A German Europe or a European Germany? Under the auspices of the German Finance Ministry DRAFT AGENDA Tuesday 24 April 18.00-19.00 Pre-Registration Cocktail Reception Hosted by KfW Wintergarten, Hotel Adlon Wednesday 25 April 08.00-09.00 Registration & Coffee Foyer OPENING SESSION 09.00-09.05 Euromoney Welcome: Christopher Garnett, Director, Euromoney Conferences 09.05-09.25 Opening Address: Thomas Steffen, State Secretary, Federal Ministry of Finance 09.25-09.45 Towards a More Sustainable Europe Keynote Address: Andreas Dombret, Member of the Executive Board, Deutsche Bundesbank 09.45-10.45 PANEL I Germany and the Eurozone 10.45-11.20 Coffee Break Has Germany and its partners done enough to save the Eurozone in its current form? What will the new architecture of the Eurozone look like? Can the new European fiscal austerity framework be enforced? Is recession inevitable in the Eurozone? Why will the new European growth agenda work when the Lisbon agenda failed so miserably? Is Germany comfortable with its renewed prominence in Europe? What is the relationship between Germany and the new ECB line-up? Where does Germany fit in the task of resolving global imbalances? Panellists: Bertrand de Mazières, Director General Finance, European Investment Bank Otto Fricke, Member, Deutsche Bundestag Stephen King, Group Chief Economist, HSBC Jean Pisani-Ferry, Director, Bruegel James B. Quigley, Executive Vice Chairman of International Corporate and Investment Banking, Bank of America Merrill Lynch Foyer
11.20-12.05 Workshop A Hosted by: HSBC 12.10-12.55 Workshop C Opportunities in the Sovereign Supra Agency Market: Solutions in the Changing Competitive Environment Volatility in spreads Prospects for common bond issuance Opportunities for new products? Noticeable change in the trend of regional demand Expectations from European policymakers Moderator: Steven Major, Global Head of Fixed Income Research, HSBC Speakers: Carl Heinz Daube, Managing Director, German Finance Agency Bertrand de Mazières, Director General Finance, European Investment Bank Christophe Frankel, Chief Financial Officer, Deputy Chief Executive Officer, European Financial Stability Facility Frédéric Gabizon, Managing Director, Head of European Public Sector DCM, HSBC Philippe Mills, Chief Executive, Agence France Trésor and Chairman, Economic and Financial Sub- Committee on EU Government Bonds and Bill Markets, European Union Sven Schukat, Head of Treasury, Berlin- Hannoversche Hypothekenbank Gerassimos Thomas, Director, Directorate-General for Economic and Financial Affairs, European Commission Hosted by: Deutsche Bank Regulatory Challenges for the Banking and Insurance Industries How are the industries coping with Basel III and Solvency II? Where do both regulatory initiatives influence each other? European level playing field? Global level field? G-SIBs and G-SIIs? How do the current regulatory uncertainties influence investor behaviour? What next? Workshop B Hosted by: RBS Akademieraum I Asset Encumbrance and its Impact on Investor Behaviour and Issuance Strategies Are covered bonds eroding issuers balance sheets? Which instruments trigger assets encumbrance - are covered bonds the only driver? Over-collateralisation and substitution requirement - a concealed risk? Structural subordination vs. improved market access - where is the balance? A preferential claim of deposit protection schemes on un-encumbered assets - the final death nail for unsecured funding? Is there a need for regulatory guidelines - individual limits vs. one size fits all? Will assets encumbrance be less relevant when markets turn better again? Moderator: Christoph Anhamm, Head of Covered Bond Origination, RBS Speakers: Dirk Cupei, Director, Einlagensicherungsfond Bundesverband Deutscher Banken Georg Grodzki, Head of Credit Research, Legal & General Investment Management Götz Michl, Head of Funding, Deutsche Pfandbriefbank (pbb) Otmar Stöcker, Managing Director, vdp Workshop D Hosted by: Bank of America Merrill Lynch Akademieraum I Looking into the Crystal Ball: Bank and Corporate Funding in the Year 2017: A Futuristic Panel Discussion Between Issuer, Investor and Intermediary How strong will the disintermediation of banks be? Will the trend of, for example, insurance companies talking directly to corporate and FIG issuers be sustainable? How will Landesbanks fund post-2015 when grandfathered bonds finally run off? How will the capital structure determine access to funding/cost of funding? How much will senior unsecured investors care about the capital structure? Looking at a post-ltro world: what will be the role for senior unsecured etc? An attempt to map out the future menu
Moderators: Andreas Böger, Managing Director, Co- Head of Capital Solutions Europe and CEEMEA, Deutsche Bank and Gerald Podobnik, Managing Director, Co-Head of Capital Solutions Europe and CEEMEA, Deutsche Bank Speakers: Rainer Rauleder, Deputy Group Treasurer, Global Head of Capital Management and Treasurer Europe, Deutsche Bank Gerhard Walther, Risk Management and Controlling, KfW Elisabeth Wenusch, Deputy Group Treasurer, Prudential Achim Wiechert, Group Treasury and Corporate Finance, Allianz SE Moderator: Christian Neske, Managing Director, Bank of America Merrill Lynch Speakers: Ralph Josephs, Senior Vice President Finance, MAN SE Erik Ruettinger, Head of Credit Team, MEAG Munich Ergo Asset Management Carsten Tegtmeier, Head of Primary Products and Securitisation, NordLB Laurenz Uhl, Partner, Linklaters LLP 12.55-13.55 Lunch Ballsaal II & III AFTERNOON SESSIONS 13.55-14.40 Workshop E Hosted by: Credit Agricole CIB Transparency in the Pfandbrief Market - "You Can't Always Get What You Want...? Will new regulation in banking and insurance help transparency? Has the initiative of the VDP to publish daily prices helped transparency? How do the German Chapter 28 information on the cover pool compare to international covered bond transparency regulations? What are the current minimum requirements of investors? Speakers: Florian Eichert, Senior Covered Bond Analyst, Credit Agricole CIB Martin Gipp, Head of Funding, Helaba Holger Oberfrank, Managing Director, Head of Medium/Long Term Desk, UniCredit Bank Bodo Winkler, Head of Investor Relations, Berlin-Hannoversche Hypothekenbank Kai Wolter, Global Head of Credit Trading, Credit Agricole CIB 14.45-15.35 PANEL II Financing Corporate Germany 15.35-16.00 Coffee Break Will stress in banking markets constrain lending to the Mittelstand? Have public attempts to develop lending programmes for German companies worked? What sources of non-traditional finance are available to German companies? Do German companies need to improve corporate governance? Do German companies need to improve risk management? Are highly leveraged German companies willing to accept external investment, for example, from Russia or Asia? Moderator: Nina Flitman, Syndicated Loans and Leveraged Finance Editor, EuroWeek Panellists: Christoph Koch, Senior Vice President and Group Treasurer, Lanxess Norbert Mayer, Senior Vice President of Finance and Group Treasurer, BMW Carsten Rueth, Senior Vice President and Group Treasurer, Schaeffler Foyer
16.00-17.00 PANEL III The Nature of German Credit Has the crisis weakened or strengthened the nature of German credit? Are investors looking through Federal public debt numbers to examine Eurozone contingent liabilities? Are German agencies benefitting or suffering from the crisis? Does the weakness of key parts of the banking system have any implication for German Federal credit? How robust are public finances at a State and City level? Panellists: Ivonne Arold, Head of Fixed Income Markets Germany and Austria, Credit Agricole CIB Ernst-Albrecht Brockhaus, Member of the Executive Board, FMS Wertmanagement Frank Czichowski, Senior Vice President and Treasurer, KfW Carl Heinz Daube, Managing Director, German Finance Agency Frank Scheidig, Global Head of Capital Markets Sales International, DZ BANK 17.00-17.40 Debate: Is Germany the problem child of the Eurozone, or its saviour? Speakers: Prof. Dr. Christian Dreger, Head of Department, Macroeconomics, DIW Berlin Prof. Dr. Markus C. Kerber, Founder, EuroPolis and Professor of Public Finance and Political Economy, Technology University Berlin Prof. Dr. Günther Rehme, Visiting Professor of Economics, Humboldt University 18.00-late Sponsors Party FELIX Club & Restaurant (Behrenstraße 72, Berlin) Opening Remarks: Carl Heinz Daube, Managing Director, German Finance Agency Thursday 26 April 09.00-09.20 Registration Foyer ALL SESSIONS 09.20-09.25 Euromoney Welcome: Andrew Lennon, Conference Director, Euromoney Conferences 09.25-09.50 Interview with Michael Bonacker, Divisional Board Member, Strategy and Group Development, Commerzbank Interviewed by Mark Johnson, Editor, Euromoney Conferences 09.50-10.35 PANEL IV The German Banking System How healthy is the German banking system? How have banks managed their exposure to stressed Eurozone credits? How much capital do German banks need to raise? Will they able to meet those targets? Will the Federal Government need to step in? Are German banks able to fund themselves adequately? Will we see more consolidation among German banks? Panellists: Tammo Diemer, Managing Director, Head of Treasury, Aareal Bank Stefan Hoops, Managing Director, Co-Head Large Institutional Client Coverage Germany, Deutsche Bank Timm Höynck, Treasurer, HSH Nordbank Karl-Peter Schackmann-Fallis, Member of the Board, Deutscher Sparkassen und Giroverband (DSGV) Frank Will, Head of Covered Bond/Supra and Agency Research, RBS
10.35-11.20 Workshop F Hosted by: DZ BANK 11.20-11.40 Coffee Break Current Trends in the Execution of Bonds: From the Perspective of Issuers, Investors and Syndicates State of the art execution and what has changed during the financial crisis What are the latest developments in ICMA recommendations for the primary market? What is the perspective of the investors and the issuers? Moderator: Arnold Fohler, Managing Director, Head of Debt Capital Markets, DZ BANK Speakers: Ruari Ewing, Director, Primary Markets - Market Practice and Regulatory Policy, ICMA Ralph Ockert, Head of Syndicate, DZ BANK Aldo Romani, Deputy Head of Funding, Euro, European Investment Bank Foyer 11.40-12.25 Panel V Remaking the German Investment Industry Does the German investment industry deliver adequate returns to savers? If not, how can it be restructured? How are German investors managing a world in which risk free benchmarks have been overturned? How can German insurers achieve a viable investment model? Has pension reform gone far enough to cope with the country s demographic challenges? Moderator: Andrew Capon, Writer on Markets, Investment, and Asset Management Panellists: Christoph Kind, Head of Asset Allocation, Frankfurt Trust Ingo Mainert, Member of the Board and Chief Investment Officer, Multi Asset Europe, Allianz Global Investors Thomas Richter, Director General, Bundesverband Investment und Asset Management (BVI) 12.25-13.10 Panel VI Germany Inc: Looking to the Future What is the German growth outlook? What are the key risks to German growth? Can Germany s export-driven economic model continue to deliver results? Does German business need to shift the benefits of economic growth from capital to labour? Has recent German economic success obscured the need for longer-term reform, for example in the service sector? Does Germany have adequate human capital for long-term economic success? Panellists: Prof. Dr. Michael Eilfort, Member of the Board, Stiftung Marktwirtschaft Holger Schmieding, Chief Economist, Berenberg Bank Alexander Schumann, Chief Economist, DIHK (The Association of German Chambers of Industry and Commerce) 13.10-14.00 Lunch and Close of Conference Bel Etage Euromoney Conferences reserves the right to amend the programme and is not responsible for cancellations due to unforeseen circumstances. Euromoney Conferences accepts no responsibility for statements made verbally or in written material distributed by any of its speakers at its conferences. In addition, Euromoney Conferences is not responsible for any copying, republication or redistribution of such statements.