entire range
register as participants.
of economic, operational and legal instruments used
in modern central banking.
The international central banking courses take place
in Frankfurt, Munich, Eltville, Hachenburg, Mainz and
The Deutsche Bundesbank adopts a variety of ap-
Vienna. The Deutsche Bundesbank provides accom-
proaches to enhance this cooperation, including
modation to all participants for the duration of the
course. Meals taken with other course members and
–sending experts or project support to the countries
concerned
–arranging study visits to the Deutsche Bundesbank
excursions to places of interest help to create an international atmosphere based on mutual trust which, in
turn, fosters an open exchange of ideas.
to discuss specific issues with in-house experts
–running course programmes in Germany and
abroad.
Details of the courses planned for 2016 can be found
on the following pages.
Our team
Page 6
Our team
Photo: Frank Rumpenhorst
Back row (left to right):
Ralf Hannemann, Daniel Januschka, Natalia Mojaeva-Hähnlein, Dr Sonja Juko, Andrea Mink, Jens Fuhrmann
Middle row (left to right):
Jörn Flegler, Christa Lampe, Silke Schrupp, Dr Katrin Arnold, Irina Schatalow, Sylvia Villwock, Patrick Kauk
Front row (left to right):
Peter Spicka, Claudia Brune (Deputy Director), Martin Dinkelborg (Director), Dr Thomas Goswin, Daniela Dörrer, Dr Martin Pontzen
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 2016.
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 Deutsche Bundesbank.
internationalcourses@bundesbank.de
Our range of international central banking courses
Page 7
Our range of international central
banking courses
Seminars
Strategy
Our seminars in 2016
The individual seminars focus on the core aspects of
–Banking supervision within the Basel framework –
central banking with the aim of examining basic central
banking issues and answering more detailed questions
which may arise, providing participants with a basis
for discussion and an opportunity to exchange views
and ideas.
basic
–Banking supervision within the Basel framework –
advanced
–Banking supervision within the Basel framework in
cooperation with the Joint Vienna Institute and the
Oesterreichische Nationalbank
The lectures, which are held by experts from the
Deutsche Bundesbank and external specialists, are
–Cash management and combating counterfeit
money
supplemented by discussion contributions and short
–Central bank governance
presentations given by participants.
–Controlling at central banks
–Financial stability, systemic risk and
Target group
The seminars are primarily designed to give both ex-
macroprudential policy
–Monetary policy implementation
perienced employees and newcomers the opportuni-
in cooperation with the Joint Vienna Institute and
ty to broaden and update their knowledge and ex-
the Oesterreichische Nationalbank
change thoughts with other participants.
–On-site banking supervision
–Payment and securities settlement systems
–Towards a European Banking Union: the Single
Supervisory Mechanism for banks
Our range of international central banking courses
Page 8
Workshops
Expert panels
Strategy
Strategy
The aim of the workshops is to facilitate an in-depth
The purpose of expert panel discussions is for central
analysis of specific subject areas related to central
bank employees to share their experience and know-
banking. They are designed to enable participants to
ledge about very specific topics.
exchange their views and findings with participants
from other central banks, allowing them to experience
Experts are requested to submit a paper or a presentation
new opinions and ideas.
in advance to be presented during the expert panel.
Experts are expected to actively contribute to the dis-
The workshops involve a considerable amount of
cussion.
active participation, such as presentations, working
groups and discussions, as well as lectures held by
Target group
Deutsche Bundesbank specialists and external experts.
Expert panels are aimed exclusively at employees with
a wealth of experience and an extensive and detailed
Target group
knowledge of the respective subject area. While the
The workshops are primarily directed at employees in
individual topics have already been set, the needs of
the respective specific working areas with relevant ex-
specific groups of participants can also be taken into
pertise and experience in their own specialist fields,
consideration.
and are designed to give those individuals an opportunity to deepen and expand their knowledge.
Our workshops in 2016
–Combating money laundering
–Financial stability, systemic risk and
macroprudential policy
–Foreign reserve management
–Human resources management
–Implementing monetary policy
–Monetary policy and the financial system
–Price and volume indices in official statistics –
theory and practice
–Public relations
–Seasonal adjustment of economic data
Our range of international central banking courses
Page 9
Ad-hoc expert panels
Our expert panels in 2016
In addition, the Deutsche Bundesbank’s Centre for
–Accounting from a central bank’s perspective
Technical Central Bank Cooperation will organise ad-hoc
–Big data and central banking
expert panels on topics of special interest that arise
–Cash-related processes at a central bank –
during the course of the year. These ad-hoc expert
risk coverage by the internal audit function
–Central bank transparency and monetary policy
panels will be announced on our website and organised in the same way as our regular expert panels.
communication
–Collateral management
If you have an suggestion for a possible ad-hoc expert
–Combating counterfeit money by the National
panel, please send us your proposal by e-mail:
Analysis Centre
–Current challenges for cash management
–Design and application of a risk-oriented/
risk-centric audit approach – best practices
–Economic education – the role of central banks
–Financial consumer protection in cooperation with
the Federal Financial Supervisory Authority (BaFin)
–Insurance supervision – current developments
from a micro and macroprudential perspective in
cooperation with the Federal Financial Supervisory
Authority (BaFin)
–IT auditing
–IT service continuity
–Liquidity analysis and liquidity management
–Monetary policy instruments
–Public procurement
–Recovery and resolution with a focus on credit
institutions
–Stress tests – methods and areas of application
internationalcourses@bundesbank.de
Annual overview of our courses
Page 10
Annual overview of our courses
Date
Title
Course type
Venue
Page
19 – 21 Jan
Stress tests – methods and areas of application
Expert panel
Frankfurt
30
25 – 29 Jan
Financial stability, systemic risk and macroprudential policy
Workshop
Frankfurt
35
1 – 5 Feb
On-site banking supervision
Seminar
Munich
29
8 – 11 Feb
Current challenges for cash management
Expert panel
Frankfurt
43
15 – 19 Feb
Towards a European Banking Union:
the Single Supervisory Mechanism for banks
Seminar
Frankfurt
26
22 – 25 Feb
Combating counterfeit money by the National Analysis Centre
Expert panel
Mainz
42
29 Feb – 4 Mar
Banking supervision within the Basel framework*
Seminar
Vienna
69
7 – 11 Mar
Foreign reserve management
Workshop
Frankfurt
16
7 – 11 Mar
Monetary policy implementation*
Workshop
Vienna
68
9 – 11 Mar
Public procurement
Expert panel
Eltville
57
14 – 18 Mar
Cash management and combating counterfeit money
Seminar
Frankfurt
40
30 Mar – 1 Apr
IT auditing
Expert panel
Frankfurt
52
4 – 8 Apr
Banking supervision within the Basel framework – advanced
Seminar
Frankfurt
28
11 – 22 Apr
Monetary policy and the financial system
Workshop
Hachenburg
and Frankfurt
14
12 – 14 Apr
Big data and central banking
Expert panel
Frankfurt
64
26 – 28 Apr
Cash-related processes at a central bank –
risk coverage by the internal audit function
Expert panel
Frankfurt
50
9 – 13 May
Financial stability, systemic risk and macroprudential policy
Seminar
Frankfurt
34
10 – 12 May
Accounting from a central bank's perspective
Expert panel
Eltville
54
18 – 20 May
Recovery and resolution with a focus on credit institutions
Expert panel
Frankfurt
36
7 – 9 June
Central bank transparency and monetary policy communication
Expert panel
Frankfurt
22
13 – 17 June
Financial stability, systemic risk and macroprudential policy
Workshop
Frankfurt
35
20 – 24 June
Implementing monetary policy
Workshop
Frankfurt
15
27 June – 1 July
Payment and securities settlement systems
Seminar
Frankfurt
44
January
February
March
April
May
June
Annual overview of our courses
Page 11
July
5 – 7 July
Monetary policy instruments
Expert panel
Eltville
18
11 – 15 July
Banking supervision within the Basel framework – basic
Seminar
Frankfurt
27
14 – 16 July
IT service continuity
Expert panel
Frankfurt
53
25 – 29 July
Price and volume indices in official statistics – theory and practice
Workshop
Frankfurt
62
5 – 9 Sep
Human resources management
Workshop
Frankfurt
55
13 – 15 Sep
Financial consumer protection**
Expert panel
Frankfurt
71
13 – 15 Sep
Liquidity analysis and liquidity management
Expert panel
Eltville
17
19 – 23 Sep
Public relations
Workshop
Frankfurt
56
27 – 29 Sep
Economic education - the role of central banks
Expert panel
Frankfurt
58
5 – 7 Oct
Design and application of a risk-oriented/risk-centric audit approach –
best practices
Expert panel
Frankfurt
51
17 – 21 Oct
Seasonal adjustment of economic data
Workshop
Frankfurt
63
24 – 28 Oct
Implementing monetary policy
Workshop
Frankfurt
15
31 Oct – 4 Nov
Combating money laundering
Workshop
Frankfurt
41
8 – 10 Nov
Insurance supervision –
current developments from a micro and macroprudential perspective**
Expert panel
Frankfurt
70
14 – 17 Nov
Controlling at central banks
Seminar
Frankfurt
49
21 – 25 Nov
Central bank governance
Seminar
Frankfurt
48
29 Nov – 1 Dec
Collateral management
Expert panel
Frankfurt
20
Payment and securities settlement systems
Seminar
Frankfurt
44
September
October
November
December
5 – 9 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 13
Content
Monetary policy and the financial system................................................................................................ 14
11 – 22 April 2016 (deadline for application: 25 February 2016)
Implementing monetary policy................................................................................................................ 15
I. 20 – 24 June 2016 (deadline for application: 5 May 2016)
II. 24 – 28 October 2016 (deadline for application: 8 September 2016)
Foreign reserve management.................................................................................................................. 16
7 – 11 March 2016 (deadline for application: 21 January 2016)
Liquidity analysis and liquidity management............................................................................................ 17
13 – 15 September 2016 (deadline for application: 28 July 2016)
Monetary policy instruments................................................................................................................... 18
5 – 7 July 2016 (deadline for application: 19 May 2016)
Collateral management........................................................................................................................... 20
29 November – 1 December 2016 (deadline for application: 13 October 2016)
Central bank transparency and monetary policy communication............................................................. 22
7 – 9 June 2016 (deadline for application: 21 April 2016)
Please apply online at www.bundesbank.de/courseregistration
Monetary policy
Page 14
Workshop
Monetary policy and the financial system
Duration
of monetary policy. In the second week, participants will
11 – 22 April 2016 (10 days)
have the opportunity to learn how monetary policy is
conducted in the Eurosystem. At the end of the course,
Deadline for application
participants should be familiar with the major concerns
25 February 2016
of monetary policy and the factors that determine
how monetary policy is conducted by central banks in
Venue
different national settings, depending on the institu-
Hachenburg and Frankfurt
tional, economic and financial environment. The course
should enable participants to analyse and compare
Objective
differences in the conduct of monetary policy in dif-
Monetary policy is the core business of central banks.
ferent countries in a more rigorous manner.
The subject of monetary policy is highly complex and
encompasses a vast range of subtopics. This complexity
The course offers a combination of lectures, case
makes it difficult for junior central bankers, in particular,
studies and computer-based exercises. Participants
to grasp the magnitude of issues that their institutions
are expected to contribute actively to workshop dis-
have to deal with and how these relate to each other.
cussions and will be asked to provide basic information
What complicates matters even more is that monetary
about the monetary policy of their central banks.
policy issues are usually dealt with in different depart-
ments of a central bank involving specialised staff with
Content
different tasks and concerns. Interdepartmental ex-
–Monetary and financial system
change of views and experience is often limited, leaving
–Monetary policy strategies
junior central bankers to wonder about the connec-
–Instruments and procedures of monetary policy
tions between their sometimes highly technical daily
–Monetary transmission mechanism
work and the broader objective of monetary policy.
–Monetary policy analysis
–Institutional aspects of monetary policy
Against this background, this two-week course aims
–Monetary policy and risk control
primarily to provide a general and broad introduction
to the topic of monetary policy. It provides an overview
Target group
of the different dimensions of monetary policy and
The course is primarily intended for junior central bank
the related tasks of central banks and aims to enhance
employees who work in departments that deal with
understanding of the interdependencies between mone-
monetary policy issues both from a strategic and an
tary policy and the financial system. In this context, the
operational perspective. The course may also be of in-
course will provide general, theoretical as well as prac-
terest to central bankers who have only recently started
tical insights into aspects related to the strategy and
working in the area of monetary policy. It is especially
implementation of monetary policy. During the first week,
suited for staff interested in gaining a general overview
the course will review theoretical ideas and concepts
of the topics and tasks related to monetary policy.
Monetary policy
Page 15
Workshop
Implementing monetary policy
Duration
Content
I. 20 – 24 June 2016 (5 days)
–Operational framework of the Eurosystem
II. 24 – 28 October 2016 (5 days)
–Design and evolution of monetary policy
instruments
Deadline for application
–Technical procedures
I. 5 May 2016
–Comparison of monetary policy operational
II. 8 September 2016
frameworks
–Collateral framework and other risk control
Venue
measures
Frankfurt
Target group
Objective
This workshop is directed at central bank staff working
The implementation of monetary policy is crucial to
in the monetary policy operations area of their central
the effectiveness of monetary policy and, thus, the
bank. Participants should have a sound knowledge of
successful achievement of the central bank’s ultimate
the operational framework of their central bank and
objective. The implementation of monetary policy is
the environmental factors influencing the choice and
based on an operational framework comprising a set
design of monetary policy instruments in their country.
of monetary policy instruments and procedures that
Practical experience, either in implementing and ana-
determine much of the day-to-day work of central banks.
lysing monetary policy operations at their central bank
or in decision-making processes triggering changes to
This one-week workshop aims primarily to improve
the operational framework of monetary policy, would
understanding of the Eurosystem’s operational frame-
be an advantage. Participants will be expected to
work. It focuses on the role and functioning of the
contribute actively to discussions and share their
different monetary policy instruments as well as the
experience in working groups.
specific procedures applied within the European
Monetary Union. Lectures by Deutsche Bundesbank
experts will give detailed insights into a variety of specific aspects such as crisis measures, liquidity analysis,
procedures for open market operations, collateral
management, etc. In addition, the workshop provides
a platform for participants to gain more knowledge
on country-specific differences in the implementation
of monetary policy outside the euro area. The course
programme encompasses lectures, group work and
group discussions, as well as practical computer exercises.
Monetary policy
Page 16
Workshop
Foreign reserve management
Duration
Content
7 – 11 March 2016 (5 days)
–Management of the ECB’s and the Deutsche
Bundesbank’s foreign reserves
Deadline for application
–Level and adequacy of foreign reserves
21 January 2016
–Financial instruments used in reserve management,
eg repos, gold deposits and financial derivatives
Venue
–Portfolio management
Frankfurt
–Investment guidelines and strategic benchmarking
–Market and credit risk control
Objective
–Performance measurement
In recent years, foreign reserve managers have been
–Gold management
challenged by shocks to the financial markets, which
have led to an increase in the importance of counter-
Target group
party and liquidity risks. This workshop aims to explain
The workshop is aimed at employees responsible for
the current state of the reserve management policies
reserve management at the policy-making, operational
and practices of the Bundesbank and the ECB. Special
or risk control level. Participants should have a sound
attention will be paid to portfolio management and
knowledge of portfolio management to be able to
diversification, the attractiveness of the various finan-
share their experience and contribute actively to dis-
cial instruments used in reserve management, risk
cussions.
management issues and views on what constitutes an
adequate level of foreign reserves. To broaden the
perspective, participants will be asked to make an active contribution to discussions and to share their
country’s experience of selected aspects relating to
reserve management.
Monetary policy
Page 17
Expert panel
Liquidity analysis and
liquidity management
Duration
This expert panel provides a platform for central bankers
13 – 15 September 2016 (3 days)
to exchange their experiences in the analysis and
forecasting of liquidity for monetary policy purposes.
Deadline for application
It is based primarily on the input of the participants,
28 July 2016
offering them a forum to discuss challenges in liquidity analysis and management and to develop best
Venue
practices in this area. Experts are requested to submit
Eltville
a title and abstract in advance and make a presentation
during the expert panel. Experts from the Deutsche
Content & objective
Bundesbank will moderate the discussions and share
Central bank liquidity management refers to the
their views based on their experience with the liquidity
management of the amount of liquidity supplied to
analysis approach of the Eurosystem.
the market that is consistent with a desired level of
the central bank’s operational target. Effective liquidity
Subjects to be considered as input to the expert
management is important particularly for those central
panel
banks with an operational goal of steering market
–General liquidity analysis approach
interest rates (eg the short-term money market rate)
–Determinants of structural liquidity position
close to a desired level which they consider suitable to
–Development of liquidity factors over time
achieving their ultimate monetary policy objective. In
–Forecasting autonomous factors, in particular
order to effectively manage the level of liquidity,
central banks need to analyse and forecast the overall
liquidity situation. Depending on the monetary policy
banknotes in circulation
–Liquidity management in the context of surplus
liquidity
framework, the accuracy of their liquidity forecasts
can be crucial for the achievement of the operational
Target group
target and, thus, the effectiveness of monetary policy
The expert panel is aimed exclusively at employees
implementation in general.
with proven experience as well as extensive and de-
The analysis of the liquidity conditions typically starts
tailed knowledge in the field of liquidity analysis and
with the central bank’s balance sheet, comparing
liquidity management. They should be familiar with
liquidity-providing and liquidity-absorbing factors and
the details of the analytical approach and the tools
their evolution over time. The importance and the
used to analyse and forecast the liquidity situation in
evolution of liquidity factors differ from country to
their financial system. They should have a good under-
country depending, for example, on the foreign ex-
standing of, and be capable of explaining to others,
change regime, the relationship between the central
the drivers of liquidity and how the central bank ad-
bank and the government/ministry of finance and the
dresses the prevailing liquidity conditions. Experts are
general public’s attitude towards cash including the
expected to be open to sharing their experiences and
resulting demand for banknotes.
to contribute actively to the discussions.
Monetary policy
Page 18
Expert panel
Monetary policy instruments
Duration
use and effectiveness of specific monetary policy in-
5 – 7 July 2016 (3 days)
struments in a given country-specific environment. It
is based primarily on the input of the participants.
Deadline for application
Experts are requested to submit a title and abstract in
19 May 2016
advance and make a presentation during the expert
panel. Experts from the Deutsche Bundesbank will
Venue
moderate the discussions and share their views based on
Eltville
their experience with the monetary policy instruments
used by the Eurosystem.
Content & objective
Monetary policy instruments are the tools that central
Subjects to be considered as input to the expert
banks use in order to implement their monetary policy.
panel
They are targeted towards achieving the operational
–Selection and mix of (direct and indirect) monetary
goal of the central bank, and determine much of its
day-to-day monetary policy work. The choice and the
appropriate design of monetary policy instruments
play a crucial role not only for the effectiveness of
policy instruments
–Specific design features of individual monetary
policy instruments
–Evolution of monetary policy instruments, changes
monetary policy, but ultimately for the success of the
to the design of monetary policy instruments
central bank in reaching its monetary policy objective
–Use of monetary policy instruments to promote
and, thus, fulfilling its monetary policy mandate.
the development of the financial system
–Challenges in the use of monetary policy instruments
While the operational frameworks of central banks are
–Effectiveness of monetary policy instruments
very similar in terms of the set of instruments used –
–Invoking changes in the design of monetary policy
usually a combination of reserve requirements, open
instruments to improve overall effectiveness
market operations and standing facilities – the specific
function and design of the individual instruments can
Target group
differ significantly. To a large extent, these differences
The expert panel is aimed exclusively at employees with
in the use of monetary policy instruments are related
proven experience as well as extensive and detailed
to the country-specific environment, in particular the
knowledge in the subject area. They should be familiar
stage of development of its financial system. At the
with the details of the monetary policy instruments
same time, the use and design of monetary policy in-
used by their central banks and should be capable of
struments may also be targeted towards influencing
explaining to others the considerations underlying the
and promoting developments in the financial system.
design of the policy instruments and the evolution
thereof. Experts are expected to be open to sharing
This expert panel provides a platform for an exchange
their views and experiences and to contribute actively
of experience among central bankers concerning the
to the discussions.
Photo: Antje Meichsner-Armbrust
Monetary policy
Page 20
Expert panel
Collateral management
Duration
Against this background, the expert panel aims to
29 November – 1 December 2016 (3 days)
bring together experts in central bank operations to
discuss issues concerning the development of their
Deadline for application
collateral policies. It provides a platform for participants
13 October 2016
to meet with peers, compare specific challenges and
receive feedback on innovative ideas. Participants can
Venue
also exchange views on how central banks can improve
Frankfurt
their collateral management frameworks in order to
render them more effective at managing financial risks
Objective
while supporting the (standard) liquidity management
The rules governing the eligibility of collateral, credit
goals of the central bank (excluding lender of last
assessment, the valuation of eligible assets as well as
resort type facilities).
the mobilisation of collateral are an integral part of
how central banks provide liquidity to the financial
Content
system. Over recent years, the role of collateral policies
The panel discussions will be problem-focused and
has being given increasing attention as the global
largely based on the case studies presented by the
financial crisis forced central banks to provide liquidity
participating experts. With this in mind, the aim of the
on a larger scale, thus increasing their exposure to
participant presentations is to describe their central
financial risk. Even central banks in countries where the
bank’s experience with specific collateral policies or to
structural liquidity situation usually does not require
illustrate a particular challenge the central bank is fac-
regular liquidity-providing measures now see a need
ing. Presentations should therefore focus on a selected
to review and improve their collateral frameworks.
issue, describing a specific problem or a particular
Collateralisation is also becoming a hot topic among
collateral management challenge posed to the central
the actors in the financial market – it is not just a central
bank. Wherever possible, the presentations should
bank issue. It is therefore more and more important to
also illustrate practical approaches that the central
have the right collateral available, at the right time
bank has adopted to address a given challenge. The
and in the right place. Consequently, the development
following list provides an overview of topics that would
of appropriate and efficient collateral frameworks
be of interest for the discussion in the individual panel
raises numerous questions (see the Content section),
sessions.
to which each central bank must find suitable answers.
While changes to the collateral framework need to
–Basic issues
take into account country-specific factors – institu-
•What is the main motivation behind the
tional, structural, developmental, legal and historical –
development of collateral frameworks?
common challenges make this topic particularly inter-
•What are the basic principles of collateral
esting for a cross-country analysis and a discussion of
best practices.
frameworks?
Monetary policy
Page 21
–Collateral eligibility
•Out of the universe of available assets,
which assets can or should be made eligible?
•What role can the central bank play in providing
the infrastructure for collateral mobilisation and
securities settlement?
•Which eligibility criteria need to be defined and
how?
–Legal requirements
•What legal requirements need to be fulfilled to
–Credit assessment
ensure the smooth functioning of the collateral
•How can central banks assess the credit risk of
framework?
assets for which there are no ratings?
•What methods and procedures should central
banks adopt?
Target group
The expert panel is targeted at central bank staff with
a strong interest and several years of working experi-
–Collateral valuation
ence in the implementation of central bank credit
•How can/should central banks value assets for
operations and collateral management. Selected can-
which there is no market price?
didates should have a deep understanding of the pro-
•Which models can be used for asset valuation?
cedures related to central bank credit operations, the
•What aspects need to considered for model
current risk control framework and/or the procedures
calibration?
in place for the mobilisation of their institution’s collateral. Ideally, they should also have been involved in
–Additional risk control measures – particularly
valuation haircuts
the development of existing collateral policies. Participants are expected to contribute actively to the panel,
•How are valuation haircuts derived?
providing presentations that illustrate country-specific
•Which factors should be considered to determine
case studies on one of the issues listed below.
haircuts that appropriately reflect the different
risk profile of eligible assets?
•What kind of data is required to calculate
haircuts?
•What other additional risk control measures
should be applied?
If you fulfil the target group criteria and are interested
in participating in the panel, please send a title and
a short summary of the case study that you plan to
present – describing the selected problem, the current
approach, specific challenges, etc – together with
your application.
–Collateral mobilisation
•What kind of infrastructure is required for asset
mobilisation?
•What features should securities settlement
systems (SSS) provide to support the collateral
management processes?
Monetary policy
Page 22
Expert panel
Central bank transparency and
monetary policy communication
Duration
participating experts. Against this background, the
7 – 9 June 2016 (3 days)
aim of the participant presentations is to share a
country’s specific experience. Presentations should
Deadline for application
therefore focus on selected issues, describing a spe-
21 April 2016
cific problem or highlighting a particular challenge
that their central bank’s communication team has
Venue
faced in the past, and/or should illustrate practical
Frankfurt
communication approaches to address a particular
challenge. The following list provides an overview of
Objective
topics that would be of interest for the discussion in
There is a broad consensus among central bankers that
the individual panel sessions.
transparency and communication are crucial to the
effectiveness of monetary policy and the credibility of
–Limits of central bank transparency
the central bank. Yet how transparency and communication goals can best be achieved remains open to
debate. While the communication strategies of central
–Specific challenges related to individual
communication issues
banks around the world are facing similar challenges
•Communication of policy statements (eg press
(eg increasing demand for information from both the
releases, press conferences, interviews, use of
media and the general public, heterogeneous target
social media)
groups with different literacy levels, rapidly changing
•Publication of minutes
media environment, etc), the country-specific experi-
•Marketing of bulletins and research activities
ence may differ significantly, making this an interesting
•Forward guidance
starting point for discussions.
–Specific challenges for monetary policy
This expert panel aims to bring together central bank
communication experts to discuss issues concerning
central bank transparency and monetary policy communication practices. The expert panel thus provides
a platform to meet with peers, compare specific challenges, present innovative ideas and exchange views on
how central banks can improve their communication
communication
•How to reach the general public
(including language aspects)
•Central banks’ involvement in economic and
financial literacy
•Changes in the media environment
(eg rise of social media)
activities, thus rendering them more effective.
•Dealing with controversial/sensitive issues
Content
–Reputational risks/credibility issues related to
The panel discussions will be problem-focused and
largely based on the case studies presented by the
monetary policy communication
Monetary policy
Page 23
Target group
Participants are expected to contribute actively to the
The expert panel is targeted at central bank staff with
panel by giving presentations that illustrate country-
proven experience in the field of communication, and
specific case studies on one of the issues listed above.
notably in the communication of monetary policy
issues. Participants should have a deep understanding
If you meet the target group criteria and are interested
of their central bank’s communication strategy, as
in participating in the panel, please send a title and an
well as the channels and tools used to disseminate
abstract together with your application. If you are
information and to explain central bank actions.
unsure about the topic to be presented, or should you
Knowledge about the evolution of monetary policy
wish to present on a topic not listed above, please
communication approaches as well as factors deter-
contact us prior to your application to discuss the
mining the developments would also be welcome.
focus of your presentation.
Photo: Antje Meichsner-Armbrust
Photo: Antje Meichsner-Armbrust
Banking
Workshop
supervision
Photo: Justin Lightley
Banking supervision
Page 25
Content
Towards a European Banking Union: the Single Supervisory Mechanism for banks................................. 26
15 – 19 February 2016 (deadline for application: 17 December 2015)
Banking supervision within the Basel framework – basic......................................................................... 27
11 – 15 July 2016 (deadline for application: 26 May 2016)
Banking supervision within the Basel framework – advanced.................................................................. 28
4 – 8 April 2016 (deadline for application: 18 February 2016)
On-site banking supervision..................................................................................................................... 29
1 – 5 February 2016 (deadline for application: 17 December 2015)
Stress tests – methods and areas of application....................................................................................... 30
19 – 21 January 2016 (deadline for application: 3 December 2015)
Please apply online at www.bundesbank.de/courseregistration
Banking supervision
Page 26
Seminar
Towards a European Banking Union: the
Single Supervisory Mechanism for banks
Duration
This seminar aims to impart comprehensive expert
15 – 19 February 2016 (5 days)
knowledge on major issues relating to the banking
union, particularly the SSM. The seminar will focus on
Deadline for application
both theory and practice, where possible.
17 December 2015
Content
Venue
–Motivation for creating a banking union
Frankfurt
–Organisation of the SSM and decision-making
within the SSM
Objective
–Description and explanation of the SSM Regulation
The banking union, which was conceived in the wake
–Distribution of tasks between the ECB and national
of the financial and economic crisis, has set in motion
a fundamental reform of the European financial archi-
authorities
–Preparatory work and organisational requirements
tecture. The banking union comprises a Single Super-
for the SSM from the perspective of a national
visory Mechanism (SSM), a Single Resolution Mechanism
competent authority (NCA)
(SRM) and a harmonised system of deposit guarantee
schemes.
–Role and functioning of Joint Supervisory Teams
(JSTs)
–SSM methodology for the SREP risk assessment
The objective of the banking union is to strengthen
–Comprehensive assessment
financial stability in the euro area, to take better account
–Single Resolution Mechanism (SRM) and Single
of cross-border financial activities and to loosen the
doom loop between financial sector debt and sovereign
Resolution Fund (SRF)
–Perspective of an opt-in country
debt, which had the effect of exacerbating the crisis.
The SSM, which was launched in November 2014,
Target group
comprises the ECB and the national supervisory author-
Candidates should be experts in banking supervision
ities of the euro-area countries. EU member states
or financial stability. Central banks and supervisory
outside the euro area are able to opt into the SSM.
authorities from EU member states, whose currency is
The ECB directly supervises significant banks in the
not the euro, as well as from EU candidate countries
participating countries and receives support from the
and potential candidate countries, in particular, are
national competent authorities (NCAs) in the day-to-day
encouraged to nominate staff members (several
duties of off-site supervision and on-site inspection.
nominations possible). The seminar might also offer
The ongoing supervisory tasks are carried out by Joint
interesting insights to participants from outside the
Supervisory Teams (JSTs) comprising supervisors from
EU, particularly to experts from countries which have
the ECB and the NCAs.
an interest in or experience of regional economic
cooperation or which already have mechanisms similar
to an economic and monetary union in place.
Banking supervision
Page 27
Seminar
Banking supervision within the Basel
framework – basic
Duration
Content
11 – 15 July 2016 (5 days)
–Banking supervision in Germany
–The Single Supervisory Mechanism as a first step
Deadline for application
26 May 2016
towards a banking union in Europe
–Motivation behind Basel III, scope of application,
implementation process
Venue
–Capital
Frankfurt
•Quality, quantity and transparency
–Risk coverage
Objective
•Counterparty credit risk, operational risk
Basel III is a comprehensive set of reform measures
–Macroprudential instruments
developed by the Basel Committee on Banking Super-
•Capital conservation buffer, countercyclical
vision to strengthen the regulation and supervision of
capital buffer, systemically important banks,
and risk management in the banking sector. In this
systemic risk buffer
context, the Basel II rules have been supplemented and,
–Leverage ratio
in part, further developed. Specifically, Basel III places
–Liquidity
a focus on strengthening the quality and quantity of
•Quantitative standards, monitoring tools,
the regulatory capital framework, introducing a global
management principles
liquidity standard, covering further risks with capital,
–Pillar 2: approaches and principles (overview)
deploying measures to reduce cyclicality, introducing
–Supplemental Pillar 2 guidance
a leverage ratio and providing a basic approach to
–German implementation: ICAAP and SREP
regulating systemically important banks. The Basel
–Supervisory framework for measuring and
framework is a major component of the regulatory
harmonisation process within the European Union,
controlling large exposures
–Pillar 3: market discipline
and was transposed via the Capital Requirements
Directive IV package and implemented in 2014. The
Target group
seminar aims to impart comprehensive expert know-
This seminar is aimed at bank inspectors and senior
ledge on major issues relating to the implementation
employees from the banking supervision department
of the framework of Basel II and Basel III in the EU and
of their central bank or from supervisory authorities.
Germany.
Basic knowledge of the new regulations under Basel
II and III is essential for productive participation. Par-
The seminar will focus on both theory and practice,
ticipants should also be familiar with the supervisory
where possible. A key focus of the seminar will be an
policies and practices applied at their institution and
introduction to major Pillar 2 issues (supervisory re-
should be prepared to take an active part in discus-
view process). Participants will also gain an overview
sions.
of the regulation of systemically important banks.
Banking supervision
Page 28
Seminar
Banking supervision within the Basel
framework – advanced
Duration
approaches to covering credit and market risk as well
4 – 8 April 2016 (5 days)
as the securitisation framework.
Deadline for application
Content
18 February 2016
–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
Basel III is a comprehensive set of reform measures,
•Quality, quantity and transparency
developed by the Basel Committee on Banking Super-
–Risk coverage
vision, to strengthen the regulation and supervision of
•Securitisation, counterparty credit risk, market risk
and risk management in the banking sector. In this
–Macroprudential instruments
context, the Basel II rules have been supplemented and,
•Capital conservation buffer, countercyclical
in part, further developed. Specifically, Basel III places a
capital buffer, systemic risk buffer
focus on strengthening the quality and quantity of the
–Leverage ratio
regulatory capital framework, introducing a global
–Systemically important banks
liquidity standard, covering further risks with capital,
–Liquidity
deploying measures to reduce cyclicality, introducing a
•Standards, monitoring tools, management
leverage ratio and providing a basic approach to regu-
principles
lating systemically important banks. The Basel frame-
–Pillar 2: ICAAP, SREP
work is a major component of the regulatory harmo-
–Corporate governance
nisation process within the European Union. It was
–Supervisory framework for measuring and
transposed via the Capital Requirements Directive IV
controlling large exposures
package and implemented in 2014. This seminar aims
to impart comprehensive expert knowledge on major
Target group
issues relating to the implementation of the framework
The advanced seminar is aimed at experts from cen-
of Basel II and Basel III in the EU and Germany. The
tral banks and supervisory authorities involved in the
seminar will focus on both theory and practice, where
implementation of Basel II/Basel III. A sound knowl-
possible. A key focus of the seminar will be an intro-
edge of the revised framework is essential for partici-
duction to major Pillar 2 issues (supervisory review
pation. Participants should also be familiar with the
process). Participants will also gain an overview of the
supervision policies and practices of their financial
regulation of systemically important banks. In contrast
system and should be prepared to take an active part
to the basic seminar, the advanced course will look in
in the discussions.
depth at the new requirements for the advanced
Banking supervision
Page 29
Seminar
On-site banking supervision
Duration
•Inspection planning and organisation
1 – 5 February 2016 (5 days)
•On-site inspection process
•Documentation and wrap-up
Deadline for application
17 December 2015
–Introduction to the German qualitative regulations
as laid out in the Minimum Requirements for Risk
Management
Venue
Munich
–Qualitative and quantitative supervisory regulations
and review thereof
•General risk management requirements
Objective
•Risk management and risk-taking capacity
The seminar is designed to provide on-site examiners
•Credit business and credit risk
from central banks and supervisory authorities with an
•Trading business and market risk
understanding of how on-site inspections are carried
•Liquidity risk
out at the Deutsche Bundesbank. The seminar will
•Operational risk
focus on risk-based examination as well as on com-
•Information technology security, IT risk, and
mon analytical and supervisory topics and techniques.
In particular, supervisory experts from the Deutsche
Bundesbank will provide policy background information
business continuity management
–National experience with regard to on-site
inspections
and hands-on experience about how Pillar 2 of Basel II
is implemented via on-site inspections (eg for credit,
Target group
market or liquidity risk). The seminar will include inter-
This seminar is aimed at bank inspectors and senior
active sessions in which participants will be invited to
employees from the banking supervision department
give short presentations about specific aspects of on-
of their central bank or from supervisory authorities.
site supervisory processes in their home country and
Basic knowledge of the new regulations under Basel
share their experience.
II and III is essential for productive participation. Participants should be familiar with the supervisory policies
Content
and practices applied in their country. Moreover, they
–The Single Supervisory Mechanism (SSM) as part
are invited to take an active part in the discussions and
of the European banking union, including new
to make contributions with regard to the on-site
regulatory requirements such as Basel III
inspection processes in their jurisdictions.
–Banking supervision in Germany
–Introduction to on-site inspections
•Inspection approach
•Types of inspections
Banking supervision
Page 30
Expert panel
Stress tests –
methods and areas of application
Duration
Content
19 – 21 January 2016 (3 days)
–Basic principles of stress testing
–Application of stress tests at banks
Deadline for application
3 December 2015
–Stress tests as an information source for
supervisors
–The Bundesbank’s stress tests
Venue
–Macro stress tests
Frankfurt
–EU-wide stress testing exercises
Objective
Target group
The importance of comprehensive risk management
The course is aimed at experts in banking supervision
and its constant ongoing development has been
or financial stability with a sound background in stress
made abundantly clear by the recent developments in
testing. They should have a thorough understanding
the financial markets. Stress tests are one of the in-
of the stress testing approaches used at their central
struments used by banks as well as by central banks
bank, and should be prepared to share their know-
and supervisory authorities to detect potential vulner-
ledge with the other participants in the group.
abilities.
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.
Photo: Antje Meichsner-Armbrust
Financial
Workshop
and
monetary system
Photo: gettyimages/SusanneB
Financial and monetary system
Page 33
Content
Financial stability, systemic risk and macroprudential policy – Seminar.................................................... 34
9 – 13 May 2016 (deadline for application: 24 March 2016)
Financial stability, systemic risk and macroprudential policy – Workshop................................................. 35
I. 25 – 29 January 2016 (deadline for application: 10 December 2015)
II. 13 – 17 June 2016 (deadline for application: 28 April 2016)
Recovery and resolution with a focus on credit institutions..................................................................... 36
18 – 20 May 2016 (deadline for application: 31 March 2016)
Please apply online at www.bundesbank.de/courseregistration
Financial and monetary system
Page 34
Seminar
Financial stability, systemic risk and
macroprudential policy
Duration
seminar is also focused on improving participants’
9 – 13 May 2016 (5 days)
skills in assessing and monitoring risks to financial
stability. The seminar will include interactive sessions in
Deadline for application
which participants will be invited to give short presen-
24 March 2016
tations on specific aspects of financial stability in their
home country and share their experience with col-
Venue
leagues.
Frankfurt
Content
Objective
–Current Financial Stability Board (FSB) issues
As the guardian of price stability, the Deutsche Bundes-
–European Systemic Risk Board
bank has an inherent interest in ensuring a stable
–Financial stability at the Deutsche Bundesbank
financial system. As an integral part of the European
–Financial stability review
System of Central Banks, it also has an explicit man-
–Macroprudential policy and its instruments
date to contribute to financial stability.
–Stress indicators for the German financial system
–Monitoring financial stability in emerging markets
Through its involvement in banking supervision, the
Deutsche Bundesbank has an in-depth knowledge of
–Data foundations for financial stability and
macroprudential analyses
German credit institutions’ business situation. How-
–Stress tests: methods and areas of application
ever, financial institutions and financial markets today
–Stability issues for the insurance sector
are interconnected across the world by means of
–Stability issues for the financial infrastructure
modern technology and a multitude of financial
–The shadow banking system
products. The current crisis in particular has shown
–National experience in financial stability analysis
that monitoring individual institutions does not reveal
all the risks that potentially threaten a financial system.
Target group
Looking, additionally, at the financial system as a
The seminar is intended for central bankers who wish
whole in its full complexity is therefore essential. What
to enhance their knowledge of the various aspects of
is known as macroprudential supervision is closely
financial stability analysis and macroprudential policy.
interlinked with traditional banking supervision and –
They should have a special interest in financial stability
besides banks – also analyses insurance companies,
issues but do not necessarily need to be experts in this
financial markets and financial infrastructures. The
field. Participants are invited to take an active part in the
seminar aims to strengthen participants’ theoretical
discussions and to provide contributions on financial
and practical knowledge of the central banks’ role in
stability work in their jurisdiction.
safeguarding the stability of the financial system. The
Financial and monetary system
Page 35
Workshop
Financial stability, systemic risk and
macroprudential policy
Duration
The workshop aims to offer high-quality training and
I. 25 – 29 January 2016 (5 days)
to familiarise participants with best practice and new
II. 13 – 17 June 2016 (5 days)
developments in financial stability and macroprudential
policy. Participants will be invited to join the discus-
Deadline for application
sions and share their experience with others. Active
I. 10 December 2015
participation will be encouraged, in particular, by an
II. 28 April 2016
interactive case study, which will serve as the connecting thread for the entire workshop.
Venue
Frankfurt
Content
–Current Financial Stability Board (FSB) issues
Objective
–European Systemic Risk Board
The Deutsche Bundesbank, as the guardian of price
–Financial stability at the Deutsche Bundesbank
stability, has an inherent interest in ensuring a stable
–Financial stability review
financial system. As an integral part of the European
–Macroprudential policy and its instruments
System of Central Banks, it also has an explicit mandate
–Stress indicators for the German financial system
to contribute to financial stability.
–Monitoring financial stability in emerging markets
–Stability issues for the financial infrastructure
Through its involvement in banking supervision, the
–Stability issues for the insurance sector
Deutsche Bundesbank has gained an in-depth know-
–Case study on financial stability and macro stress
ledge of German credit institutions’ business situation.
testing
However, financial institutions and financial markets
today are interconnected across the world by means
Target group
of modern technology and a multitude of financial
The workshop is intended for central bankers who
products. The current crisis in particular has shown
wish to deepen their knowledge of the various aspects
that monitoring individual institutions does not reveal
of financial stability and macroprudential oversight.
all the risks that potentially threaten a financial system.
Participants should have a special interest in financial
Looking, additionally, at the financial system as a
stability issues but do not necessarily need to be
whole in its full complexity is therefore essential. What
experts in this field. Participants are invited to take an
is known as macroprudential supervision is closely
active part in the discussions and in the case study.
interlinked with traditional banking supervision and –
besides banks – also analyses insurance companies,
financial markets and financial infrastructures.
Financial and monetary system
Page 36
Expert panel
Recovery and resolution with a focus
on credit institutions
Duration
In particular, the objective of this new recovery and
18 – 20 May 2016 (3 days)
resolution regime is to resolve failing institutions with a
view to ensuring the continuity of critical functions and
Deadline for application
avoiding a significant adverse effect on the financial
31 March 2016
system. Furthermore, it is aimed at avoiding bailouts
of institutions using public funds and protecting tax-
Venue
payers’ money, thus breaking the doom loop between
Frankfurt
sovereign funding and bank balance sheets. It also
serves the purpose of implementing the Financial
Background
Stability Board’s Key Attributes of Effective Resolution
One of the key lessons learned from the recent financial
Regimes (“Key Attributes”) within the EU; these were
crisis starting in 2007-08 is that the existing legal
endorsed by the heads of state or government of the
framework proved insufficient and a set of adequate
G20 countries in November 2011.
tools was required to deal with unsound or failing
credit institutions effectively. To this end, the European
In Germany, the Act on the Recovery and Resolution
Union enacted the Bank Recovery and Resolution
of Credit Institutions and several accompanying acts
Directive (BRRD) in May 2014, establishing a new set
came into effect on 1 January 2015. The aforemen-
of harmonised recovery and resolution instruments and
tioned act transposes the BRRD. However, several of
powers within all EU member states as of 1 January
the BRRD’s key provisions had already been intro-
2015. While the BRRD leaves the powers and appli-
duced into German law in 2013 – in particular, re-
cation of these tools in the competence of national
quirements for recovery and resolution planning and
authorities, a centralised European decision-making
resolvability assessment – thus anticipating parts of
mechanism in the form of the Single Resolution
the BRRD. Hence, together with several other countries,
Mechanism (SRM) will be operational as of 2016 for
Germany has played a leading role in international
those institutions subject to the Single Supervisory
regulation of the recovery and resolution of credit
Mechanism (SSM), generally transferring the authority
institutions right from the start.
to resolve credit institutions from the national level to
the European Union level. The SRM forms an integral
Objective
part of the European Banking Union and complements
The course will be organised in the form of an expert
the SSM, which confers upon the European Central
panel. It will not only focus on the newly enacted
Bank (ECB) specific tasks in the prudential supervision
recovery and resolution regime at the international,
of euro-area credit institutions and credit institutions
European and national level, but will also cover its
of non-euro-area states which participate voluntarily
interplay with prudential supervision under the SSM
by entering into close cooperation between the ECB
and its function as part of the European Banking
and the national competent authority.
Union. Attention will also be given to possible conflicts
of interests that institutions involved in the resolution
Financial and monetary system
Page 37
process may face and that might impact on their
Target group
function in monetary policy, banking supervision and/
This expert panel is aimed at experts from the legal,
or competition.
supervisory or international areas of their respective
central bank or supervisory authority. Participants
The expert panel will not only provide information but
should be familiar with the current international dis-
also create a platform for participants to discuss the
cussion on resolution policies and frameworks or with
recovery and resolution regime as well as related ini-
the legislation adopted or under consideration in their
tiatives for improved crisis management in other juris-
own jurisdiction. Central banks in developing or
dictions and to share experiences in this field. To this
emerging economies, in particular, are encouraged to
end, contributions prepared by the participants are
nominate staff members.
expected.
Content
–Historic development of the recovery and resolution
regime for financial institutions at the international
level and in the European Union, including the
Financial Stability Board’s “Key Attributes”
–Overview of the European Banking Union: Single
Supervisory Mechanism (SSM), Single Resolution
Mechanism (SRM) and deposit guarantee scheme
(DGS)
–The recovery and resolution tools and powers under
the EU Bank Recovery and Resolution Directive
(BRRD), its implementation in Germany and further
national legislation on crisis management
–The Single Resolution Mechanism with a focus on
decision-making procedures
–Current supervisory structure and resolution powers
in Germany: the role of the German Federal Financial
Supervisory Authority (BaFin), the Federal Agency
for Financial Market Stabilisation in Germany (FMSA)
and the Deutsche Bundesbank
–National experience in crisis management and resolution, particularly with regard to restructuring and
resolution of credit institutions
Cash management
Workshop
and
payment systems
Photo: Masterfile (Royalty-Free Division)
Cash management and payment systems
Page 39
Content
Cash management and combating counterfeit money............................................................................. 40
14 – 18 March 2016 (deadline for application: 28 January 2016)
Combating money laundering................................................................................................................. 41
31 October – 4 November 2016 (deadline for application: 15 September 2016)
Combating counterfeit money by the National Analysis Centre............................................................... 42
22 – 25 February 2016, (deadline for application: 14 January 2016)
Current challenges for cash management................................................................................................ 43
8 – 11 February 2016 (deadline for application: 17 December 2015)
Payment and securities settlement systems............................................................................................. 44
I. 27 June – 1 July 2016 (deadline for application: 12 May 2016)
II. 5 – 9 December 2016 (deadline for application: 20 October 2016)
Please apply online at www.bundesbank.de/courseregistration
Cash management and payment systems
Page 40
Seminar
Cash management and combating
counterfeit money
Duration
Content
14 – 18 March 2016 (5 days)
–The role of the Bundesbank in the cash cycle
–BMS – the cash management system of the
Deadline for application
28 January 2016
Deutsche Bundesbank
–CashEDI – Electronic Data Interchange for cash
payments
Venue
Frankfurt
–Issuance policy for banknotes and coins, cash
requirement planning
–Automation of cash processing
Objective
Participants will learn about modern central bank cash
–Cash recycling: testing of banknote recycling
machines
management methods, the changing framework for
–Cash recycling and the ECB decision
these methods and the requirements for combating
–The NAC: tasks, activities and legal aspects
counterfeit money. They will be expected to take an
–Visit to the Deutsche Bundesbank’s Frankfurt
active part in discussions and to exchange their opinions and views during the seminar.
branch
–Payment and withdrawal behaviour in Germany
–Foreign demand for euro banknotes issued in
Germany
Target group
The seminar is designed for mid-level and senior
employees engaged in issuing and processing banknotes and coins or in dealing with counterfeit money,
especially in developing and emerging economies.
Participants should have a sound background in cash
management.
Cash management and payment systems
Page 41
Workshop
Combating money laundering
Duration
Content
31 October – 4 November 2016 (5 days)
–International regulations and the legal framework
in Germany
Deadline for application
–Combating the financing of terrorism
15 September 2016
–Discussion of case studies highlighting money
laundering mechanisms
Venue
–AML supervision in Germany
Frankfurt
–AML measures at the Bundesbank
–Criminal justice measures/law enforcement and
Objective
prosecution authorities
Combating money laundering is an area which has
–The role of the FIU
been steadily growing in importance over recent
–How financial institutions fight money laundering
years. Participants will gain a greater insight into the
problems associated with money laundering and the
Target group
obligations deriving from statutory regulations.
The course is designed for employees working at central banks or other state institutions who are involved
in combating money laundering at an operational
level.
Cash management and payment systems
Page 42
Expert panel
Combating counterfeit money
by the National Analysis Centre
Duration
Target group
22 – 25 February 2016 (4 days)
This expert panel is directed at managers and experts
from the anti-counterfeiting unit.
Deadline for application
14 January 2016
In addition to your registration, please send us a brief
15-minute presentation setting out the counterfeiting
Venue
situation in your country, focusing on the following
Mainz
aspects:
Objective
–Organisation of activities to combat counterfeiting
Participants in the panel will have the opportunity to
–Current situation regarding counterfeiting in your
gain an inside view of how the Bundesbank has
country
organised its activities to combat counterfeiting. The
–Significant challenges
panel will serve as a platform for discussions with
–Vision for the future
experts from the Bundesbank, for sharing experience
as well as for highlighting new trends and current challenges. Participants will be expected to make an active
contribution to the discussions, and will be invited to
present and discuss their own topics or cases.
Content
–Organisation of the National Analysis Centre
–Practical issues: getting a feel for the day-to-day
work of the experts
–Discussion forum on new trends and current
challenges
–Sharing experience: Technical Central Bank
Cooperation as key to the realisation of specific
projects
–Group work on specific topics and hands-on
exercises with technical equipment
–Presentation of national perspectives in the fight
against counterfeiting of money
Cash management and payment systems
Page 43
Expert panel
Current challenges
for cash management
Duration
Target group
8 – 11 February 2016 (4 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 col-
17 December 2015
leagues 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 the following topics:
Objective
The purpose of this panel is to discuss current
–Short description of the national cash cycle
challenges in the framework of the national cash cycle.
–Function of the central bank in the cash cycle
The expert panel will serve as a platform for central
–The role of private cash recycling in the cash cycle
bankers to discuss recent occurrences in cash mana-
–Current challenges
gement with a view to exchanging experience and
–Vision for the future
opinions on this matter. The payment behaviour of the
–Conclusion
general public, its determinants and likely development will form a further topic for discussion.
Please feel free to use charts in your cash cycle
presentation.
Participants are invited to provide the expert panel
with their own presentations on this subject in order
to promote debate.
Cash management and payment systems
Page 44
Seminar
Payment and securities settlement systems
Duration
Content
I. 27 June – 1 July 2016 (5 days)
–Role of the ESCB in payment and securities
II. 5 – 9 December 2016 (5 days)
settlement systems, with a particular focus on the
Deutsche Bundesbank
Deadline for application
–European payment systems landscape
I. 12 May 2016
–Individual payment services at the Deutsche
II. 20 October 2016
Bundesbank: TARGET2
–Retail payments (including the Deutsche Bundes-
Venue
Frankfurt
bank’s retail payment services)
–Card payments and innovative electronic payments
in Germany
Objective
–Single Euro Payments Area (SEPA)
In this seminar, participants will be able to gain a more
–Securities clearing and settlement systems –
in-depth knowledge of payment and securities settlement systems and will be introduced to the current
state-of-the-art technology used in the EU. The seminar is designed to help participants enhance and re-
European developments (eg TARGET2-Securities)
–Collateralisation of monetary policy operations:
domestic and cross-border use
–Payment systems oversight
fine the payment and securities settlement systems in
their own countries in a targeted manner (ie with a
Target group
view to convergence with the EU).
The seminar is designed for employees of central
banks from the new EU member states, from EU accession countries or from developing or emerging
economies who have a solid background in payment
clearing and settlement issues.
Photo: Antje Meichsner-Armbrust
Workshop
Good governance
Photo: Dieter Rosen
Good governance
Page 47
Content
Central bank governance......................................................................................................................... 48
21 – 25 November 2016 (deadline for application: 6 October 2016)
Controlling at central banks..................................................................................................................... 49
14 – 17 November 2016 (deadline for application: 29 September 2016)
Cash-related processes at a central bank – risk coverage by the internal audit function........................... 50
26 – 28 April 2016 (deadline for application: 17 March 2016)
Design and application of a risk-oriented/risk-centric audit approach – best practices............................. 51
5 – 7 October 2016 (deadline for application: 25 August 2016)
IT auditing............................................................................................................................................... 52
30 March – 1 April 2016, (deadline for application: 11 February 2016)
IT service continuity................................................................................................................................. 53
14 – 16 July 2016, (deadline for application: 2 June 2016)
Accounting from a central bank’s perspective......................................................................................... 54
10 – 12 May 2016, (deadline for application: 21 March 2016)
Human resources management............................................................................................................... 55
5 – 9 September 2016 (deadline for application: 21 July 2016)
Public relations........................................................................................................................................ 56
19 – 23 September 2016 (deadline for application: 4 August 2016)
Public procurement................................................................................................................................. 57
9 – 11 March 2016 (deadline for application: 21 January 2016)
Economic education – the role of central banks...................................................................................... 58
27 – 29 September 2016 (deadline for application: 11 August 2016)
Please apply online at www.bundesbank.de/courseregistration
Good governance
Page 48
Seminar
Central bank governance
Duration
Content
21 – 25 November 2016 (5 days)
–Basics of corporate governance
–Code of conduct
Deadline for application
6 October 2016
–Board-related rules, anti-fraud, staff behaviour,
prevention of corruption
–Budgeting
Venue
–Parliamentary scrutiny
Frankfurt
–Auditor scrutiny
–Strategic aspects of HR work
Objective
–HR instruments
The integrity and credibility of public institutions have
–Strategic planning
recently become increasingly important issues. Central
–Risk management
banks, in particular, are a focus of public interest on
–Analytical and automated procedures for assessing
account of their independence. This seminar is there-
headcount
fore designed to provide an insight into the Deutsche
Bundesbank’s tools and rules for good governance.
Target group
The seminar is aimed at central bank staff who are
involved in interdisciplinary tasks and the preparation
of strategic decisions.
Good governance
Page 49
Seminar
Controlling at central banks
Duration
Content
14 – 17 November 2016 (4 days)
–Corporate controlling
– Strategic planning
Deadline for application
– Cost accounting
29 September 2016
– Budgeting
– Project controlling
Venue
– IT controlling
Frankfurt
– Human resources controlling
– Provision of information to top-level management
Objective
and external addressees
The main goal of this seminar is to discuss ways of
developing a controlling function in a central bank,
Target group
starting with an overview of corporate controlling.
The seminar is designed for high-level employees
Participants will discuss the connection between
from non-EU countries who work in controlling in
strategic planning and budgeting. Special attention
their central banks. The nominated staff members
will be paid to project management.
should be familiar with cost accounting and budgeting. Participants will be expected to make an active
contribution to the discussions, drawing on their own
experiences.
Good governance
Page 50
Expert panel
Cash-related processes at a central bank –
risk coverage by the internal audit function
Duration
Content
26 – 28 April 2016 (3 days)
The expert panel will consist of a combination of
presentations and workshops covering the following
Deadline for application
topics:
17 March 2016
–Concepts of central bank involvement in the cash
Venue
cycle (processing in branches vs NHTO schemes)
Frankfurt
and impact on the risk situation and the related
internal controls
Objective
–Sampling and stocktaking methodology
The general purpose of this expert panel is to facilitate
–Coverage of IT applications and physical security
the exchange of experiences and points of view re-
measures by pre-implementation audits and
garding methodological approaches in the area of
process-related audits
auditing cash-related processes. Participants will
benefit from learning about different concepts of
how central banks are involved in cash cycles and how
different internal audit functions cover specific risk
–Audit coverage of specific risks related to money
laundering and fraudulent actions
–Audit coverage of specific risks related to processes
in the context of banknote production
situations.
Target group
Senior auditors who regularly engage in audits of
cash-related processes.
Good governance
Page 51
Expert panel
Design and application of a risk-oriented/
risk-centric audit approach – best practices
Duration
Content
5 – 7 October 2016 (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 2016
pants will give a brief overview of the audit approaches
of their central banks. Based on the discussion and
Venue
best practices (eg COSO Framework), we will develop a
Frankfurt
synopsis of risk-oriented/risk-centric audit approaches.
Objective
Target group
According to the definition used by the Institute of
Senior auditors with responsibilities and experience in
Internal Auditors (IIA), the task of an internal audit
audit methodologies.
function is to help its “organization accomplish its
objectives 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 translated to mean
“risk-oriented” or “risk-centric”.
Our expert panel focuses on different approaches to
implementing and adopting risk-oriented/risk-centric
audit approaches that are developed by practitioners
or established in best practice frameworks.
Good governance
Page 52
Expert panel
IT auditing
Duration
a mutual approach to the audit. Participants will work
30 March – 1 April 2016 (3 days)
on compiling an audit programme and learn from the
different opinions and experiences of their foreign
Deadline for application
colleagues. Furthermore, the group work is intended
11 February 2016
to enhance networking and enable participants to
contribute their own approaches or present problems
Venue
and thoughts for discussion. Good practice frame-
Frankfurt
works will be applied while working on the audit
programme.
Objective
Projects are a crucial success factor for a company’s
Content
sustainability. Because projects are usually associated
–Identifying the main risk areas that should be
with significant risks, it is important for the audit
function to perform pre-implementation audits. A pre-
covered in a pre-implementation audit
–Applying good practice frameworks
implementation audit should cover the business case,
project organisation and management processes as
Target group
well as the application-specific aspects that could
The expert panel is designed for employees who work
pose system risk. Although there are a few similarities,
in their central bank’s audit department. The nominated
there are also a number of differences in the charac-
staff members should be familiar with IT auditing as
teristics of audits of processes that are already in
well as the audit methodology and practices at their
operation and pre-implementation audits.
bank. Participants will be expected to make an active
contribution to the discussions, drawing on their own
On the one hand, this expert panel will focus on the
experiences.
auditing of project organisation and management as an
essential part of a pre-implementation audit. On the
To enhance networking and the exchange of expe-
other hand, it will cover general system risk aspects
rience, participants should prepare a brief introduc-
inherent in IT applications, such as access control, etc.
tion to their central bank’s IT environment as well as
the structure and set-up of the IT auditing division. A
The main goal is to discuss the aspects an auditor
specific form stating the points of interest will be sent
should cover when auditing an IT project and to find
to participants prior to the panel event.
Good governance
Page 53
Expert panel
IT service continuity
Duration
Participants are expected to present their organisation’s
14 – 16 July 2016 (3 days; date still to be confirmed)
IT Service Continuity strategy and to explicate its practical implementation. The presentation could include
Deadline for application
the following topics:
2 June 2016
–Scope and limitations of IT Service Continuity
Venue
Frankfurt
–Compliance with legislations, regulations and
standards
–Key roles and responsibilities
Objective
–Identification and coverage of risks
IT Service Continuity paradigm has influenced the IT
–Determination and measurement of RTO
service design greatly. This is particularly the result of
–Ensuring operational staff readiness
lessons learned from the tragic events of 11 September
–Invocation and coordination of recovery
2001. As business processes depend more and more on
operations
information technology, the availability of IT services
–Selecting the adequate recovery procedure
has become a determining factor in a company’s
–Data replication in a multi-site environment
success. IT Service Continuity ensures that the most
–Review policy of emergency documentation
urgent business processes are supported to a previously
–Projects, problems and perspectives of IT Service
determined extent, even in the event of an emergency.
Continuity
In particular, IT Service Continuity has become a
matter of vital importance where the RTO is measured
Target group
in minutes or hours rather than days.
The panel is aimed at experts from non-EU countries
who are in charge of IT Service Continuity management
Content
or IT Service Continuity planning. The nominated staff
–Designing the most suitable IT Service Continuity
members are expected to make an active contribution
strategy to meet business requirements
to the discussions, drawing on their extensive and wide
–Scope and quality of the IT Service Continuity plan
reaching experience. They should also be prepared
–Conducting IT Service Continuity tests
to share their practical knowledge with the other
–Attendance at an official IT Service Continuity test
participants in the group.
of the TARGET Single Shared Platform
(TARGET = Trans-European Automated Real-time
Gross Settlement Express Transfer System) on
Saturday, 16 July 2016
Good governance
Page 54
Expert panel
Accounting from a central bank’s
perspective
Duration
Content
10 – 12 May 2016 (3 days)
–Accounting problems facing central banks
–The European Central Bank’s accounting guideline
Deadline for application
21 March 2016
–Treatment of financial instruments and associated
uncertainties
–Current developments with regard to IAS/IFRS
Venue
–Presentation of accounting guidelines of
Eltville
participating countries’ central banks
Objective
Target group
The course aims to discuss current issues in inter-
The expert panel is aimed at central bank employees
national accounting, mainly – but not only – related
who are involved in accounting and banking super-
to problems in the accounting treatment of financial
vision.
instruments from the perspective of central bankers
and banking supervisors.
Good governance
Page 55
Workshop
Human resources management
Duration
Content
5 – 9 September 2016 (5 days)
–Legal framework and corporate culture
–Organisation and role of the HR department
Deadline for application
21 July 2016
–HR instruments (recruitment, training, staff
development, appraisal system, employee feedback meeting, performance bonuses, promotion)
Venue
–Compensation and benefits
Frankfurt
–Pension systems
–HR adjustment procedures and long-term
Objective
Appropriate human resources (HR) management is
essential for successful central banking, because em-
personnel planning
–Analytical and automated procedures for assessing
headcount, job evaluation
ployees are a key factor in every organisation. This
course aims to provide an insight into HR management
Target group
and controlling at the Deutsche Bundesbank. Partici-
The course is aimed at staff from the HR departments
pants are also invited to discuss their experiences and
of central banks, especially those from developing or
views.
emerging countries. Participants should have a good
knowledge of the system and procedures used at their
bank to manage HR issues. Participants are expected
to take an active role in the discussions, drawing on
their own experience.
Good governance
Page 56
Workshop
Public relations
Duration
Content
19 – 23 September 2016 (5 days)
–Central bank communication
–Communication within the Eurosystem
Deadline for application
–Campaigns, projects and surveys
4 August 2016
–Media relations (press conferences etc)
–The Deutsche Bundesbank on the web
Venue
–In-house communication systems and media
Frankfurt
–Concept and content of the Deutsche Bundesbank’s Money Museum
Objective
–Educational services
This workshop provides an introduction to the Bundes-
–Visitor services and conference management
bank’s activities in the areas of internal communications,
–Media evaluation and Bundesbank publications
press and public relations work, and educational services. The workshop gives the participants the oppor-
Target group
tunity to exchange their experiences with experts
The workshop is designed for staff working in public
from the Deutsche Bundesbank and other central
relations or the press office at their central bank, espe-
banks. To do this, we provide time slots for all par-
cially banks in developing and emerging economies.
ticipants to present their work and discuss ideas and
Participants are expected to make an active contribu-
questions with the audience. The topics that can be
tion to the discussion, drawing on their own experience.
chosen for the presentations are:
–press and public relations work
–educational services
–internal communication
–communication strategy
Good governance
Page 57
Expert panel
Public procurement
Duration
Content
9 – 11 March 2016 (3 days)
–Corporate controlling
–Procurement procedures
Deadline for application
21 January 2016
–Legal acts and bylaws regarding procurement
procedures (Germany and Europe)
–Back office
Venue
–Asset management
Eltville
–Outsourcing
Objective
Target group
This course presents the Deutsche Bundesbank’s
The expert panel is designed for central bank staff
procurement and contract management unit and de-
from developing or emerging countries who work in
scribes its place and function in the Deutsche Bundes-
a leading position in organisation, controlling or pro-
bank’s organisational structure.
curement at their institution. Participants should have
knowledge of central bank contract management.
Good governance
Page 58
Expert panel
Economic education –
the role of central banks
Duration
Content
27 – 29 September 2016 (3 days)
–Economic education: concepts, goals and target
groups
Deadline for application
–Why do central banks support economic education?
11 August 2016
–Economic educational activities offered by the
Bundesbank
Venue
Frankfurt
–Economic education programmes that work –
experience from different countries
Objective
Target group
In the past few years, particularly in the wake of the
The expert panel is aimed at central bankers as well as
financial crisis, many educational initiatives have been
regulators and supervisors with expertise in the area
launched across the globe to strengthen the general
of economic education. Candidates should be well-
public‘s financial competence and knowledge of eco-
versed with their institution’s approach and are ex-
nomics. Government bodies, central banks, membership
pected to make an active contribution to the discus-
organisations (eg consumer protection organisations)
sions. Participants will be invited to give a presentation
and other institutions have made considerable efforts
relating to their field of expertise/their jurisdiction’s
to enhance the public‘s understanding of macroeco-
experience in this area.
nomics and make them more aware of money and
financial issues.
In this context, it would also make sense to discuss
whether a central bank should apply its energies to
Central banks around the world devote significant re-
promoting financial literacy and, if so, on which legal
sources to fostering economic education. For example,
basis this would occur.
the Bundesbank’s range of educational services available to the outside community is designed to impart
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.
Photo: Antje Meichsner-Armbrust
Workshop
Statistics
Photo: gettyimages/Kick Images
Statistics
Page 61
Content
Price and volume indices in official statistics – theory and practice.......................................................... 62
25 – 29 July 2016 (deadline for application: 9 June 2016)
Seasonal adjustment of economic data................................................................................................... 63
17 – 21 October 2016 (deadline for application: 1 September 2016)
Big data and central banking................................................................................................................... 64
12 – 14 April 2016 (deadline for application: 25 February 2016)
Please apply online at www.bundesbank.de/courseregistration
Statistics
Page 62
Workshop
Price and volume indices in official
statistics – theory and practice
Duration
Content
25 – 29 July 2016 (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
9 June 2016
adjustment, and chain indices. Amongst other things,
this course enables participants to calculate index
Venue
numbers from price and quantity data, to work with
Frankfurt
indices including unit values and unit labour costs, to
rebase and chain-link indices, to aggregate quarterly
Objective
figures to annual results, to analyse sub-indices and
Key macroeconomic indicators, such as consumer
their contributions to the total, to handle infra-annual
prices and gross domestic product (at previous-year
chain indices, and to impute/quality-adjust prices. The
prices), are widely used in monitoring the state and
CPI Manual and the supplementary Practical Guides
development of the economy. Movements of such
are used as reference material.
price and volume measures are used in short-term
business cycle analysis, not least at 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-
working in the area of price statistics and national
makers and macroprudential authorities.
accounts. There are no prerequisites for participation
other than 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 practical application will be
covered.
and economics.
Statistics
Page 63
Workshop
Seasonal adjustment of economic data
Duration
Content
17 – 21 October 2016 (5 days)
The course covers all aspects of X-13ARIMA-SEATS and
includes various exercises using examples provided by
Deadline for application
the participants and the lecturer. It also gives a broad
1 September 2016
overview of JDemetra+, a new open-source tool for
seasonal adjustment. Participants are invited to apply
Venue
the two programmes to their own time series and to
Frankfurt
discuss their findings with the lecturer and the group.
Objective
Target group
The course is designed to enable all participants
The course is aimed at economists or statisticians who
to understand the basics of X-13ARIMA-SEATS and
are interested in seasonal adjustment and, in particular,
JDemetra+, work with the two programmes and inter-
in the application of JDemetra+ and X-13ARIMA-SEATS,
pret the results in economic terms.
the successor to X-12-ARIMA, which is used by the
Deutsche Bundesbank and the European Central
Bank. Prior knowledge and/or experience of seasonal
adjustment is/are not prerequisites for participation.
Statistics
Page 64
Expert panel
Big data and central banking
Duration
years ahead. A key question will be how big data can
12 – 14 April 2016 (3 days)
help central banks to take timely policy measures and
to extract information on the impact of their actions
Deadline for application
within the financial system and the economy at large.
25 February 2016
The expert panel aims to address such issues. It will
Venue
provide a forum for central bankers across the globe
Frankfurt
to present their strategies in developing the collection
and analysis of big data and enable an exchange of
Objective
knowledge among countries on this topic of increasing
Big data includes both structured and unstructured
importance.
information which can consist of a large variety of data
sources and types (eg demographic, social or financial).
Content
It is basically about combining different volumes of data
–Collection, analysis and use of big data
with new datasets, using software programmes to de-
–Data governance and management
tect possible patterns in these cumulated data and
–Case studies from central bankers, regulators and
then drawing the right conclusions from the results.
supervisors as well as other industries
–Data protection issues
An increasing number of important topics for central
banks and supervisory authorities, such as forecasting,
Target group
high-frequency trading and statistics, require a rigid
The expert panel is aimed at central bankers as well
evaluation of enormous and constantly growing
as regulators and supervisors with an interest in con-
volumes of data. Insufficient knowledge and inade-
tributing to developing best practices in the area of
quate technical infrastructures at this point can impair
big data mining and management. Participants will be
the quality of the assessment and decision-making.
expected to make an active contribution to the discussions, and will be invited to present and discuss
Big data is likely to become a topic of increasing interest
current issues concerning big data from their own
in central banks and supervisory authorities in the
jurisdictions.
Photo: Bert Bostelmann
Courses in cooperation
with other institutions
Photo: Antje Meichsner-Armbrust
Courses in cooperation with other institutions
Page 67
Content
In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank:
Monetary policy implementation ............................................................................................................ 68
7 – 11 March 2016 (deadline for application: 22 November 2015)
In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank:
Banking supervision within the Basel framework..................................................................................... 69
29 February – 4 March 2016 (deadline for application: 22 November 2015)
In cooperation with the Federal Financial Supervisory Authority (BaFin):
Insurance supervision – current developments from a micro and macroprudential perspective................ 70
8 – 10 November 2016 (deadline for application: 22 September 2016)
In cooperation with the Federal Financial Supervisory Authority (BaFin):
Financial consumer protection................................................................................................................. 71
13 – 15 September 2016 (deadline for application: 28 July 2016)
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-2016 and for courses which are held in cooperation with
the Federal Financial Supervisory Authority please apply online at www.bundesbank.de/courseregistration.
Courses in cooperation with other institutions
Page 68
Workshop
Monetary policy implementation
In cooperation with the
Joint Vienna Institute and the Oesterreichische Nationalbank
Duration
Content
7 – 11 March 2016 (5 days)
•Monetary policy strategy and exchange rates
•Monetary policy implementation and impact on
Deadline for application
22 November 2015
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
developed set of policy instruments. This one-week
Mid to senior-level officials at (i) central banks, re-
course will begin by placing the central bank’s mone-
sponsible for monetary policy analysis and policy for-
tary operations in the context of its broader monetary
mulation or the conduct of monetary policy operations
policy strategy, touching on the choice of the mone-
and (ii) ministries of finance/economy with an interest
tary policy/exchange rate regime, monetary policy
in gaining a deeper understanding of monetary policy
objectives and instruments, operational goals and the
implementation.
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/online-application-2016
Courses in cooperation with other institutions
Page 69
Seminar
Banking supervision within the Basel framework
In cooperation with the
Joint Vienna Institute and the Oesterreichische Nationalbank
Duration
Content
29 February – 4 March 2016 (5 days)
–The Single Supervisory Mechanism in Europe as a
first step towards a European Banking Union
Deadline for application
–Banking supervision in Germany:
a general overview
22 November 2015
–Overview of Basel III and latest developments with
regard to the Basel framework
Venue
Vienna
–Introduction to the Internal Capital Adequacy
Assessment Process (ICAAP)
Objective
–Risk-based supervision: the case of Austria
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
–Case study on Basel III
risk management in the banking sector. In this context,
–Objectives and processes of on-site supervision
the Basel II rules have been supplemented and, in
–Examination of credit risk
part, further developed. This course aims to impart
–Review of liquidity risk management
comprehensive expert knowledge on major issues
–National experience in off-site and on-site super-
relating to the implementation of the Basel II and III
vision
frameworks, focusing on countries in the EU, emerging
Europe and the Caucasus, and drawing significantly
Target group
from the experience of Germany and Austria.
Mid to senior-level bank supervisors from central
banks and supervisory authorities. Basic knowledge of
The seminar will focus on both theory and practice
the new Basel II and III regulations is essential.
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 and liquidity risk. A case study on Basel III will be
incorporated as well as interactive sessions in which
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/online-application-2016
Courses in cooperation with other institutions
Page 70
Expert panel
Insurance supervision – current
developments from a micro and
macroprudential perspective
In cooperation with the Federal Financial Supervisory
Authority (BaFin)
Duration
Content
8 – 10 November 2016 (3 days)
–New developments in the international regulatory
framework
Deadline for application
22 September 2016
–Regulatory and supervisory landscape in the EU
and in Germany
–Insurance supervision by BaFin
Venue
Frankfurt
(off-site, on-site, business model analysis)
–Regulatory developments:
from Solvency I to Solvency II
Objective
–Systemic relevance of insurance undertakings
Insurance undertakings currently find themselves at the
–Importance of the insurance industry for financial
intersection of major developments. Having weathered
the financial crisis comparatively well, they are now
exposed to challenges such as the low-interest-rate
environment, and they also face upcoming changes in
stability
–Macroprudential oversight in insurance:
policies and practice
–Insurers in the low-interest-rate environment
international regulation. Modern insurance supervision
should not limit itself solely to analysing and evaluat-
Target group
ing current circumstances and ensuring a prompt and
On the one hand, the expert panel is aimed at super-
flexible response: it should be looking increasingly
visors, particularly in the insurance sector, as well as
towards the future. It should recognise in advance any
experts involved in the development of prudential
potential risks likely to influence the market or impact the
regulation. On the other hand, analysts in the area of
industry. In this context, modern insurance supervision
financial stability and macroprudential policy, particu-
should also capture systemic risks that extend beyond
larly with a focus on the insurance sector, also belong
individual insurers and it should consider the bigger
to the target group. Participants will be expected to
picture: at the level of individual legal entities, of in-
make an active contribution to the discussions, and
surance groups, in the European context and globally.
will be invited to present and discuss current insurance
The expert panel aims to address these issues. It will
issues from their own jurisdictions. Therefore, partici-
provide information on microprudential and macro-
pants should be familiar with the general principles of
prudential aspects of insurance supervision in the EU
insurance supervision.
and in Germany, and enable an exchange of knowledge among countries on this important topic.
Please apply online at www.bundesbank.de/courseregistration
Courses in cooperation with other institutions
Page 71
Expert panel
Financial consumer protection
In cooperation with the Federal Financial Supervisory
Authority (BaFin)
Duration
Content
13 – 15 September 2016 (3 days)
–European developments in the area of financial
consumer protection
Deadline for application
28 July 2016
–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
Objective
The global financial crisis highlighted the need for
more effective financial consumer protection measures
enquiries
–The role of central banks in promoting financial
literacy
as consumers are challenged by more sophisticated
and complex financial markets. The availability of in-
Target group
formation has grown both in terms of quantity and
The expert panel is aimed at managers and employees
complexity, and the pace of change with regard to
from central banks or supervisory authorities who
new product developments, product innovations, and
are actively involved in financial consumer protection
technological advances, has increased significantly.
issues. Participants will be expected to make an active
Building and maintaining consumer confidence and
contribution to the discussions, and will be invited to
trust in financial markets promotes efficiency and
present and discuss their own topics or cases. There-
stability and contributes to creating positive results for
fore, participants should be familiar with the financial
both financial institutions and their customers.
consumer policy frameworks of their jurisdictions.
The expert panel is designed both to provide information on the financial consumer protection framework
in the EU and in Germany and to enable an exchange
of knowledge among countries on this important
topic.
Please apply online at www.bundesbank.de/courseregistration
Administrative information
Page 72
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 Deutsche Bundesbank does not
seminar attendees.
provide 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 of the guest houses
Accompanying persons
of the Deutsche Bundesbank, and you can use your
Under no circumstances can the Deutsche Bundes-
own laptop in your room or a PC in the lobby area.
bank provide accommodation for family members
or other accompanying persons. Furthermore, as ac-
Invitation letter
companying persons cannot be considered as official
The official letters of invitation are e-mailed to the
guests, the Bundesbank cannot assist in obtaining a
participants approximately five weeks before the
visa.
seminar begins. Any further correspondence will be
conducted directly with the participants. We regret
Costs
that we are unable to confirm acceptance sooner.
No fee is charged for attending the courses.
Please refrain from making any queries in this regard.
During the courses, participants will receive breakfast
Length of course
and lunch at the Bundesbank. The Bundesbank also
Our courses start with an official welcome lunch on
bears the costs of the social events which are planned
Monday and end with a farewell lunch on the final
as part of the course programme.
day. Three-day courses start during the morning of
the first day and finish during the afternoon of the last
The Bundesbank has also taken out appropriate health
day. Lectures normally last from 9.00 until 16.00 or
insurance to cover the costs of any emergency treatment
17.00, although some sessions may finish later. Par-
that may be needed.
ticipants are expected to attend the entire course and
should not schedule appointments during course times.
However, the Bundesbank does not cover travel costs
to and from Frankfurt am Main.
Administrative information
Page 73
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 availability of 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 that more applications
are 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 (internationalcourses@bundesbank.de). Please
note that applications received after the stated deadlines will not be processed. For courses which are held
in cooperation with Joint Vienna Institute and the
Oesterreichische Nationalbank please apply online at
www.jvi.org/online-application-2016.
Inside the Deutsche Bundesbank
Page 74
Inside the Deutsche Bundesbank
Photo: Frank Rumpenhorst
The Executive Board of the Deutsche Bundesbank
Inside the Deutsche Bundesbank
Page 75
The Deutsche Bundesbank was founded in 1957 as
nominated by the Federal Government, while the
the successor to the federal central banking system
remaining members are nominated by the Bundesrat
established in Germany after World War II. That
(the upper house of Parliament representing the
system comprised the Bank Deutscher Länder and the
federal states) in agreement with the Federal Govern-
Land Central Banks, which shared responsibility for
ment. Members of the Executive Board are normally
the Deutsche Mark when it was introduced in 1948.
appointed for eight years.
Today the “Buba”, as the Bundesbank is sometimes
Today, the Deutsche Bundesbank is a key player at the
affectionately called, has retained something of the
international level. The President is a member of the
decentralised structure which reflects the composition
Governing Council of the European Central Bank and
of Germany itself. In addition to its Central Office in
is thus involved in shaping the single monetary policy
Frankfurt am Main, it has nine Regional Offices located
in the euro area. The Bundesbank is represented on
in Berlin, Düsseldorf, Frankfurt am Main, Hamburg,
numerous international committees and is a member,
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
point of contact between the Deutsche Bundesbank
Group of Seven (G7), and is involved in the activities
and the local banks and public authorities. The
of the OECD. Bundesbank staff members are active
Regional Offices report to the Executive Board of the
on the various ESCB committees and in numerous
Bundesbank.
working groups. As part of the ESCB, the Bundesbank
shares responsibility with the other national central
The recent changes to the structure of the Deutsche
banks for maintaining price stability in Europe and
Bundesbank reflect its role as an integral part of the
implements the Governing Council’s decisions in Ger-
European System of Central Banks (ESCB). In 2002, the
many. Its many and varied tasks include holding and
task of governing and managing the Bundesbank’s
managing Germany’s foreign reserves, putting bank-
operations was conferred on its decision-making
notes and coins into circulation, arranging for domes-
body, the Executive Board. The appointment system
tic and cross-border payments to be made and con-
again reflects Germany’s federal structure: the President,
tributing to the stability of payment and clearing
the Deputy President and one other member are
systems.
Our venues
Page 76
Our venues
Deutsche Bundesbank
Central Office in Frankfurt am Main
Photo: Deutsche Bundesbank
Frankfurt am Main
Deutsche Bundesbank
Training and Conference Centre in Eltville am Rhein
Photo: Deutsche Bundesbank
Eltville
The Bundesbank’s Central Office is located in Frank-
At the Deutsche Bundesbank, the town of Eltville is
furt am Main.
synonymous with training and education, and in these
rapidly changing times, these are of utmost impor-
Frankfurt jealously guards its reputation as a financial
tance. Eltville is the venue for training courses and
hub. Its banking heritage, and perhaps even its inter-
seminars for Bundesbank employees. It also hosts
national outlook, owe much to financiers such as
international and national conferences. Both the ar-
Johann Philipp Bethmann and Amschel Rothschild, the
chitecture and the facilities have been designed to
founder of the Rothschild dynasty, who lived in the
create a pleasant atmosphere in which guests can
city’s former Jewish quarter. In 1798, the Rothschilds
work efficiently.
opened their first bank in the city, successfully laying
the foundation stone of “Bankfurt’s” importance. The
Eltville has almost 17,000 inhabitants and is well
city is now home to many German and foreign banks,
known for wine, sparkling wine and roses.
the seat of the European Central Bank and the location of one of the world’s largest stock exchanges.
The Conference Centre is on the western outskirts of
Eltville am Rhein and is about 50 km from Frankfurt
Frankfurt has an international character. Today, nearly
am Main. Eltville is served by the Frankfurt am Main/
25 % of its 708,000 inhabitants is non-German, rep-
Wiesbaden/Koblenz train line. The Conference Centre
resenting more than 150 different countries and all ex-
is 1.2 km from Eltville train station. There is a taxi
isting religious communities. Frankfurt’s rich cultural
stand in front of the station.
life is certainly worthy of its most famous resident and
Germany’s most revered writer, Johann Wolfgang von
Goethe.
Our venues
Page 77
Deutsche Bundesbank
Regional Office in Bavaria – Munich
Photo: Deutsche Bundesbank
Munich
Deutsche Bundesbank
Regional Office in Rhineland-Palatinate and Saarland – Mainz
Photo: Deutsche Bundesbank
Mainz
The Bundesbank has nine Regional Offices. Within the
The Regional Office in Rhineland-Palatinate and Saar-
framework of banking supervision, the Regional Offices
land is located in Mainz. There are four branches in
monitor credit institutions and financial services pro-
this region, located in Mainz, Koblenz, Saarbrücken
viders in their respective regions. Furthermore, banks
and Ludwigshafen. The branches supply the economy
can use the Bundesbank for refinancing purposes. In
with euro banknotes and coins, and offer private cus-
order to do so, they are required to deposit collateral,
tomers the opportunity to exchange Deutsche Mark
eg credit claims of enterprises. The Regional Offices
banknotes and coins free of charge and with no fixed
analyse the creditworthiness of these enterprises.
deadline.
Banking supervision constitutes one of the most im-
The National Analysis Centre (NAC) of the Deutsche
portant tasks for the Bundesbank’s Regional Office in
Bundesbank, with its experts on combating counter-
Bavaria. Bavaria is home to almost one in four of the
feit money, is also located in Mainz.
financial institutions in the German financial sector
that are subject to supervisory oversight. The banking
Mainz is situated about 40 km from Frankfurt. The
supervisors of the Regional Office monitor around
train from Frankfurt takes roughly 40 minutes.
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.
Our venues
Page 78
Deutsche Bundesbank
University of Applied Sciences – Hachenburg
Photo: Deutsche Bundesbank
Hachenburg
Joint Vienna Institute Residence – Vienna Photo: Joint Vienna Institute
Vienna
The Deutsche Bundesbank‘s University of Applied
The Joint Vienna Institute (JVI) was established in
Sciences is located in the old castle of Hachenburg in
1992 by Austria (represented by the Federal Ministry
the Westerwald region.
of Finance and the Oesterreichische Nationalbank),
the International Monetary Fund, and several other
Since 1980, the Deutsche Bundesbank’s university has
international organisations.
been training junior civil servants for the Upper Intermediate Service of the Deutsche Bundesbank and the
It is a regional training centre, primarily for public
Federal Financial Supervisory Authority (BaFin).
sector officials from countries in central, eastern and
south-eastern Europe, the Caucasus and central Asia,
Hachenburg is a small town with almost 6,000 inha-
as well as other selected countries.
bitants, situated around 120 km from Frankfurt.
Vienna is the capital and largest city of Austria. It is
Austria’s primary city, with a population of about
1.8 million, and its cultural, economic and political
centre.
Course impressions
Page 79
Course impressions
Photo: Antje Meichsner-Armbrust
Photo: Antje Meichsner-Armbrust
Photo: Bert Bostelmann
Photo: Antje Meichsner-Armbrust
Photo: Bert Bostelmann
Photo: Antje Meichsner-Armbrust
Course impressions
Page 80
Photo: Bert Bostelmann
Photo: Bert Bostelmann
Photo: Bert Bostelmann
Photo: Bert Bostelmann
Photo: Bert Bostelmann
Photo: Bert Bostelmann
Deutsche Bundesbank
Centre for Technical Central Bank Cooperation
Wilhelm-Epstein-Straße 14
60431 Frankfurt am Main, Germany
E-mail: tzk@bundesbank.de
Internet: www.bundesbank.de/tzk/tzk/php