Centre for Technical Central Bank Cooperation International Central Banking Courses 2015

Transcription

1 Centre for Technical Central Bank Cooperation International Central Banking Courses 2015

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3 Content Foreword: an application-oriented learning experience...4 Preface by the Management of the Centre for Technical Central Bank Cooperation...5 Introduction...6 The course organisation team...7 Our range of international courses...8 Monetary policy...11 Foreign reserve management...12 Monetary policy and the financial system...13 Implementing monetary policy...14 Central bank transparency and monetary policy communication...15 Banking supervision...17 Banking supervision under the Basel framework basic...18 Stress testing...19 On-site banking supervision...20 Towards a European Banking Union: the Single Supervisory Mechanism for Banks...21 Banking supervision under the Basel framework advanced...22 Financial stability and macroprudential policy...25 Financial stability, systemic risk and macroprudential policy Workshop...26 Restructuring and resolution of financial institutions...27 Financial stability, systemic risk and macroprudential policy Seminar...29 Cash and cashless payments...31 Current challenges for cash management...32 Cash management and combating counterfeit money...33 Combating counterfeit money by the National Analysis Centre...34 Payment and securities settlement systems...35 Combating money laundering...36

4 Good governance...39 Public procurement...40 IT auditing...41 Internal auditing...42 Human resources management...43 IFRS...44 Central bank governance...45 Controlling at central banks...46 Statistics, modelling and forecasting...49 Modelling and forecasting...50 Price and volume indices in official statistics theory and practice...51 X-13ARIMA-SEATS seasonal adjustment of economic data...52 Administrative information...54 Inside the Deutsche Bundesbank...56 Course impressions Frankfurt an international meeting place...62 Imprint...64

5 Foreword Page 4 Foreword: an application-oriented learning experience Dr Jens Weidmann President Deutsche Bundesbank Dr (hc) Rudolf Böhmler Member of the Executive Board Deutsche Bundesbank From the outset, the Deutsche Bundesbank has viewed Technical Central Bank Cooperation with partners from beyond the realm of classic developed countries as a response to ongoing political developments. After the transformation process in Eastern Europe and the subsequent stepping-up of the European unification process, the international economic and financial crisis has called for increased dialogue among central banks worldwide. ln today s rapidly changing environment there are various challenges to be faced at the same time. On the one hand, there are still the traditional central bank tasks such as achieving price stability in an increasingly difficult environment and providing reliable payment systems. On the other hand, new central bank tasks such as the macroprudential mandate have emerged in recent years. ln view of these circumstances, the need for an exchange of experience and thoughts on conducting central banking business in practice is growing internationally at all hierarchical Ievels. Our common aim is the optimal handling of the tasks that lie before us. To facilitate a wide-ranging dialogue between central banks, the Deutsche Bundesbank s Centre for Technical Central Bank Cooperation provides international central banking courses and therewith the unique opportunity for our guests to establish international networks within and beyond the Deutsche Bundesbank. The range of formats varies from classic week-long seminars to high-profile expert panels. To stay on the cutting edge of ongoing developments, next year for the first time, ad-hoc expert panels will be set up to address issues that arise over the course of the year. We hope that the programme will be of interest to you and would be delighted to welcome you to the Deutsche Bundesbank next year in a mutually fruitful cooperation.

6 Preface Page 5 Preface by the Management of the Centre for Technical Central Bank Cooperation Martin Dinkelborg Director Deutsche Bundesbank Claudia Brune Deputy Director Deutsche Bundesbank The Deutsche Bundesbank s international central banking courses offer a well - established platform for representatives of central banks worldwide to gain practical insights into the tasks of central banks and to discuss current issues. The high number of participants underlines the strong demand for opportunities for central bankers to exchange experience and ideas in an environment of friendship and trust. The positive feedback we receive encourages us to continue our mission to promote capacity building in central banks around the globe and to strengthen the understanding of each other s tasks and challenges in an increasingly globalised world. We will continue to offer a broad variety of seminars and expert panels and to adapt our course programme to changing needs, based on the requests and feedback from our participants and partner central banks. Against this backdrop, the course programme for the year 2015 once again includes a number of changes. Given the increased interest that central banks are attracting from both the media and the public, we offer a new expert panel dealing with the issue of central bank transparency and policy communication. Additional expert panels will focus on issues concerning the IFRS and public procurement. Moreover, we provide a new workshop dealing with the European Banking Union and the Single Supervisory Mechanism for Banks. To make it easier to find the activities which are most relevant for you, we have restructured our brochure according to the different areas of central banking. We hope our courses are of interest to you and look forward to welcoming you to one of our upcoming events at the Deutsche Bundesbank.

7 Introduction Page 6 Introduction The Deutsche Bundesbank has been working with central banks worldwide since its foundation in The aim of central bank cooperation is to promote the creation and development of central banking systems appropriate to a market economy, to foster the process of monetary reform, and to enhance economic and financial stability in our partner countries. Training programmes and advisory services for executive and other staff members of foreign central banks serve as a vehicle for exchanging knowledge and experience. The topics featured cover the entire range of economic, operational and legal instruments used in modern central banking. The Deutsche Bundesbank adopts a variety of approaches to enhance this cooperation, including sending experts or project support to the countries concerned arranging study visits to the Deutsche Bundesbank to discuss specific issues with in-house experts providing courses in Germany and abroad. All these activities, which draw on the entire resources of the Deutsche Bundesbank, are organised and coordinated by the Centre for Technical Central Bank Cooperation at the Central Office in Frankfurt. All international central banking courses are held in English. Each of these courses is open to individuals at different stages of their professional career, depending on the topic and type of the event. Central bank staff from all our partner countries are cordially invited to register as participants. Unless otherwise stated, our courses take place in Frankfurt. During the courses, participants are given accommodation in the Deutsche Bundesbank s apartment house. Excursions and meals help to create an international atmosphere based on mutual trust which, in turn, fosters an open exchange of ideas. Details of the courses planned for 2015 are found on the following pages.

8 The course organisation team Page 7 The course organisation team The course organisation team: internationalcourses@bundesbank.de Daniela Dörrer Project Manager Martina Harms Project Manager Patrick Kauk Project Manager At the Deutsche Bundesbank s Centre for Technical Central Bank Cooperation, the international central banking course team is responsible for organising international central banking courses. It not only plans and prepares the courses but also provides advice and support for our foreign guests during their visits to the Deutsche Bundesbank. Our team would be pleased to welcome you to one of the 30 international central banking courses held in Germany in 2015.

9 Our range of international central banking courses Page 8 Our range of international central banking courses Seminars Workshops Strategy Seminars focus on the core aspects of 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. The lectures, which are mainly held by experts from the Deutsche Bundesbank and external specialists on request, are supplemented by discussion contributions and short presentations given by participants. Strategy The aim of the workshops is to facilitate an in-depth analysis of specific subject areas related to central banking. They are designed to enable participants to exchange their views with participants from other central banks, allowing them to experience new opinions and ideas. The workshops involve a considerable amount of active participation, such as presentations, working groups and discussions, as well as lectures held by Deutsche Bundesbank specialists and external experts. Target group The seminars are primarily directed at newcomers. However, they also give more experienced employees the opportunity to update and broaden their knowledge and exchange thoughts with peer. Target group The workshops are targeted at employees with relevant expertise and experience in the specific field and are designed to give them an opportunity to deepen and expand their knowledge.

10 Our range of international central banking courses Page 9 Expert panels Ad-hoc expert panels Strategy The purpose of expert panels is for central bank employees to share experience and knowledge about very specific topics. Experts are requested to submit a paper or a presentation in advance to be presented during the expert panel. Experts are expected to actively contribute to the discussions. In addition, the Deutsche Bundesbank s Centre for Technical Central Bank Cooperation organise ad-hoc expert panels on topics of special interest that arise during the course of the year. These ad-hoc expert panels will be announced on our website and organised in the same way as our regular expert panels. If you have an idea for a possible ad-hoc expert panel, please send us your proposal by Target group Expert panels are aimed exclusively at employees with a wealth of experience and an extensive and detailed knowledge of the respective subject area. While the individual topics have already been set, the needs of specific groups of participants can also be taken into consideration. internationalcourses@bundesbank.de

11 Workshop Monetary policy

12 Monetary policy Page 11 Content Foreign reserve management...12 Workshop February 2015 (deadline for application: 08 January 2015) Monetary policy and the financial system...13 Workshop April 2015 (deadline for application: 26 February 2015) Implementing monetary policy...14 Workshop I May 2015 (deadline for application: 01 April 2015) II September 2015 (deadline for application: 06 August 2015) Central bank transparency and monetary policy communication...15 Expert panel July 2015 (deadline for application: 28 May 2015) Please apply online at

13 Monetary policy Page 12 Workshop Foreign reserve management Duration February 2015 (5 days) Deadline for application 08 January 2015 Objective In recent years, foreign reserve managers have been challenged by shocks to the financial markets, which have led to an increase in the importance of counterparty and liquidity risks. The workshop aims to explain the current position as regards the reserve management policies and practices of the Deutsche Bundesbank and the ECB. Special attention will be paid to portfolio management and diversification, the attractiveness of financial instruments used in reserve management, risk 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 respective country s experience of selected aspects relating to reserve management. Content Management of the ECB s and the Deutsche Bundesbank s foreign reserves Level and adequacy of foreign reserves Financial instruments used in reserve management, eg repos, gold deposits and financial derivatives Portfolio management Investment guidelines and strategic benchmarking Market and credit risk control Performance measurement Gold management Target group The workshop is aimed at employees responsible for reserve management at the policy-making, operational or risk control level. Participants should have a sound knowledge of portfolio management to be able to share their experience and contribute actively to discussions.

14 Monetary policy Page 13 Workshop Monetary policy and the financial system Duration April 2015 (12 days) Deadline for application 26 February 2015 Objective Monetary policy is the core business of central banks. The subject of monetary policy is highly complex and encompasses a vast range of subtopics. This complexity makes it especially difficult for junior central bankers to know and to grasp the sheer number of issues that a central bank has to deal with and how they relate to each other all the more so as monetary policy issues are usually dealt with in different departments of a central bank, with specialised staff engaged in different tasks and concerns. Interdepartmental exchange of views and experience is often limited leaving junior central bankers in the dark about the connections between their sometimes highly technical daily work and the broader objective of monetary policy. Against this background, this two-week course aims to provide a broad introduction to the topic of monetary policy, to provide an overview of the different dimensions of monetary policy and the related tasks of the central bank, and to enhance the understanding of the interdependencies between monetary policy and the financial system. In this context, the course will provide both theoretical and practical insights into aspects related to the strategy and the implementation of monetary policy. During the first week, the course will review theoretical ideas and concepts. During the second week, participants will learn more about monetary policy in the Eurosystem. At the end of the workshop, participants should be familiar with the major concerns of monetary policy and the factors determining how monetary policy is conducted by central banks in different national settings, depending on the institutional, economic and financial environment. The course should enable participants to better compare and assess the differences between monetary policy in different countries. The workshop offers a combination of lectures, case studies and computer-based exercises. Participants are expected to contribute actively to workshop discussions and will be asked to provide basic information about the monetary policy of their central bank. Target group The workshop is intended for junior staff who work in departments engaged in monetary policy (from an analytical or operational perspective) and central bankers who have only recently started working in this area. It is especially suited for individuals interested in gaining a general overview of the topics and tasks related to monetary policy. Content Monetary and financial system Monetary policy strategies Instruments and procedures of monetary policy Monetary transmission mechanism Monetary policy analysis Institutional aspects of monetary policy Monetary policy and risk control

15 Monetary policy Page 14 Workshop Implementing monetary policy Duration II May 2015 (5 days) II September 2015 (5 days) Deadline for application I. 01 April 2015 II. 06 August 2015 Objective The efficient implementation of monetary policy is crucial to the general success of monetary policy and to the achievement of a central bank s goals. In order to achieve their policy objective, central banks use a set of monetary policy instruments and procedures that forms the operational framework for implementing monetary policy. This one-week workshop aims to improve participants general understanding of the operational framework of the Eurosystem, the role and the functioning of the different monetary policy instruments as well as the specific procedures applied within the Monetary Union. Lectures by Deutsche Bundesbank experts will provide detailed insights into a variety of specific aspects such as crisis measures, liquidity analysis, open market operation procedures and collateral management. Furthermore, participants will be given the opportunity to gain a more in-depth knowledge of 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. Target group This workshop is directed at central bank staff working in the monetary policy operations area of their central bank. Participants should have a sound knowledge of the operational framework of their central bank and the environmental factors influencing the choice and design of monetary policy instruments in their country. Practical experience, either in implementing and analysing monetary policy operations at their central bank or in decision-making processes triggering changes to the operational framework of monetary policy, would be an advantage. Participants will be expected to contribute actively to discussions and share their experience in working groups. Content Monetary policy implementation in the Eurosystem Monetary policy instruments Technical procedures Comparison of monetary policy operational frameworks Risk control measures Legal aspects concerning the implementation of monetary policy

16 Monetary policy Page 15 Expert panel Central bank transparency and monetary policy communication Duration July 2015 (3 days) Deadline for application 28 May 2015 Objective The expert panel aims to bring together central bankers with different cultural backgrounds to discuss the issue of central bank transparency and how central banks can meet the increasing demand for information by both the media and the public. Special focus will be on the rationale behind central bank transparency as well as on the optimal degree of and the limits to central bank transparency. While the principle of transparency generally relates to all aspects of central banking, it receives special attention with regard to the communication of monetary policy. Communication and transparency have become more important for central banks in recent years, and there is an ongoing debate on transparency tools such as press conferences, forward guidance and the publishing of minutes/votes. As a central bank-specific issue, participants are invited to discuss the optimal level of and the limits to transparency with regard to monetary policy, and to provide examples/case studies from their individual institutions. Questions to be discussed may also deal with conflicts of interest between transparency and other central bank principles. Target group This expert panel is directed at staff involved in the central bank s communication activities, notably in the communication of monetary policy. Participants should have a thorough understanding of the general approach their central bank has in communicating its monetary policy (including aspects such as communication of the monetary policy strategy, the objective(s), the way monetary policy decisions are formed and the communication of monetary policy operations). They should also be prepared to actively share their experience and views with colleagues from other central banks. Content Rationale behind central bank transparency Legal requirements for central bank transparency Communication strategies to meet the demand for central bank transparency Pros and cons of central bank transparency tools, especially (a) Forward guidance (b) Publishing of minutes (c) Communication of monetary policy decisions Optimal degree of central bank transparency (in particular with regard to monetary policy) Limits to central bank transparency (in particular with regard to monetary policy) Participants are asked to prepare presentations to express their views on the topic and to share their experience in central bank transparency and monetary policy communication.

17 Workshop Banking supervision

18 Banking supervision Page 17 Content Banking supervision under the Basel framework basic...18 Seminar January 2015 (deadline for application: 27 November 2014) Stress testing...19 Expert panel January 2015 (deadline for application: 04 December 2014) On-site banking supervision...20 Seminar February 2015 (deadline for application: 17 December 2014) Towards a European Banking Union: the Single Supervisory Mechanism for Banks...21 Seminar February 2015 (deadline for application: 17 December 2014) Banking supervision under the Basel framework advanced...22 Seminar March 2015 (deadline for application: 05 February 2015) Please apply online at

19 Banking supervision Page 18 Seminar Banking supervision under the Basel framework basic Duration January 2015 (5 days) Deadline for application 27 November 2014 Objective Basel III is a comprehensive set of reform measures developed by the Basel Committee on Banking Supervision to strengthen the regulation and supervision of and risk management in the banking sector. In this context, the Basel II rules have been supplemented and, in part, further developed. Specifically, Basel III places a focus on strengthening the quality and quantity of the regulatory capital framework. They introduce a global liquidity standard, cover further risks with capital, deploy measures to reduce cyclicality, introduce a leverage ratio and provide a basic approach to regulating systemically important banks. The Basel framework is a major component of the regulatory harmonisation process within the European Union. It was transposed via the Capital Requirements Directive IV package and implemented in The seminar aims to impart comprehensive expert know-ledge on major issues relating to the implementation of the framework of Basel II and Basel III in the EU and Germany. The seminar will focus on both theory and practice, where possible. A key focus of the seminar will be an introduction to major Pillar 2 issues (supervisory review process). Participants will also gain an overview of the regulation of systemically important banks. Target group This seminar is aimed at bank inspectors and senior employees from the banking supervision department of their central bank or from supervisory authorities. Basic knowledge of the new regulations under Basel II and III is essential for productive participation. Participants should also be familiar with the supervisory policies and practices applied at their bank and be prepared to take an active part in discussions. Content Banking supervision in Germany The Single Supervisory Mechanism as a first step towards a banking union in Europe Motivation behind Basel III, scope of application, implementation process Capital Quality, quantity and transparency Risk coverage Securitisation, counterparty credit risk Macroprudential instruments Capital conservation buffer, countercyclical capital buffer, systemically important banks, systemic risk buffer Leverage ratio Liquidity Quantitative standards, monitoring tools, management principles Pillar 2: approaches and principles (overview) Supplemental Pillar 2 guidance German implementation: ICAAP and SREP Supervision of foreign subsidiaries and branches; home and host cooperation Market discipline

20 Banking supervision Page 19 Expert panel Stress testing Duration January 2015 (3 days) Deadline for application 04 December 2014 Objective The importance of comprehensive risk management and of its constant ongoing development has been made abundantly clear by recent events in the financial markets. Stress tests are one of the instruments used by banks as well as by central banks and supervisory authorities to detect potential vulnerabilities. Consequently banks have clearly expanded and refined their methodology in this area. Banks are called upon, not least by supervisors, to conduct regular stress tests in order to ensure their capital adequacy. Furthermore, stress tests are conducted by central banks for stability studies. Target group The course is aimed at experts in banking supervision or financial stability with a sound background in stress testing. They will need a thorough understanding of the stress testing approaches used at their central bank, and they should be prepared to share their knowledge with the other participants in the group. Content Basic principles of stress testing Application of stress tests at banks Stress tests as an information source for supervisors The Bundesbank s stress tests Macro stress tests EU-wide stress testing exercises Case study The seminar aims to impart comprehensive expert knowledge on major issues relating to the banking union, particularly the SSM. The seminar will focus on both theory and practice, where possible.

21 Banking supervision Page 20 Seminar On-site banking supervision Duration February 2015 (5 days) Deadline for application 17 December 2014 Seminar venue Munich Objective The seminar is designed to provide on-site examiners from central banks and supervisory authorities with an understanding of how on-site inspections are carried out at the Deutsche Bundesbank. The seminar will focus on risk-based examination as well as on common analytical and supervisory topics and techniques. In particular, supervisory experts from the Deutsche Bundesbank will provide policy background information and hands-on experience about how Pillar 2 of Basel II is implemented via on-site inspections (eg for credit, market or liquidity risk). The seminar will include interactive sessions in which participants will be invited to give short presentations about specific aspects of onsite supervisory processes in their home country and share their experience. Target group This seminar is aimed at bank inspectors and senior employees from the banking supervision department of their central bank or from supervisory authorities. Basic knowledge of the new regulations under Basel II and III is essential for productive participation. Participants should be familiar with the supervisory policies and practices applied in their country. Moreover, they are invited to take an active part in the discussions and to make contributions with regard to the on-site inspection processes in their jurisdictions. Content The Single Supervisory Mechanism as a first step towards a banking union in Europe Banking supervision in Germany an overview Objectives and processes of on-site supervision Introduction to the German qualitative regulations as laid out in the Minimum Requirements for Risk Management Organisational and quantitative supervisory regulations and review thereof Credit business and credit risk Trading business and market risk Information technology and IT risk Risk management and risk taking capacity Supervisory review process and its implementation in Germany Supervisory approval Internal rating systems Market risk models Approaches relating to risk to capital using risk classes National experience with regard to on-site bank inspections

22 Banking supervision Page 21 Seminar Towards a European Banking Union: the Single Supervisory Mechanism for Banks Duration February 2015 (5 days) Deadline for application 17 December 2014 Objective The banking union, which was conceived in the wake of the financial and economic crisis, has set in motion a fundamental reform of the European financial architecture. The banking union comprises a Single Supervisory Mechanism (SSM), a Single Resolution Mechanism (SRM) and a harmonised system of deposit guarantee schemes. The objective of the banking union is to strengthen financial stability in the euro area, to take better account of cross-border financial activities and to loosen the doom loop between financial sector debt and sovereign debt, which had the effect of exacerbating the crisis. Significant progress has been made since the first political talks were held in mid The SSM, which is to be launched in November 2014, will comprise the ECB and the national supervisory authorities of the euro area countries. EU member states outside the euro area will be able to opt into the SSM. The ECB will directly supervise significant banks in the participating countries and receive support from the National Competent Authorities (NCAs) in the day-to-day duties of off-site supervision and on-site inspection. The ongoing supervisory tasks will be carried out by Joint Supervisory Teams (JSTs) comprising supervisors from the ECB and the NCAs. The seminar aims to impart comprehensive expert knowledge on major issues relating to the banking union, particularly the SSM. The seminar will focus on both theory and practice, where possible. Target group Candidates should be experts in banking supervision or financial stability. Central banks and supervisory authorities from EU candidates and potential candidates, in particular, are encouraged to nominate staff members (multiple nominations possible). The seminar might also offer interesting insights to participants from outside the EU, in particular to experts from countries which have an interest in or experience of regional economic cooperation or already have mechanisms similar to an economic and monetary union in place. Content Motivation for creating a banking union Organisation of the SSM and decision-making within the SSM Description and explanation of the SSM regulation Distribution of tasks between the ECB and national authorities Preparatory work and organisational requirements for the SSM from the perspective of a NCA Role and functioning of JSTs SSM methodology for the SREP risk assessment SSM and macroprudential oversight SRM and Single Resolution Fund (SRF) Perspective of an opt-in country Case study

23 Banking supervision Page 22 Seminar Banking supervision under the Basel framework advanced Duration March 2015 (5 days) Deadline for application 05 February 2015 Objective Basel III is a comprehensive set of reform measures, developed by the Basel Committee on Banking Supervision, to strengthen the regulation and supervision of and risk management in the banking sector. In this context, the Basel II rules have been supplemented and, in part, further developed. Specifically, Basel III places a focus on strengthening the quality and quantity of the regulatory capital framework. They introduce a global liquidity standard, cover further risks with capital, deploy measures to reduce cyclicality, introduce a leverage ratio and provide a basic approach to regulating systemically important banks. The Basel framework is a major component of the regulatory harmonisation process within the European Union. It was transposed via the Capital Requirements Directive IV package and implemented in The seminar aims to impart comprehensive expert knowledge on major issues relating to the implementation of the framework of Basel II and Basel III in the EU and Germany. The seminar will focus on both theory and practice, where possible. A key focus of the seminar will be an introduction to major Pillar 2 issues (supervisory review process). Participants will also gain an overview of the regulation of systemically important banks. In contrast to the basic seminar, the advanced course will look in depth at the new requirements for the advanced approaches to covering credit and market risk as well as the securitisation framework. Target group The advanced seminar is aimed at experts from central banks and supervisory authorities involved in the implementation of Basel II / Basel III. A sound knowledge of the revised framework is essential for participation. Participants should also be familiar with the supervision policies and practices of their financial system and be prepared to take an active part in the discussions. Content Banking supervision in Germany The Single Supervisory Mechanism as a first step towards a banking union in Europe Motivation behind Basel III, scope of application, implementation process Capital Quality, quantity and transparency Risk coverage Securitisation, counterparty credit risk, market risk Macroprudential instruments Capital conservation buffer, countercyclical capital buffer, systemic risk buffer Leverage ratio Systemically important banks Liquidity Standards, monitoring tools, management principles Pillar 2 ICAAP SREP Corporate governance Supervision of foreign subsidiaries and branches; home and host cooperation

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25 Workshop Financial stability and macroprudential policy

26 Financial stability and macroprudential policy Page 25 Content Financial stability, systemic risk and macroprudential policy...26 Workshop I May 2015 (deadline for application: 19 March 2015) II July 2015 (deadline for application: 21 May 2015) Restructuring and resolution of financial institutions...27 Expert panel May 2015 (deadline for application: 09 April 2015) Financial stability, systemic risk and macroprudential policy...29 Seminar June 2015 (deadline for application: 07 May 2015) Please apply online at

27 Financial stability and macroprudential policy Page 26 Workshop Financial stability, systemic risk and macroprudential policy Duration I May 2015 (5 days) II July 2015 (5 days) Deadline for application I. 19 March 2015 II. 21 May 2015 Objective The Deutsche Bundesbank, as the guardian of price stability, has an inherent interest in ensuring a stable financial system. As an integral part of the European System of Central Banks, it also has an explicit mandate to contribute to financial stability. Through its involvement in banking supervision, the Deutsche Bundesbank has gained an in-depth knowledge of German credit institutions business situation. However, financial institutions and financial markets today are interconnected across the world by means of modern technology and a multitude of financial products. The current crisis in particular has shown that monitoring individual institutions does not reveal all the risks that potentially threaten a financial system. Looking, additionally, at the financial system as a whole in its full complexity is therefore essential. What is known as macroprudential supervision is closely interlinked with traditional banking supervision and besides banks also analyses insurance companies, financial markets and financial infrastructures. The workshop aims to offer high-quality training and familiarise participants with best practice and new developments in financial stability and macroprudential policy. Participants will be invited to join the discussions and share their experience with others. Active participation will be encouraged, in particular, by an interactive case study, which will serve as the connecting thread for the entire workshop. Target group The workshop is intended for central bankers who wish to deepen their knowledge of the various aspects of financial stability and macroprudential supervision. Participants should have a special interest in financial stability issues but do not necessarily need to be experts in this field. Moreover, participants are invited to take an active part in the discussions and the case study. Content Current Financial Stability Board (FSB) issues European Systemic Risk Board Financial stability at the Deutsche Bundesbank Financial stability review Macroprudential policy and its instruments Stress indicators for the German financial system Measuring systemic risk Monitoring financial stability in emerging markets Stability issues for the financial infrastructure Case study on financial stability, stress testing and/ or macroprudential policy

28 Financial stability and macroprudential policy Page 27 Expert panel Restructuring and resolution of financial institutions Duration May 2015 (3 days) Deadline for application 09 April 2015 Objective One of the key lessons learned from the recent financial crisis is that the existing legal framework proved insufficient for facilitating an orderly recovery or resolution of credit institutions. The case of Lehman Brothers showed that liquidating a large institution via insolvency proceedings can endanger financial stability. Governments therefore repeatedly felt obliged to bail out domestic banks using public funds, which, however, can also endanger financial stability. In response to this, in November 2011 the heads of state or government of the G20 countries endorsed the Financial Stability Board s Key Attributes of Effective Resolution Regimes (Key Attributes). The European Commission s Directive establishing a framework for the recovery and resolution of credit institutions and investment firms, which must largely be applied by member states from 1 January 2015, is designed to foster EU-wide implementation of the Key Attributes. Furthermore, the Single Resolution Mechanism (SRM) is an integral part of the European banking union project. The objective of the SRM is to wind down failing banks efficiently, and, as far as possible, at no or only minimal cost to taxpayers and the real economy, thus breaking the doom loop between sovereign funding and bank balance sheets. In Germany, one of the aims of the Restructuring Act, which came into force at the beginning of 2011, is to establish an effective procedure for restructuring distressed banks. Legislative procedures are ongoing at both the European and the national level. The expert panel will provide information and enable an exchange of experience and knowledge with regard to the various initiatives for improved crisis management and the introduction of appropriate restructuring and resolution mechanisms, which are currently being discussed and developed at the international, European and national level. Target group This expert panel is aimed at experts from the legal, supervisory or international areas of their respective central bank or supervisory authority. Participants should be familiar with the current international discussion on resolution policies and frameworks or with the legislation adopted or under consideration in their own jurisdiction.

29 Financial stability and macroprudential policy Page 28 Content Financial Stability Board: recommendations for the effective resolution of systemically important financial institutions and methodology for implementation assessments The SRM as an integral part of the banking union in Europe The EU Bank Recovery and Resolution Directive (BRRD) Recovery and resolution of financial infrastructures The Bank Restructuring Act in Germany The Federal Agency for Financial Market Stabilisation in Germany: tasks and role in restructuring financial institutions Role of deposit protection in the context of facilitating effective and efficient bank resolution National experience in crisis management and resolution, particularly with regard to restructuring and resolution of financial institutions

30 Financial stability and macroprudential policy Page 29 Seminar Financial stability, systemic risk and macroprudential policy Duration June 2015 (5 days) Deadline for application 07 May 2015 Objective As guardian of price stability, the Deutsche Bundesbank has an inherent interest in ensuring a stable financial system. As an integral part of the European System of Central Banks, it also has an explicit mandate to contribute to financial stability. Through its involvement in banking supervision, the Deutsche Bundesbank has an in-depth knowledge of German credit institutions business situation. However, financial institutions and financial markets today are interconnected across the world by means of modern technology and a multitude of financial products. The current crisis in particular has shown that monitoring individual institutions does not reveal all the risks that potentially threaten a financial system. Looking, additionally, at the financial system as a whole in its full complexity is therefore essential. What is known as macroprudential supervision is closely interlinked with traditional banking supervision and besides banks also analyses insurance companies, financial markets and financial infrastructures. The seminar aims to strengthen participants theoretical and practical knowledge of the central banks role in safeguarding the stability of the financial system. The seminar is also focused on improving participants skills in assessing and monitoring risks to financial stability. The seminar will include interactive sessions in which participants will be invited to give short presentations on specific aspects of the financial stability in their home country and share their experience with colleagues. Target group The seminar is intended for central bankers who wish to enhance their knowledge of the various aspects of financial stability analysis and macroprudential policy. They should have a special interest in financial stability issues but do not necessarily need to be experts in this field. Participants are invited to take an active part in the discussions and to provide contributions on financial stability work in their jurisdiction. Content Current FSB issues European Systemic Risk Board Financial stability at the Deutsche Bundesbank Financial stability review Macroprudential policy and its instruments Stress indicators for the German financial system Monitoring financial stability in emerging markets Data foundations for financial stability and macroprudential analyses Stress tests: methods and areas of application Stability issues for the financial infrastructure Regulatory infrastructure and financial stability The shadow banking system National experience in financial stability analysis

31 Workshop Cash and cashless payments

32 Cash and cashless payments Page 31 Content Current challenges for cash management...32 Expert panel January 2015 (deadline for application: 11 December 2014) Cash management and combating counterfeit money...33 Seminar March 2015 (deadline for application: 22 January 2015) Combating counterfeit money by the National Analysis Centre...34 Expert panel October 2015 (deadline for application: 27 August 2015) Payment and securities settlement systems...35 Seminar I October 2015 (deadline for application: 03 September 2015) II December 2015 (deadline for application: 22 October 2015) Combating money laundering...36 Workshop November 2015 (deadline for application: 17 September 2015) Please apply online at

33 Cash and cashless payments Page 32 Expert panel Current challenges for cash management Duration January 2015 (4 days) Deadline for application 11 December 2014 Objective The purpose of this panel is to discuss current challenges in the framework of the national cash cycle. The expert panel will serve as a platform for central bankers to discuss current issues in cash management with a view to exchanging experience and opinions on this matter. The payment behaviour of the general public, its determinants and likely development will form a further topic for discussion. Participants are invited to provide the expert panel with their own presentations on this subject in order to stimulate debate. Target group The expert panel aims to give managers and experts from the cash areas of participating central banks the opportunity to exchange views and ideas with colleagues from other central banks through discussions and presentations on their specialist areas. In addition to your registration, please send us a short 20-minute presentation covering the following topics: Short description of the national cash cycle Function of the central bank in the cash cycle The role of private cash recycling in the cash cycle Current challenges Vision for the future Conclusion Please feel free to use charts in your cash cycle presentation.

34 Cash and cashless payments Page 33 Seminar Cash management and combating counterfeit money Duration March 2015 (5 days) Deadline for application 22 January 2015 Objective Participants will learn about modern central bank cash management methods, the changing framework for these methods and the requirements for combating counterfeit money. They will be expected to take an active part in discussions and to exchange their opinions and views during the seminar. 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. Participants should have a sound background in cash management. Content The role of the Deutsche Bundesbank in the cash cycle BMS The Deutsche Bundesbank s cash management system Workshop: Inside BMS CashEDI Electronic Data Interchange for cash payments Issuance policy for banknotes and coins, cash requirement planning Automation of cash processing Cash recycling: testing of banknote recycling machines Cash recycling and the ECB decision The National Analysis Centre: Tasks, activities and legal aspects International aspects of combating counterfeit money (together with the State Criminal Police Office) Counterfeit prevention measures Processing of damaged money Visit to the Bundesbank s Frankfurt branch Payment and withdrawal behaviour in Germany Foreign demand for euro banknotes issued in Germany

35 Cash and cashless payments Page 34 Expert panel Combating counterfeit money by the National Analysis Centre Duration October 2015 (3 days) Deadline for application 27 August 2015 Objective Participants in the panel will have the opportunity to gain an inside view of how the Deutsche Bundesbank has organised its activities to combat counterfeiting. The panel will serve as a platform for discussions with experts from the Bundesbank, for sharing experience and 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. Target group This expert panel is directed at managers and experts from the anti-counterfeiting unit. Content Organisation of the National Analysis Centre Practical issues: getting a feel for the experts day-to-day work Discussion forum on new trends and current challenges Sharing experience: Technical Central Bank Cooperation as the key to implement specific projects Group work on specific topics and hands-on exercises with technical equipment Presentation of national perspectives in the fight against the counterfeiting of money In addition to your registration, please send us a brief 15-minute presentation setting out the counterfeiting situation in your country, focusing on the following aspects: Organisation of activities to combat counterfeiting Current situation regarding counterfeiting in your country Significant challenges Vision for the future

36 Cash and cashless payments Page 35 Seminar Payment and securities settlement systems Duration I October 2015 (5 days) II December 2015 (5 days) Deadline for application I. 03 September 2015 II. 22 October 2015 Objective In this seminar, participants will be able to gain a more in-depth knowledge of payment and securities settlement systems and will be introduced to the state-ofthe-art technology in the EU. The seminar is designed to help participants enhance and refine the payment and securities settlement systems in their respective countries in a targeted manner (ie with a view to convergence with the EU). Content Role of the ESCB in payment and securities settlement systems, with a particular focus on the Deutsche Bundesbank European payment systems landscape Individual payment services at the Deutsche Bundesbank: TARGET2 Retail payments (including the Deutsche Bundesbank s retail payment services) Card payments and innovative electronic payments in Germany Single Euro Payments Area (SEPA) Securities clearing and settlement systems European developments (eg TARGET2-Securities) Collateralisation of monetary policy operations: domestic and cross-border use Payment systems oversight Target group 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.

37 Cash and cashless payments Page 36 Workshop Combating money laundering Duration November 2015 (5 days) Deadline for application 17 September 2015 Objective Combating money laundering is an area which has been steadily rising in importance over recent years. Participants will gain a greater insight into the problems associated with money laundering and the requirements under statutory regulations. Content International regulations and the legal framework in Germany Combating the financing of terrorism Discussion of case studies highlighting money laundering mechanisms AML supervision in Germany AML measures at the Bundesbank and in the financial sector Criminal justice measures/law enforcement and prosecution authorities Target group 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. Please apply online at