Centre for Technical Central Bank Cooperation International Central Banking Courses 2018

Transcription

1 Centre for Technical Central Bank Cooperation International Central Banking Courses 2018 Foto: Jan Eckert

2 Centre for Technical Central Bank Cooperation International Central Banking Courses 2018

3 Foreword...4 Introduction...6 Our team...7 Our range of international central banking courses...8 Annual overview of our courses...12 Monetary policy...14 Macroeconomic analysis and forecasting...16 Monetary policy frameworks...17 Issues in monetary policy implementation...18 Monetary policy implementation using an interest steering approach...20 Foreign reserve management...21 Monetary policy implementation in the Eurosystem...22 Analytical tools for monetary policy...23 Monetary policy implementation...71 In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank Banking supervision...24 Stress tests methods and areas of application...26 Banking supervision within the Basel framework Course level I...27 On-site banking supervision...28 Banking supervision within the Basel framework Course level II...29 Banking supervision within the Basel framework...70 In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank Financial and monetary system...30 Digital financial innovations...32 Financial stability, systemic risk and macroprudential policy Course level I...33 Recovery and resolution with a focus on credit institutions...34 Financial stability, systemic risk and macroprudential policy Course level II...36 Understanding the monetary and financial system...37 Developing financial markets...39

4 Cash management and payment systems...40 Current challenges for cash management...42 Cash management and combating counterfeit money...43 Combating counterfeit money by the National Analysis Centre...44 Payment and securities settlement systems...45 Combating money laundering...46 Good governance...48 Economic education the role of central banks...50 Public procurement...51 Auditing internal services and support functions at a central bank...52 Data sharing...53 Operational risk management, continuity management and crisis management...54 Human resources management...55 Public relations...56 Central bank governance...57 Design and application of a quality assurance and improvement programme (QAIP) best practices...58 Document management...59 Controlling at central banks...61 Statistics...62 Big data and central banking...64 Seasonal adjustment of economic data...65 Price and volume indices in official statistics theory and practice...66 Courses in cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank Banking supervision within the Basel framework...70 Monetary policy implementation...71 Course impressions...72 Administrative information...74 Inside the Deutsche Bundesbank...76 Our venues...78

5 Foreword Page 4 Foreword Dr Jens Weidmann President Deutsche Bundesbank Photo: DGaby Gerster In 2017, the Bundesbank celebrated its 60th anniversary under the motto Committed to a stable currency. This theme also reflects our awareness that it is not sufficient to keep just our own house in order. As we share responsibility for the euro and for ensuring a stable financial system, we need to look beyond our own borders, especially but not only within Europe. In fact, there is a long tradition of cooperation between central banks. Its origins date back to the first half of the 20th century. At that time, there was growing recognition that autonomous monetary policy decisions have side effects on economic conditions in other countries (policy spillovers), which exacerbate existing imbalances and in doing so can increase the probability of crises. Conversely, living as we do in a time of increasingly interconnected global markets, there is little prospect of tackling the current challenges single-handedly anymore, as the response to the economic and financial crisis has shown. Over time, various types of institutionalised cooperation have developed, eg in the committees of the Bank for International Settlements or through membership of the International Monetary Fund. In addition, the role played by informal dialogue between central banks at a lower level should not be underestimated. Not only does this help broaden the shared knowledge base and exchange experience, it also contributes to building mutual understanding at all levels of the hier-

6 Foreword Page 5 archy. This type of environment is particularly suitable for fostering a shared understanding of stability in the face of increasingly complex tasks. Next year our international central banking courses will once again provide a platform for our colleagues at central banks outside the European Union and the traditional group of industrial countries, in particular, to exchange ideas and experiences. Depending on the target group, we would like not only to help newcomers get on board in the world of central banking, but also to facilitate an in-depth exchange of ideas on cutting edge topics through expert panels. The monetary policy and regulatory response to the economic and financial crisis will once again feature prominently in the programme, alongside both traditional central banking topics related to our core business activities and good governance. Furthermore, the impact of technological development on the world of central banking will continue to be a major theme on the current agenda. Following this year s expert panel on blockchain, we will round off our course programme next year with expert panels on digital financial innovation and data sharing. Dr Andreas Dombret Member of the Executive Board Deutsche Bundesbank Photo: Frank Rumpenhorst We hope that our programme for 2018 will be of interest to you and we would be delighted to welcome you to the Bundesbank next year for one of our international central banking courses.

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 assistance for executives and other members of staff 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 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 Bundesbank to discuss specific issues with in-house experts running course programmes in Germany and abroad. All these activities, which draw on the entire resources of the 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. The international central banking courses take place in Frankfurt, Munich, Mainz, Eltville and Vienna. The Bundesbank provides accommodation to all participants for the duration of the course. Meals taken with other course members and excursions to places of interest 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 2018 can be found on the following pages. Finally, we encourage you to visit the Deutsche Bundesbank s website where you can watch our video on Technical Central Bank Cooperation:

8 Our team Page 7 Our team Photo: Bert Bostelmann Back row (left to right): Jens Fuhrmann, Daniel Januschka, Dr Sonja Juko, Jan Eckert, Jörn Flegler, Dr Martin Pontzen Middle row (left to right): Anika Hollmann, Ralf Hannemann, Silke Frühklug, Maximilian Paulus, Malte Vieth, Katja Hofmann Front row (left to right): Christoph Stute, Christa Lampe, Birgit Engelmann, Lisa Bauscher, Martin Dinkelborg (Director), Claudia Brune (Deputy Director), Dr Martine Niederkorn, Silke Schrupp At the Deutsche Bundesbank s Centre for Technical Central Bank Cooperation, a dedicated 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 our international central banking courses due to be held mostly in Frankfurt in The course organisation team: internationalcourses@bundesbank.de

9 Our range of international central banking courses Page 8 Our range of international central banking courses Course level I Level I courses cover core aspects of central banking or supervision with the aim of offering a general overview and transmitting basic knowledge in major central banking topics. They also provide a platform for discussion and give participants an opportunity to exchange views and ideas with central bankers from around the world. The various lectures, which are held by Bundesbank experts and external specialists, are supplemented by workshops or exercises and the possibility for discussion. The courses are primarily targeted at young professionals with work experience of up to two years in the designated central banking field or a central bank area that is related to the topic of the course. Our level I courses in 2018 Banking supervision within the Basel framework Course level I Financial stability, systemic risk and macroprudential policy Course level I Monetary policy frameworks Data Sharing Monetary policy implementation using an interest steering approach Understanding the monetary and financial system Seasonal adjustment of economic data Price and volume indices in official statistics theory and practice Banking supervision within the Basel framework in cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank Monetary policy implementation in cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank

10 Our range of international central banking courses Page 9 Course level II Courses focus on specific subjects related to central bank tasks. These topics will be treated at an advanced level and shall facilitate an in-depth analysis. They are also designed to enable participants to exchange their views and to deepen and broaden knowledge or to generate new opinions and ideas. Courses involve lectures, group work, case studies or discussions. The courses require an active contribution by participants. The lectures will be held by Bundesbank specialists and external experts. The courses are primarily directed at experienced employees with more than two years of work experience in the respective central banking field. Participants are expected to have a basic expertise and to be familiar with general aspects in the working area which will be the focus of the course. Our level II courses in 2018 On-site banking supervision Macroeconomic analysis and forecasting Cash management and combating counterfeit money Financial stability, systemic risk and macroprudential policy Course level II Data Sharing Payment and securities settlement systems Foreign reserve management Monetary policy implementation in the Eurosystem Banking supervision within the Basel framework Course level II Human resources management Public relations Central bank governance Analytical tools for monetary policy Developing financial markets Controlling at central banks Combating money laundering Banking supervision within the Basel framework in cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank

11 Our range of international central banking courses Page 10 Expert panels Expert panels are designed to provide central bank employees with a discussion platform to share their experience and knowledge about very specific central banking topics. Participants are expected to actively contribute to the discussion. Experts are requested to submit a paper or a presentation in advance to be presented during the panel. Expert panels require a considerable amount of active participation, high proficiency in English and a true interest in engaging in discussions with central bankers from around the world. Expert panels are aimed exclusively at experienced employees, ideally with work experience of more than five years. Participants should have 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. Our expert panels in 2018 Stress tests methods and areas of application Current challenges for cash management Digital financial innovations Economic education the role of central banks Big data and central banking Public procurement Auditing internal services and support functions at a central bank Combating counterfeit money by the National Analysis Centre Issues in monetary policy implementation Recovery and resolution with a focus on credit institutions Operational risk management, continuity management and crisis management Design and application of a quality assurance and improvement programme (QAIP) best practices Document management

12 Our range of international central banking courses Page 11 Ad hoc expert panels In addition, the Deutsche Bundesbank s Centre for Technical Central Bank Cooperation will 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 a suggestion for a possible ad hoc expert panel, please send us your proposal by internationalcourses@bundesbank.de Course level I core aspects of central bank tasks lectures, exercises, discussions or workshops young professionals with work experience up to two years Course level II specific aspects of central bank tasks at an advanced level lectures, exercises, discussions, workshops, group work, case studies experienced professionals with work experience of more than two years Expert panel specific aspects of central bank tasks at an advanced level expert discussions, case studies/ country experience presented by panel participants, hands-on exercises experienced professionals in a specific field of central banking ideally with work experience of more than 5 years

13 Annual overview of our courses Page 12 Annual overview of our courses Date Title Course type Venue Page January Jan Stress tests methods and areas of application Expert panel Frankfurt Jan Banking supervision within the Basel framework Course level I Level I Frankfurt Jan Banking supervision within the Basel framework* Level I and Level II Vienna Jan Current challenges for cash management Expert panel Frankfurt 42 February 5 9 Feb On-site banking supervision Level II Munich Feb Digital financial innovations Expert panel Eltville Feb Macroeconomic analysis and forecasting Level II Frankfurt Feb 2 Mar Cash management and combating counterfeit money Level II Frankfurt 43 March Mar Economic education - the role of central banks Expert panel Frankfurt Mar Monetary policy implementation* Level I Vienna Mar Financial stability, systemic risk and macroprudential policy - Course level I Level I Frankfurt 33 April 9 11 Apr Big data and central banking Expert panel Frankfurt Apr Monetary policy frameworks Level I Frankfurt Apr Public procurement Expert panel Eltville Apr Auditing internal services and support functions at a central bank Expert panel Frankfurt 52 May May Issues in monetary policy implementation Expert panel Frankfurt May Combating counterfeit money by the National Analysis Centre Expert panel Mainz May Recovery and resolution with a focus on credit institutions Expert panel Frankfurt 34 June 4 8 June Financial stability, systemic risk and macroprudential policy Course level II Level II Frankfurt June Data sharing Level I and Level II Frankfurt June Monetary policy implementation using an interest steering approach Level I Frankfurt 20

14 Annual overview of our courses Page 13 Date Title Course type Venue Page July 2 6 July Payment and securities settlement systems Level II Frankfurt July Foreign reserve management Level II Frankfurt July Understanding the monetary and financial system Level I Frankfurt 37 August 6 10 Aug Monetary policy implementation in the Eurosystem Level II Frankfurt Aug Operational risk management, continuity management and crisis management Expert panel Frankfurt Aug Banking supervision within the Basel framework Course level II Level II Frankfurt Aug Human resources management Level II Eltville 55 September Sep Public relations Level II Frankfurt 56 October 8 12 Oct Seasonal adjustment of economic data Level I Frankfurt Oct Central bank governance Level II Frankfurt Oct Design and application of a quality assurance and improvement programme (QAIP) best practices Expert panel Frankfurt Oct Document management Expert panel Frankfurt Oct Analytical tools for monetary policy Level II Frankfurt 23 November 5 9 Nov Developing financial markets Level II Frankfurt Nov Controlling at central banks Level II Frankfurt Nov Price and volume indices in official statistics theory and practice Level I Frankfurt 66 December 3 7 Dec Combating money laundering Level II Frankfurt Dec Payment and securities settlement systems Level II Frankfurt 45 * in cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank

15 Workshop Monetary policy Photo: Dieter Rosen

16 Monetary policy Page 15 Macroeconomic analysis and forecasting February 2018 (deadline for application: 29 December 2017) Monetary policy frameworks April 2018 (deadline for application: 23 February 2018) Issues in monetary policy implementation May 2018 (deadline for application: 23 March 2018) Monetary policy implementation using an interest rate steering approach June 2018 (deadline for application: 27 April 2018) Foreign reserve management July 2018 (deadline for application: 25 May 2018) Monetary policy implementation in the Eurosystem August 2018 (deadline for application: 15 June 2018) Analytical tools for monetary policy October 2018 (deadline for application: 7 September 2018) Please apply online at

17 Monetary policy Page 16 Course level II Macroeconomic analysis and forecasting Duration February 2018 (3 days) Deadline for application 29 December 2017 Venue Frankfurt Objective Monetary policy decisions require a thorough analysis of the national and international macroeconomic environment. Central banks have to develop sophisticated analytical skills in order to model complex macroeconomic relationships and forecast their underlying potential to cause risks to price stability. This 3-day course provides an overview of the modelling and forecasting approach used by the Deutsche Bundesbank in the context of the monetary policy decision-making process in the euro area. The focus is on the practical aspects of the macroeconomic analysis. Bundesbank experts will present and discuss key fundamentals of their regular analytical work. The programme will begin with a general discussion of the macroeconometric models and forecasting tools used by Bundesbank experts, distinguishing between short-term and medium-term analysis. The course will then cover specific analytical approaches that Bundesbank staff use to assess developments in the selected segments of the economy such as the labour and the housing market. Analysis and forecast of the international environment Short-term macroeconomic projections Macroeconometric model of the Bundesbank Macroeconomic forecasting at the Bundesbank Simulation exercise and scenario analysis with macroeconometric models Potential output and medium term projections Analysis and projections of labour market and wage developments Analysis of the housing market and projections of house prices Analysis of price developments and inflation forecasting Research projects related to macroeconomic forecasting Junior to mid-level central bank officials working in the area of macroeconomic analysis. Please note: The course does not cover topics related to the deeper analysis of monetary and financial developments. There is a separate course on this (see course on Analytical tools for monetary policy ; page 23). What is more, the course does not provide an introduction to econometrics or specific modelling techniques. Potential candidates who wish to apply for the course should have a sound understanding of basic econometric methods.

18 Monetary policy Page 17 Course level I Monetary policy frameworks Duration April 2018 (5 days) Deadline for application 23 February 2018 Venue Frankfurt Objective Central banks conduct monetary policy in the context of a country-specific policy framework. Despite their particularities, monetary policy frameworks consist of a common set of key elements. This 5-day course aims to provide an introduction to monetary policy frameworks and an overview of their basic features. After the course, participants should have a broad understanding of the key aspects of monetary policy frameworks and be familiar with major issues related to them. For this purpose, key elements that central banks have to establish in order to set up a monetary policy framework will be discussed individually to allow for a deeper reflection of relevant issues. The content will be presented through a mixture of lectures introducing key concepts. Lectures will be complemented by moderated workshops in the form of case studies and group discussions in which participants are expected to contribute actively. Review of theoretical basics of monetary policy Key elements of monetary policy frameworks Consistency and conflict of interests Policy strategy vs implementation Monetary policy mandates and objectives Monetary policy anchors / intermediate targets Policy analysis and decision making: rules vs discretion Operational targets and monetary policy instruments The role of monetary policy communication The content level of the course is targeted at junior central bankers with little to no knowledge and work experience in the area of monetary policy who are interested in getting a general overview of monetary policy frameworks and gaining a basic understanding of their key elements and issues related to them. The course is meant mainly for staff who have only recently started working in the area of monetary policy. It may also be of interest for staff working in other central bank areas that are somehow related to monetary policy such as communication, financial stability, banking supervision, payment systems or statistics.

19 Monetary policy Page 18 Expert panel Issues in monetary policy implementation Duration May 2018 (3 days) Deadline for application 23 March 2018 Venue Frankfurt Objective Monetary policy implementation is not static. It has to adjust to changes in the policy environment (eg developments in the financial sector) and the evolution of the monetary policy stance that may cause new issues and create challenges for policy implementation. In order to ensure a smooth transmission of their monetary policy stance into the financial and the real sector, central banks have to regularly review and assess the functionality and effectiveness of their operational frameworks and work out ways to address weaknesses in their implementation approach. Against this background, central banks are permanently faced with the challenge of selecting and calibrating the way in which they implement their monetary policy without becoming erratic, inconsistent and unpredictable in their actions. The expert panel aims to bring together central bank experts from around the world to discuss current issues and challenges related to the implementation of monetary policy and to exchange views, experiences and innovative ideas on how to deal with them. The specific topics that will be covered in the expert panel depend largely on the input of participants. The list below contains topics that expert panel participants may choose to present in a case study. Liquidity analysis and forecasting How has your central bank improved the liquidity analysis and forecasting over time? What specific techniques can you recommend to produce reliable forecasts? Optimal design of monetary policy instruments What is the rationale behind the choice of monetary policy instruments? What were the arguments to opt for specific design features of individual policy instruments? What are based on your central bank s experience advantages and disadvantages of specific design features? How does your central bank assess and ensure consistency in the operational framework? How does your central bank deal with external criticism (eg of counterparties) regarding its monetary policy instruments? Effectiveness of the operational framework and changes to monetary policy instruments How does your central bank monitor and assess the effectiveness of the operational framework/ individual monetary policy instruments? What kind of internal analysis is prepared on a regular basis to review the need for adjustments? What measures has the central bank introduced to make policy implementation more effective? What major changes has your central bank introduced in order to promote the effectiveness of monetary policy instruments? What were the main reasons for these changes? How were operational changes introduced and phased in? How did the central bank involve counterparties in the process or prepare them for upcoming changes?

20 Monetary policy Page 19 The expert panel is targeted at mid and senior-level central bankers who are directly involved and have at least 5 years of work experience in monetary policy implementation. Candidates should have an extensive knowledge and sound understanding of different sub-dimensions of policy implementation, in particular liquidity analysis and the management and the design of operational frameworks. Participants will be expected to contribute actively to the panel by presenting a short country case study focusing on one specific topic that offers useful insights and illuminating ideas for other central banks. Photo: Jan Eckert

21 Monetary policy Page 20 Course level I Monetary policy implementation using an interest rate steering approach Duration June 2018 (5 days) Deadline for application 27 April 2018 Venue Frankfurt Objective The financial crisis and the introduction of quantitative easing have led numerous central banks to adopt an implementation approach that relies on an active use of their balance sheets. Despite the operational changes that have taken place in recent years, interest rate steering remains the fundamental underlying concept of monetary policy implementation, not only in developed economies. Under this approach, central banks manage liquidity and their balance sheet in a rather passive and market-oriented way in order to steer the interest rate level in the economy. This 5-day course aims to provide an overview and a basic understanding of monetary policy implementation following an interest rate steering approach. After the course, participants should have a good general understanding of how central banks steer interest rates and the key issues related to this approach. The content will be presented through a mixture of lectures introducing basic concepts and fundamental aspects. Lectures will be complemented by moderated workshops in the form of case studies, group discussions and simulations in which participants are expected to contribute actively. Review of key elements of monetary policy frameworks Operational framework and monetary policy instruments Interest rate corridor and design of standing facilities Central bank liquidity: analysis and management Interbank (money) market and central bank open market operations: role and functioning Reserve requirements The content level of the course is targeted at junior central bankers with little to no prior knowledge and work experience related to the course topic who are interested in gaining a broad overview and a general understanding of how monetary policy is implemented using an interest rate steering approach. The course is primarily designed for staff working in the area of monetary policy, but could also be of interest for staff who work in central bank communication.

22 Monetary policy Page 21 Course level ll Foreign reserve management Duration July 2018 (5 days) Deadline for application 25 May 2018 Venue Frankfurt Objective In recent years, foreign reserve managers have been challenged by low or negative interest rates. At the same time, counterparty and liquidity risk have increased. This course aims to explain the current reserve management policies and practices of the Bundesbank and the ECB. Special attention will be paid to portfolio management and diversification, as well as the attractiveness of the various financial instruments used in reserve management. The course will also focus on risk management issues and benchmarking. Management of the ECB s and the Bundesbank s foreign reserves Reserve management service offered by the Bundesbank 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 The course 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. To broaden the perspective, participants will be asked to make an active contribution to discussions and to share their national experience of selected aspects relating to reserve management.

23 Monetary policy Page 22 Course level II Monetary policy implementation in the Eurosystem Duration 6 10 August 2018 (5 days) Deadline for application 15 June 2018 Venue Frankfurt Objective While the ultimate objectives of monetary policy are often fairly similar, central banks diverge in how they operationalise and implement their monetary policy goal(s). The specification of operational frameworks and, more particularly, the choice of the operational target, the selection and the design of policy instruments as well as the specific procedures and methods that central banks apply reveal significant differences. Despite increased efforts to provide extensive public information and explain central bank actions in a transparent way, it often remains difficult for outsiders to fully understand how monetary policy is implemented in practice and the motives that explain a central bank s operational decisions. Against this background, this 5-day course aims to offer deeper insights and explain how monetary policy is implemented within the Eurosystem, ie the system of central banks responsible for the single monetary policy of the euro area. The focus of individual course sessions will be on key aspects of monetary policy implementation in the Eurosystem, ie the general operational framework, the use and evolution of individual policy instruments and the procedures applied within the context of monetary union. The course also provides a platform for participants to reflect on and discuss how monetary policy implementation in the euro area differs from the way it is done in their countries. The content will be presented through a mix of lectures that are supplemented by group discussions. Macroeconomic and institutional context General monetary policy framework Liquidity analysis and liquidity management in the monetary union General operational framework and set of policy instruments Evolution and use of non-standard measures Open market operations and associated procedures Counterparty monitoring Risk control framework Collateral management The content level of the course is targeted at midlevel central bankers working in the area of monetary policy implementation who are interested in gaining an overview and a deeper understanding of how monetary policy is implemented in the context of European monetary union. Candidates should have a sound general understanding of key concepts as well as the various tasks related to monetary policy implementation and should have practical work experience of a minimum of two years in that area (eg design of operational framework and monetary policy instruments, liquidity analysis, carrying out open market operations).

24 Monetary policy Page 23 Course level II Analytical tools for monetary policy Duration October 2018 (3 days) Deadline for application 7 September 2018 Venue Frankfurt Objective Monetary policy decision-making requires a thorough analysis of economic, monetary and financial developments. Central banks have to construct an analytical framework, ie a systematic and structured analysis encompassing all aspects that are essential to support the decision-making process and the formulation of a monetary policy stance. The analytical framework should be based on and tailored to meet the requirements of the underlying monetary policy strategy. This 3-day course provides an overview of various analytical tools used by the Deutsche Bundesbank in the context of the monetary policy decision-making process in the euro area. The focus is on the practical aspects of the monetary policy analysis. Bundesbank experts will present and discuss key fundamentals of their regular analytical work. The programme covers specific approaches that Bundesbank staff use to monitor and assess developments in the money market, in the area of money and credit, in capital markets as well as in relation to the monetary transmission process. Money market analysis Monetary analysis Capital markets analysis Monetary transmission analysis Current research projects related to monetary policy Junior to mid-level central bank officials working in the area of monetary analysis or financial market analysis. Please note: The course does not cover topics related to broader macroeconomic analysis. There is a separate course on this (see course on Macroeconomic analysis and forecasting ; page 16). What is more, the course does not provide an introduction to econometrics or specific modelling techniques. Potential candidates who wish to apply for the course should have a sound understanding of macroeconomic theory and econometric methods.

25 Workshop Banking supervision Photo: Justin Lightley

26 Banking supervision Page 25 Stress tests methods and areas of application January 2018 (deadline for application: 1 December 2017) Banking supervision within the Basel framework Course level I January 2018 (deadline for application: 8 December 2017) On-site banking supervision February 2018 (deadline for application: 22 December 2017) Banking supervision within the Basel framework Course level II August 2018 (deadline for application: 6 July 2018) Please apply online at

27 Banking supervision Page 26 Expert panel Stress tests methods and areas of application Duration January 2018 (3 days) Deadline for application 1 December 2017 Venue Frankfurt 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 Objective The importance of comprehensive risk management and its constant ongoing development has been made abundantly clear by recent developments 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. The course is aimed at experts in banking supervision or financial stability with a sound background in stress testing. They should have 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. 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.

28 Banking supervision Page 27 Course level I Banking supervision within the Basel framework Course level I Duration January 2018 (5 days) Deadline for application 8 December 2017 Venue Frankfurt 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 the banking sector. In this context, the three pillars of Basel II have been considerably updated and supplemented. Specifically, Basel III focuses on strengthening the quality and quantity of the regulatory capital framework, introduces a global liquidity standard, deploys measures to reduce cyclicality, introduces a leverage ratio and provides a basic approach to regulating systemically important banks. The Basel framework is also a major component of the regulatory harmonisation process within the European Union and was transposed via the Capital Requirements Directive IV package and implemented in The course aims to impart comprehensive expert knowledge on major issues relating to the implementation of the Basel III framework in the EU and Germany. The course will focus on both theory and practice, where possible. A key focus of the course will be an introduction to major Pillar 2 issues (supervisory review process). 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 credit risk, operational risk, market 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) Business model analysis Supplemental Pillar 2 guidance German implementation: ICAAP and SREP Supervision of IT risks including cyber risks Pillar 3: market discipline This course is aimed at bank inspectors and employees working in the banking supervision department of their central bank or supervisory authority. 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 institution and should be prepared to take an active part in discussions.

29 Banking supervision Page 28 Course level II On-site banking supervision Duration 5-9 February 2018 (5 days) Deadline for application 22 December 2017 Venue Munich Objective The course 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 course will focus on risk-based examination as well as on common analytical and supervisory topics and techniques. In particular, supervisory experts from the Bundesbank will provide policy background information and share hands-on experience about how Pillar 2 of Basel II is implemented via on-site inspections (eg for credit, market or liquidity risk). The course will include interactive sessions in which participants will be invited to give short presentations about specific aspects of on-site supervisory processes in their home country and share their experience. The Single Supervisory Mechanism (SSM) as part of the European banking union, including new regulatory requirements such as Basel III Banking supervision in Germany Introduction to on-site inspections Inspection approach Types of inspections Inspection planning and organisation On-site inspection process Documentation and wrap-up Introduction to the German qualitative regulations as laid out in the Minimum Requirements for Risk Management Qualitative and quantitative supervisory regulations and review thereof General risk management requirements Risk management and risk-taking capacity Credit business and credit risk Trading business and market risk Liquidity risk Operational risk Information technology security, IT risk, and business continuity management National experience with regard to on-site inspections This course is aimed at bank inspectors and senior employees working in the banking supervision department of their central bank or supervisory authority. 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 home 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.

30 Banking supervision Page 29 Course level II Banking supervision within the Basel framework Course level II Duration August 2018 (5 days) Deadline for application 6 July 2018 Venue Frankfurt 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 the banking sector. In this context, the three pillars of Basel II have been considerably updated and supplemented. Specifically, Basel III focuses on strengthening the quality and quantity of the regulatory capital framework, introduces a global liquidity standard, deploys measures to reduce cyclicality, introduces a leverage ratio and provides 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 This course aims to impart comprehensive expert knowledge on major issues relating to the implementation of the Basel III framework in the EU and Germany. The course will focus on both theory and practice, where possible. A key focus of the course will be an introduction to major Pillar 2 issues (supervisory review process). Unlike the level I course, the level II 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. 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 credit risk, securitisation, counterparty credit risk, market risk, operational risk Macroprudential instruments capital conservation buffer, countercyclical capital buffer, systemic risk buffer Leverage ratio Liquidity standards, monitoring tools, management principles Pillar 2: ICAAP, SREP business model analysis Corporate governance The level II course is aimed at experts from central banks and supervisory authorities involved in the implementation of 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 should be prepared to take an active part in the discussions.

31 Workshop Financial and monetary system Photo: gettyimages/susanneb

32 Financial and monetary system Page 31 Digital financial innovations February 2018 (deadline for application: 29 December 2017) Financial stability, systemic risk and macroprudential policy Course level I March 2018 (deadline for application: 26 January 2018) Recovery and resolution with a focus on credit institutions May 2018 (deadline for application: 30 March 2018) Financial stability, systemic risk and macroprudential policy Course level II June 2018 (deadline for application: 13 April 2018) Understanding the monetary and financial system July 2018 (deadline for application: 1 June 2018) Developing financial markets November 2018 (deadline for application: 14 September 2018) Please apply online at

33 Financial and monetary system Page 32 Expert panel Digital financial innovations Duration February 2018 (3 days) Deadline for application 29 December 2017 Venue Eltville the direction in which disintermediation might go. There are already cases of fintechs and incumbent financial intermediaries starting to cooperate, of fintechs being bought up, and of established financial intermediaries developing new technologies themselves. In addition, the expert panel will also discuss digitalisation in payments, ie new products, new players and new challenges. Objective Providers of technically enabled innovations such as crowdfunding platforms and of new digital technologies for the financial services industry also called fintechs have experienced significant growth in recent years. Benefits of these developments might include efficiency improvements by reducing costs and facilitating competition, which contributes positively to consumer welfare, innovation and economic development. Identifying and mitigating potential risks to financial stability and finding the right balance with the potential benefits of digital finance are key challenges, also for central banks and regulators. Therefore, this expert panel will first of all provide an overview of fields of applications, opportunities and risks of technology-enabled financial innovations. It will be a platform to discuss possible risks to the financial system and whether regulatory answers are necessary (and if so, which ones). Secondly, the expert panel will also focus on the impact on the traditional banking industry as fintechs may add further pressure to banks already beleaguered profitability. The expert panel will discuss This expert panel is designed to provide central bank employees with a discussion platform to share their experience and knowledge. We therefore expect participants to actively contribute. Participants might be requested to submit a paper or presentation. Fields of applications of technology-enabled financial innovations Opportunities and risks of fintech-induced disintermediation Digital financial innovations and related systemic risks Influence of digital financial innovations on the traditional banking landscape Impact on financial and banking regulation Digitalisation in payments Central bank experts in the following areas: financial stability, banking regulation, payment systems.

34 Financial and monetary system Page 33 Course level I Financial stability, systemic risk and macroprudential policy Course level I Duration March 2018 (5 days) Deadline for application 26 January 2018 itoring risks to financial stability. The course will include interactive sessions in which participants will be invited to give short presentations on specific aspects of financial stability in their home country and share their experience with colleagues. Venue Frankfurt Objective As the guardian of price stability, the 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 Bundesbank has in-depth knowledge of German credit institutions business situation. However, today financial institutions and financial markets 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 course aims to strengthen participants theoretical and practical knowledge of central banks role in safeguarding the stability of the financial system. The course also focuses on improving participants skills in assessing and mon- Current Financial Stability Board (FSB) issues European Systemic Risk Board Financial stability at the Bundesbank Financial Stability Review Macroprudential surveillance of the banking system Macroprudential policies and housing prices Early warning models International financial linkages and spillovers Data foundations for financial stability and macroprudential analyses Stress testing the banking system Stability issues for the insurance sector Stability issues for financial infrastructure The shadow banking system National experience with regard to financial stability analysis The course 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.

35 Financial and monetary system Page 34 Expert panel Recovery and resolution with a focus on credit institutions Duration May 2018 (3 days) Deadline for application 30 March 2018 Venue Frankfurt Background One of the key lessons learned from the financial crisis starting in is that the existing legal framework proved insufficient and a set of adequate tools was required to deal effectively with unsound or failing credit institutions. To this end, the European Union enacted the Bank Recovery and Resolution Directive (BRRD) in May 2014, establishing a new set of harmonised recovery and resolution instruments and powers within all EU member states as of 1 January While the BRRD leaves the powers over and application of these tools in the hands of national authorities, a centralised European decision-making mechanism in the form of the Single Resolution Mechanism (SRM), operational since 2016, was adopted for those institutions subject to the Single Supervisory Mechanism (SSM), generally transferring the authority to resolve credit institutions from the national level to the European Union level. The SRM forms an integral part of the European Banking Union and complements the SSM, which confers upon the European Central Bank (ECB) specific tasks in the prudential supervision of euro-area credit institutions and credit institutions of non-euro-area states which participate voluntarily through close cooperation between the ECB and the national competent authority. Objective The course will focus not only on the newly enacted recovery and resolution regime at the international, European and national level, but will also cover how it ties in with prudential supervision under the SSM and its function as part of the European banking union. Attention will also be given to possible conflicts of interest that institutions involved in the resolution process may face and that might impact on their role in monetary policy, banking supervision and/or competition. The expert panel will not only provide information, it will also create a platform for participants to discuss the recovery and resolution regime as well as related initiatives for improved crisis management in other jurisdictions and to share experiences in this field. To this end, participants will be expected to prepare contributions. 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

36 Financial and monetary system Page 35 powers in Germany: the role of the German Federal Financial Supervisory Authority (BaFin), and the Bundesbank National experience in crisis management and resolution, particularly with regard to the restructuring and resolution of credit institutions Reflections on a future recovery and resolution regime for CCPs 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. Central banks in developing or emerging economies, in particular, are encouraged to nominate staff members. Photo: Jan Eckert

37 Financial and monetary system Page 36 Course level II Financial stability, systemic risk and macroprudential policy Course level II Duration 4 8 June 2018 (5 days) Deadline for application 13 Aprill 2018 Venue Frankfurt The course aims to offer high-quality training and to familiarise participants with best practices and new developments in financial stability and macroprudential policy. Participants will be invited to join the discussion and share their experience with others. Active participation will be encouraged, in particular, by an interactive case study, which will serve as the common thread for the entire course. Objective The 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 Bundesbank has gained in-depth knowledge of German credit institutions business situation. However, today financial institutions and financial markets 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. Current Financial Stability Board (FSB) issues European Systemic Risk Board Financial stability at the Bundesbank Financial Stability Review Macroprudential surveillance of the banking system Macroprudential policies and housing prices Early warning models International financial linkages and spillovers Stability issues for financial infrastructure Stability issues for the insurance sector The shadow banking system Case study on financial stability and macro stress testing The course is intended for central bankers who wish to deepen their knowledge of the various aspects of financial stability and macroprudential oversight. Participants 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 in the case study.

38 Financial and monetary system Page 37 Course level I Understanding the monetary and financial system Duration July 2018 (5 days) Deadline for application 1 June 2018 Venue Frankfurt Objective Central banks are an integral part and a key player within the monetary and financial system. By conducting monetary policy, they interact with other stakeholders and influence monetary and financial developments. Against this background, central bank staff working in the area of monetary policy require a good understanding of how the monetary and financial system functions. This 5-day course aims to provide a general overview and a basic framework to promote a broad understanding of the monetary and financial system. After the course, participants should be familiar with the key elements and be able to analyse and assess basic interaction mechanisms of the monetary and financial system and resulting monetary developments by applying the concept of financial accounts (ie sectoral balance sheets capturing financial assets and liabilities). During the course, a major focus will be on the analysis of financial transactions and their impact on money and liquidity. The content will be presented through a mixture of lectures introducing key concepts and fundamental issues. Lectures will be complemented by moderated workshops in the form of case studies and group discussions in which participants are expected to contribute actively. Financial assets and liabilities in the sectoral balance sheets Money, money creation and the functioning of domestic monetary systems Banking systems: role and functioning Financial markets: role, players and functioning of capital markets Financial markets: role, players and functioning of money/interbank markets Financial market analysis for monetary policy purposes Special issues: benchmarks, yield curve, reference rates The role of the central bank in the monetary and financial system The interaction of the monetary and financial system and monetary policy The content level of the course is targeted at junior central bankers with little to no prior knowledge and work experience related to the course topic who are interested in gaining a general understanding of the monetary and financial system and the impact of financial transactions through the lens of financial accounts. The course is primarily designed for staff working in the area of monetary policy, but could also be of interest for staff working in other central bank areas such as financial stability, statistics or communication.

39 Financial and monetary system Page 38 Photo: Michael Bodmann

40 Financial and monetary system Page 39 Course level II Developing financial markets Duration 5 9 November 2018 (5 days) Deadline for application 14 September 2018 Venue Frankfurt Objective There is a broad consensus that the development of domestic financial markets in particular the market for government debt offers broad benefits for the economic development and stability of a country. Developed financial markets not only promote alternatives to traditional financing via the banking sector, thus improving resource allocation and risk diversification. Studies show that the development of domestic financial markets increases macroeconomic stability by lowering inflation and increasing savings and growth. In addition, functioning domestic financial markets (most notably the money market and the market for government bonds) are crucial for a smooth transmission of monetary policy and an effective use of market-based monetary policy instruments under an interest rate steering approach. Against this background, the emancipation of domestic financial markets ranks high on the agenda of many developing and emerging countries. This 5-day course aims to bring together central bankers from around the world to discuss the need for market development and to review key principles and elements as well as practical approaches. The content will be covered through a mix of presentations and group discussions. Characteristics of developed financial markets Benefits of developed domestic financial markets Role/importance of different market segments Fundamental principles/basic elements of developed financial markets Development of government bond market (primary vs secondary market) Development of money market: reference rates, code of conduct etc. Development of repo market Role of different players in market development Role and tasks of central bank in market development Role and functioning of primary dealer system Role and functioning of market making activities The course is targeted at mid-level central bankers with general knowledge and work experience related to the course topic who are interested in reviewing and discussing how financial market development can be promoted and what role the central bank and other agents can or should play. The course is primarily designed for staff working in the area of monetary policy, but could also be of interest for staff working in the field of financial stability.

41 Workshop Cash management and payment systems Photo: Masterfile (Royalty-Free Division)

42 Cash management and payment systems Page 41 Current challenges for cash management January 2018 (deadline for application: 15 December 2017 ) Cash management and combating counterfeit money February 2 March 2018 (deadline for application: 5 January 2018) Combating counterfeit money by the National Analysis Centre May 2018 (deadline for application: 23 March 2018 ) Payment and securities settlement systems...45 I 2 6 July 2018 (deadline for application: 11 May 2018) II December 2018 (deadline for application: 19 October 2018) Combating money laundering December 2018 (deadline for application: 12 October 2018) Please apply online at

43 Cash management and payment systems Page 42 Expert panel Current challenges for cash management Duration January 2018 (3 days) Deadline for application 15 December 2017 Venue Frankfurt Objective The purpose of this panel is to discuss current challenges in relation to the national cash cycle. The expert panel will serve as a platform for central bankers to discuss recent occurrences in cash management with a view to exchanging experiences and opinions. The payment behaviour of the general public, what determines it and how it is likely to develop 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 promote debate. 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 debate and presentations on their specialist areas. Participants should prepare a 15-minute presentation covering, if possible, 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.

44 Cash management and payment systems Page 43 Course level II Cash management and combating counterfeit money Duration 26 February 2 March 2018 (5 days) Deadline for application 5 January 2018 Venue Frankfurt 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 course. Automation of cash processing Cash recycling: testing of banknote recycling machines Cash recycling and the ECB decision The NAC: tasks, activities and legal aspects International aspects of combating counterfeit money (in cooperation with the State Criminal Police Office) Counterfeit prevention measures Processing damaged money Visit to the Bundesbank s Frankfurt branch Payment and withdrawal behaviour in Germany Foreign demand for euro banknotes issued in Germany The relationship between banknote quality and detection of counterfeits Current topics in cash management The role of the Bundesbank in the cash cycle BMS the cash management system of the Deutsche Bundesbank Workshop: inside BMS CashEDI Electronic Data Interchange for cash payments Issuance policy for banknotes and coins, cash requirement planning The course is designed for mid-level and senior employees involved in issuing and processing banknotes and coins or in dealing with counterfeit money, especially in developing countries and emerging economies. Participants should have a sound background in cash management.

45 Cash management and payment systems Page 44 Expert panel Combating counterfeit money by the National Analysis Centre Duration May 2018 (4 days) Deadline for application 23 March 2018 Venue Mainz Objective Participants in the panel will have the opportunity to gain an inside view of how the 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 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. 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 Simulation game This expert panel is directed at managers and experts from the anti-counterfeiting unit. Participants should prepare a 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

46 Cash management and payment systems Page 45 Course level II Payment and securities settlement systems Duration I 2 6 July 2018 (5 days) II December 2018 (5 days) Deadline for application I 11 May 2018 II 19 October 2018 Venue Frankfurt Objective In this course, participants will be able to deepen their knowledge of payment and securities settlement systems and will be introduced to the current state-of the-art technology in the EU. The course is designed to help participants enhance and refine the payment and securities settlement systems in their countries in a targeted manner (ie with a view to converge with the EU). Role of the Bundesbank in payment and settlement systems Payment system analysis Retail payments: current developments, innovations and secure retail payments TARGET2: individual payment services at the Bundesbank TARGET2-Securities (T2S) Collateral management system Oversight of payment systems and instruments Workshops on T2S, innovations and oversight The course is designed for employees of central banks in new EU member states, in EU accession countries or in developing countries or emerging economies who have a solid background in payment clearing and settlement issues.

47 Cash management and payment systems Page 46 Course level II Combating money laundering Duration 3 7 December 2018 (5 days) Deadline for application 12 October 2018 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. Venue Frankfurt Objective Combating money laundering is an area which has been steadily gaining in importance in recent years. Participants will acquire a greater insight into the problems associated with money laundering and the obligations deriving from statutory regulations. International regulations and the legal framework in Germany Combating the financing of terrorism Discussion of case studies highlighting money laundering mechanisms AML supervision in Germany AML measures at the Bundesbank Criminal justice measures/law enforcement and prosecution authorities The role of the FIU How financial institutions fight money laundering Participants should prepare a 15-minute presentation setting out the money laundering situation in your country. The focus should lie on the following aspects: Institutions involved in fighting money laundering and their functions The role of your institution in AML Current situation regarding ML in your country Significant challenges Options for improvement

48 Photo: Jan Eckert Photo: Jan Eckert

49 Workshop Good governance Photo: Dieter Rosen

50 Good governance Page 49 Economic education the role of central banks March 2018 (deadline for application: 19 January 2018) Public procurement April 2018 (deadline for application: 2 March 2018) Auditing internal services and support functions at a central bank April 2018 (deadline for application: 2 March 2018) Data sharing June 2018 (deadline for application: 20 April 2018) Operational risk management, continuity management and crisis management August 2018 (deadline for application: 22 June 2018) Human resources management August 2018 (deadline for application: 6 July 2018) Public relations September 2018 (deadline for application: 27 July 2018) Central bank governance October 2018 (deadline for application: 24 August 2018) Design and application of a quality assurance and improvement programme (QAIP) best practices October 2018 (deadline for application: 31 August 2018) Document management October 2018 (deadline for application: 31 August 2018) Controlling at central banks November 2018 (deadline for application: 21 September 2018) Please apply online at

51 Good governance Page 50 Expert panel Economic education the role of central banks Duration March 2018 (3 days) Deadline for application 19 January 2018 Venue Frankfurt Objective In the past few years, particularly in the wake of the financial crisis, many educational initiatives have been launched across the globe to strengthen the general public s financial competence and knowledge of economics. Government bodies, central banks, membership organisations (eg consumer protection organisations) and other institutions have made considerable efforts to enhance the public s understanding of macroeconomics and make them more aware of money and financial issues. Central banks around the world devote significant resources to fostering economic education. For example, the Bundesbank s range of educational services available to the public 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. Economic education: concepts, goals and target groups Why do central banks support economic education? Economic educational activities offered by the Bundesbank Economic education programmes that work experience from different providers The expert panel is aimed at central bankers as well as regulators and supervisors with expertise in the area of economic education. Candidates should be well versed in their institution s approach and are expected to make an active contribution to the discussions. Participants will be invited to give a presentation relating to their field of expertise/their jurisdiction s experience in this area. In this context, it would also make sense to discuss whether a central bank should apply its energies to promoting financial literacy and, if so, on which legal basis this would occur. 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.

52 Good governance Page 51 Expert panel Public procurement Duration April 2018 (3 days) Deadline for application 2 March 2018 Venue Eltville Objective This course presents the procurement and contract management process at the Deutsche Bundesbank and describes the location and function of the Procurement Centre in the Bundesbank s organisational structure. Corporate controlling Procurement procedures Legal acts and regulations governing procurement procedures (Germany and Europe) Back office Asset management outsourcing The expert panel is designed for central bank staff from developing countries or emerging markets who work in a leading position in organisation, controlling or procurement at their institution. Participants should have knowledge of central bank contract management. To facilitate a discussion, participants are invited to briefly present how procurement is organised at their institution.

53 Good governance Page 52 Expert panel Auditing internal services and support functions at a central bank Duration April 2018 (3 days) Deadline for application 2 March 2018 Venue Frankfurt Objective The general purpose of this expert panel is to facilitate the exchange of experiences and points of view regarding methodological approaches in the auditing of internal service and support processes. Participants will learn about different approaches regarding the implementation of internal service and support processes and how different internal audit functions cover specific risk situations. The expert panel will consist of a combination of presentations, round-table discussions and workshops covering the following topics: Creating a generic audit universe by identifying typical internal service and support functions at a central bank and the main inherent risks resulting out of these functions Identifying major key controls and exchanging points of view on audit approaches, including project management audits, in the area of development projects, anti-fraud and anti-corruption activities, human resources management and environment protection Senior auditors who regularly carry out audits of internal service and support processes. Participants are encouraged to prepare short presentations on existing internal service and support functions at their respective central bank as well as their internal audit s approaches in that area and be ready to present these in the group.

54 Good governance Page 53 Course level I and course level II Data sharing Duration June 2018 (5 days) Deadline for application 20 April 2018 Venue Frankfurt Objective In 2009, the finance ministers and central bank governors of the G20 set up the Data Gaps Initiative (DGI) in response to the data gaps that came to light in the wake of the global financial and economic crisis that emerged in One key recommendation aims at improving access to data (and data sharing), particularly with regard to granular data. Better accessibility and sharing of granular data and/ or micro data would open up new possibilities for analysis by providing new insights into the effects of policies. Granular data are necessary to understand global developments and, in particular, differences across countries. One key issue is to harmonise und combine data in central banks, but also across central banks. The greater disaggregation of data implies an increased need for data protection. The overriding principle when working with micro data is compliance with the respective statutory secrecy and data protection requirements, and thus maintaining the confidentiality of the information submitted by the reporting agents. Definition of granular data/micro data and their need for central banks Organising micro data at a central bank: the value chain of micro data Describing the data: meta data (SDMX, DDI) Data quality Harmonising Tools for analysing the data Providing access to data in compliance with data protection requirements: the work of a research data centre (RDC) Harmonising micro data across central banks This course is aimed at economists and statisticians who work in the area of micro data or would like to start working with micro data or want to open their micro data to external researchers. There are no prerequisites for participation except for basic academic knowledge of statistics and economics. The objective of this course is to introduce participants to data sharing and data access and how this can be organised at a central bank.

55 Good governance Page 54 Expert panel Operational risk management, continuity management and crisis management Duration August 2018 (3 days) Deadline for application 22 June 2018 Venue Frankfurt Objective Operational risk management (ORM), business continuity planning (BCP) and crisis management (CM) are crucial elements of good governance at a central bank. During the expert panel, the Bundesbank s framework and its methodology for ORM, BCP and CM will be presented and discussed. The panel will also serve as a platform for exchanging experiences and sharing information within and across these disciplines. Organisation and structure of the Deutsche Bundesbank Framework, procedure and instruments for conducting operational risk management Approach to business continuity planning for core business areas of the Bundesbank Concept of crisis management TARGET2/TARGET2-Securities operations Managers and experts in ORM, BCP and CM.

56 Good governance Page 55 Course level II Human resources management Duration August 2018 (5 days) Deadline for application 6 July 2018 Venue Eltville Objective Managing human resources (HR) properly is essential for successful central banking because employees are a key factor in every organisation. This course aims to provide an insight into all aspects of HR management at the Deutsche Bundesbank. Participants are invited to discuss their experiences and views. HR strategy and corporate culture Organisation and the role of the HR Directorate General HR instruments (recruitment, training, staff development, appraisal system, employee feedback meetings, performance bonuses, promotion, job evaluation) Compensation and benefits Health management Pension systems Case studies on change management HR information systems The course is aimed at staff from the HR units of central banks, especially those from developing countries or emerging markets. Participants should have good knowledge of the system and procedures used at their bank to manage HR issues and are expected to play an active role in the discussions, drawing on their own experience.

57 Good governance Page 56 Course level II Public relations Duration September 2018 (5 days) Deadline for application 27 July 2018 Venue Frankfurt Objective This course provides an introduction to the Bundesbank s activities in the areas of internal communications, press and public relations work, and educational services. The course gives the participants the opportunity to exchange their experiences with experts from the Deutsche Bundesbank and other central banks. To do this, we provide time slots for all participants to present their work and discuss ideas and questions with the audience. The topics that can be chosen for the presentations are: Central bank communication Communication within the Eurosystem Campaigns, projects and surveys Media relations (press conferences etc) and media evaluation The Deutsche Bundesbank on the web Political communication In-house communication systems and media Concept and content of the Deutsche Bundesbank s Money Museum Educational services Visitor services and conference management The course is designed for staff working in public relations or the press office at their central bank, especially banks in developing countries and emerging economies. Participants are expected to make an active contribution to the discussion, drawing on their own experience. Press and public relations work Educational services Internal communication Communication strategy

58 Good governance Page 57 Course level II Central bank governance Duration October 2018 (5 days) Deadline for application 24 August 2018 Venue Frankfurt Objective The integrity and credibility of public institutions have recently become increasingly important issues. Central banks, in particular, are frequently in the public eye on account of their independence. This course is therefore designed to provide an insight into the Deutsche Bundesbank s tools and rules for good governance. Basics of corporate governance Governance in the Eurosystem: IT project organisation and control policy Code of conduct Board-related rules, anti-fraud, staff behaviour, prevention of corruption Financial controlling Auditor scrutiny Strategic aspects of HR work HR instruments Strategic planning Risk management Analytical and automated procedures for assessing headcount The course is aimed at central bank staff who are involved in interdisciplinary tasks and the preparation of strategic decisions.

59 Good governance Page 58 Expert panel Design and application of a quality assurance and improvement programme (QAIP) best practices Duration October 2018 (3 days) Deadline for application 31 August 2018 Venue Frankfurt The expert panel starts with a brief introduction and an overview of general concepts of quality assurance and improvement programmes. In a second step, the participants will give a brief overview of the QAIP used at their central banks. Based on the discussion and best practices (eg IIA Quality Assessment Manual), we will develop a synopsis of different QAIP approaches. Objective According to the standards 1300ff of the Institute of Internal Auditors (IIA), the chief audit executive must develop and maintain a quality assurance and improvement program (QAIP) that covers all aspects of the internal audit activity. Our expert panel focuses on different approaches to implementing and adopting a QAIP and the different approaches that have been developed by practitioners or established in best practice frameworks. Senior auditors with responsibilities and experience in audit methodologies and quality management.

60 Good governance Page 59 Expert panel Document management Duration October 2018 (3 days) Deadline for application 31 August 2018 Venue Frankfurt Objective According to the definition used by the Institute of Internal Auditors (IIA), the task of an internal audit 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 interpreted as meaning risk-oriented or risk-centric. The expert panel starts with a brief introduction and an overview of general concepts of risk-oriented/riskcentric audit approaches. In a second step, the participants will give a brief overview of the audit approaches used at their central banks. Based on the discussion and best practices (eg COSO Framework), we will develop a synopsis of risk-oriented/risk-centric audit approaches. Senior auditors with responsibilities and experience in audit methodologies. Our expert panel focuses on different approaches to implementing and adopting risk-oriented/risk-centric audit approaches that have been developed by practitioners or established in best practice frameworks.

61 Photo: Jan Eckert

62 Good governance Page 61 Course level II Controlling at central banks Duration November 2018 (5 days) Deadline for application 21 September 2018 Venue Frankfurt Objective The main goal of this course is to discuss ways of developing a controlling function in a central bank, starting with an overview of corporate controlling. Participants will discuss the connection between strategic planning and budgeting. Special attention will be paid to project management. Corporate controlling Controlling in the ESCB Strategic planning Cost accounting Budgeting Project controlling Personnel controlling Provision of information to top-level management and external addresses The course is designed for high-level employees from non-eu countries who work in controlling at their central banks. The nominated staff members 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.

63 Workshop Statistics Photo: gettyimages/kick Images

64 Statistics Page 63 Big data and central banking April 2018 (deadline for application: 16 February 2018) Seasonal adjustment of economic data October 2018 (deadline for application: 17 August 2018) Price and volume indices in official statistics theory and practice November 2018 (deadline for application: 5 October 2018) Please apply online at

65 Statistics Page 64 Expert panel Big data and central banking Duration 9 11 April 2018 (3 days) Deadline for application 16 February 2018 Venue Frankfurt Objective Big data includes both structured and unstructured information, which can consist of a large variety of data sources and types (eg demographic, social or financial). It is basically about combining different volumes of data with new datasets, using software programs to detect possible patterns in these cumulated data and then drawing the right conclusions from the results. An increasing number of important topics for central banks and supervisory authorities, such as forecasting, high-frequency trading and statistics, necessitate the evaluation of these enormous and constantly growing volumes of data. Big data is therefore likely to become a topic of increasing interest to central banks and supervisory authorities in the years ahead. A key question will be how big data can help central banks to take timely policy measures and to extract information on the impact of their actions within the financial system and the economy at large. The expert panel aims to address such issues. It will provide a forum for central bankers across the globe to present the strategies they use to develop the collection and analysis of big data and enable an exchange of knowledge among countries on this increasingly important topic. Collection, analysis and use of big data Data governance and management Case studies from central bankers, regulators and supervisors as well as other industries Data protection and data access issues The expert panel is aimed at central bankers as well as regulators and supervisors with an interest in helping develop best practices in big data mining and management. Participants will be expected to make an active contribution to the discussions and will be invited to present and discuss current big-data issues in their own jurisdictions.

66 Statistics Page 65 Course level I Seasonal adjustment of economic data Duration 8 12 October 2018 (5 days) Deadline for application 17 August 2018 Venue Frankfurt Objective The course is designed to enable all participants to understand the basic principles of the X 11 filterbased and ARIMA model-based approaches to seasonal adjustment, work with the JDemetra+ and X- 13ARIMA-SEATS seasonal adjustment software packages which include both methods and interpret the results in economic terms. The course covers fundamental aspects of X-13ARIMA- SEATS and JDemetra+, a new open-source time series software co-developed by the National Bank of Belgium (main developer) and the Deutsche Bundesbank. It is recommended for use in official statistics by Eurostat and the European Central Bank and complies with the European Statistical System Guidelines on Seasonal Adjustment. Various exercises illustrate the capabilities of the two programs, using examples provided by the lecturer. In this regard, participants are invited to apply the two programs to their own time series and to discuss their findings with the lecturer and the group. The course is aimed at economists and statisticians who are interested in seasonal adjustment and, in particular, in the application of JDemetra+ and X- 13ARIMA-SEATS. Prior knowledge and/or experience of time series analysis in general and seasonal adjustment in particular is welcomed but is not a prerequisite for participation.

67 Statistics Page 66 Course level I Price and volume indices in official statistics theory and practice Duration November 2018 (5 days) Deadline for application 5 October 2018 Venue Frankfurt Objective Key macroeconomic indicators, such as consumer prices and gross domestic product (at previous-year prices), are widely used in monitoring the state and development of the economy. Movements of such price and volume measures are used in short-term business cycle analysis, not least in central banks. The most recent financial crisis highlights again the need for high-quality data to inform monetary policy makers and macroprudential authorities. The objective of this course is to introduce participants to price and volume measurements in official statistics. Both index theory and its application in practice will be covered. A range of topics will be covered by way of empirical examples using Microsoft Excel. These include approaches, elementary and aggregate indices, quality adjustment, and chain indices. Inter alia, this course enables participants to calculate index numbers from price and quantity data, to work with indices including unit values and unit labour costs, to rebase and chain link indices, to aggregate quarterly figures to annual results, to analyse sub indices and their contributions to the total, to handle infra-annual chain indices, and to impute/quality-adjust prices. The CPI Manual and the supplementary practical guide are used as reference material. This course is aimed at economists and statisticians working in the area of price statistics and national accounts. There are no prerequisites for participation except for a basic academic knowledge of statistics and economics.

68 Photo: Jan Eckert

69 Courses in cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank Photo: Antje Meichsner-Armbrust

70 Courses in cooperation with other institutions Page 69 Banking supervision within the Basel framework January 2018 (deadline for application: 29 October 2017 ) Monetary policy implementation March 2018 (deadline for application: 3 December 2017) For courses which are held in cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank, please apply online at

71 Courses in cooperation with other institutions Page 70 Course level I and course level II Banking supervision within the Basel framework In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank Duration January 2018 (5 days) Deadline for application 29 October 2017 Venue Vienna (JVI) 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 risk management in the banking sector. In this context, the Basel II rules have been supplemented and, in part, further developed. This one-week course aims to impart comprehensive expert knowledge on major issues relating to the implementation of the Basel framework, focusing on countries in the EU, emerging Europe, and the Caucasus, and drawing significantly on the experience of Germany and Austria. The Single Supervisory Mechanism in Europe Banking supervision in Germany and in Austria Overview of Basel III and latest developments with regard to the Basel framework Objectives and processes of on-site supervision Examination of credit, market and liquidity risk Internal Capital Adequacy Assessment Process (ICAAP) and Supervisory Review and Evaluation Process (SREP) Interaction of micro and macroprudential policies Stress testing and its use in supervision National experience with regard to off-site and on-site supervision Mid to senior-level bank supervisors from central banks and supervisory authorities. Basic knowledge of the new Basel II and III regulations is essential. The course will focus on both theory and practice with special attention given to introducing the Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process (SREP). Furthermore, the objectives and processes of on-site inspections will be covered, including the examination of credit, market and liquidity risk. Participants will be invited to share their experience by giving short presentations on specific aspects of banking supervision in their home country. Please apply online at

72 Courses in cooperation with other institutions Page 71 Course level I Monetary policy implementation In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank Duration March 2018 (5 days) Deadline for application 3 December 2017 Venue Vienna (JVI) Objective The implementation of monetary policy requires both a well-defined system of monetary policy goals and a developed set of policy instruments. This one-week course will begin by placing the central bank s monetary operations in the context of its broader monetary policy strategy, touching on the choice of the monetary policy/exchange rate regime, monetary policy objectives and instruments, operational goals, and the functioning of the monetary policy transmission mechanism. Then the course will 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 carrying out of open market operations, the role of required reserves, standing facilities, and foreign exchange interventions. Monetary policy principles, strategies and their implications for monetary operations Monetary policy implementation and impact on the central bank s balance sheet Open market operations, auction mechanisms, repos and reverse repos, foreign exchange interventions Operational frameworks for steering short-term interest rates Case studies (i) Junior to mid-level central bank officials working in monetary policy operations and (ii) officials from central banks or ministries of finance/economy whose responsibilities require, or who have a strong interest in acquiring, a thorough understanding of monetary policy implementation. Please apply online at

73 Courses impressions Page 72 Course impressions Photo: Jan Eckert Photo: Jan Eckert Photo: Jan Eckert Photo: Jan Eckert Photo: Jan Eckert Photo: Katharina Ebert

74 Photo: Jan Eckert

75 Administrative information Page 74 Administrative information Thank you for your interest in the courses offered in the Deutsche Bundesbank s central bank cooperation programme. Please read the important information below for participating institutions and prospective attendees. Course language All courses will be held in English. Participants are therefore expected to have a good command of the English language. The Deutsche Bundesbank does not provide translation services for participants. Accommodation Participants are provided with accommodation for the entire duration of the course plus the days of arrival and departure. The Bundesbank cannot offer accommodation for any additional days. Accompanying persons Under no circumstances can the Deutsche Bundesbank provide accommodation for family members or other accompanying persons. Furthermore, as accompanying persons cannot be considered as official guests, the Bundesbank cannot assist in obtaining a visa. Costs No fee is charged for attending the courses. During the courses, participants will receive breakfast and lunch at the Bundesbank. The Bundesbank also bears the costs of the social events which are planned as part of the course programme. The Bundesbank has also taken out appropriate health insurance to cover the costs of any emergency treatment that may be needed. However, the Bundesbank does not cover travel costs to and from course venues. Dress code Normal business attire is recommended when attending the course. Internet access Free Wi-Fi access is available in all of the guest houses of the Deutsche Bundesbank, and you can use your own laptop in your room. Invitation letter The official letters of invitation are ed to the participants approximately five weeks before the seminar begins. Any further correspondence will be conducted directly with the participants. We regret that we are unable to confirm acceptance sooner. Please refrain from making any queries in this regard. Length of course Our courses start with an official welcome lunch on Monday and end with a farewell lunch on the final day. Three-day courses start during the morning of the first day and finish during the afternoon of the last day. Lectures normally last from 9.00 until Participants are expected to attend the entire course and should not schedule appointments during course times.

76 Administrative information Page 75 Number of participants The general rule applies that only one person per country may be invited. In many cases, the number of applications will exceed the 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 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 the Joint Vienna Institute and the Oesterreichische Nationalbank, please apply online at

77 Inside the Deutsche Bundesbank Page 76 Inside the Deutsche Bundesbank Photo: Bert Bostelmann The Executive Board of the Deutsche Bundesbank Dr Johannes Beermann, Prof Dr Joachim Wuermeling, Prof Dr Claudia M Buch (Vice-president), Dr Jens Weidmann (President), Dr Andreas Dombret, Carl-Ludwig Thiele

78 Inside the Deutsche Bundesbank Page 77 The Deutsche Bundesbank was founded in 1957 as the successor to the federal central banking system established in Germany after World War II. That system comprised the Bank Deutscher Länder and the Land Central Banks, which shared responsibility for the Deutsche Mark when it was introduced in nominated by the Federal Government, while the remaining members are nominated by the Bundesrat (the upper house of Parliament representing the federal states) in agreement with the Federal Government. Members of the Executive Board are normally appointed for eight years. Today the Buba, as the Bundesbank is sometimes affectionately called, has retained something of the decentralised structure which reflects the composition of Germany itself. In addition to its Central Office in Frankfurt am Main, it has nine Regional Offices located in Berlin, Düsseldorf, Frankfurt am Main, Hamburg, Hanover, Leipzig, Mainz, Munich and Stuttgart. Through their network of branches in the major towns in each region, the Regional Offices are often the first point of contact between the Deutsche Bundesbank and the local banks and public authorities. The Regional Offices report to the Executive Board of the Bundesbank. The recent changes to the structure of the Deutsche Bundesbank reflect its role as an integral part of the European System of Central Banks (ESCB). In 2002, the task of governing and managing the Bundesbank s operations was conferred on its decision-making body, the Executive Board. The appointment system again reflects Germany s federal structure: the President, the Deputy President and one other member are Today, the Deutsche Bundesbank is a key player at the international level. The President is a member of the Governing Council of the European Central Bank and is thus involved in shaping the single monetary policy in the euro area. The Bundesbank is represented on numerous international committees and is a member, for example, of the International Monetary Fund (IMF) and the Bank for International Settlements (BIS). It also works with other central bank governors in the Group of Twenty (G20), the Group of Ten (G10) and the Group of Seven (G7), and is involved in the activities of the OECD. Bundesbank staff members are active on the various ESCB committees and in numerous working groups. As part of the ESCB, the Bundesbank shares responsibility with the other national central banks for maintaining price stability in Europe and implements the Governing Council s decisions in Germany. Its many and varied tasks include holding and managing Germany s foreign reserves, putting banknotes and coins into circulation, arranging for domestic and cross-border payments to be made and contributing to the stability of payment and clearing systems.

79 Our venues Page 78 Our venues Deutsche Bundesbank Central Office in Frankfurt am Main Photo: Deutsche Bundesbank Frankfurt am Main Both the Bundesbank s Central Office and its Regional Office in Hesse are located in Frankfurt am Main. the seat of the European Central Bank and the location of one of the world s largest stock exchanges. Frankfurt jealously guards its reputation as a financial hub. Its banking heritage, and perhaps even its international outlook, owe much to financiers such as Johann Philipp Bethmann and Amschel Rothschild, the founder of the Rothschild dynasty, who lived in the city s former Jewish quarter. In 1798, the Rothschilds opened their first bank in the city, successfully laying the foundation stone of Bankfurt s importance. The city is now home to many German and foreign banks, Frankfurt has an international character. Today, nearly 29 % of its 736,000 inhabitants is non-german, representing more than 150 different countries and all existing religious communities. Frankfurt s rich cultural life is certainly worthy of its most famous resident and Germany s most revered writer, Johann Wolfgang von Goethe.

80 Our venues Page 79 Deutsche Bundesbank Regional Office in Bavaria Munich Deutsche Bundesbank Regional Office in Rhineland-Palatinate and Saarland Mainz Photo: Deutsche Bundesbank Munich Mainz The Bundesbank has nine Regional Offices. Within the framework of banking supervision, the Regional Offices monitor credit institutions and financial services providers in their respective regions. Furthermore, banks can use the Bundesbank for refinancing purposes. In order to do so, they are required to deposit collateral, eg credit claims of enterprises. The Regional Offices analyse the creditworthiness of these enterprises. The Regional Office in Rhineland-Palatinate and Saarland is located in Mainz. There are four branches in this region, located in Mainz, Koblenz, Saarbrücken and Ludwigshafen. The branches supply the economy with euro banknotes and coins, and offer private customers the opportunity to exchange Deutsche Mark banknotes and coins free of charge and with no fixed deadline. Banking supervision constitutes one of the most important tasks for the Bundesbank s Regional Office in Bavaria. Bavaria is home to almost one in four of the financial institutions in the German financial sector that are subject to supervisory oversight. The banking supervisors of the Regional Office monitor around 760 of the roughly 3,300 institutions in Germany. Of these, around 420 are credit institutions and 340 are financial services providers. The National Analysis Centre (NAC) of the Deutsche Bundesbank, with its experts on combating counterfeit money, is also located in Mainz. Mainz is situated about 40 km from Frankfurt. The train from Frankfurt takes roughly 40 minutes. Munich is located in the south of Germany. It is well connected thanks to its international airport (MUC) and a large central railway station.

81 Our venues Page 80 Deutsche Bundesbank Training and Conference Centre in Eltville am Rhein Photo: Deutsche Bundesbank Joint Vienna Institute Residence Vienna Photo: Joint Vienna Institute Eltville Vienna At the Deutsche Bundesbank, the town of Eltville is synonymous with training and education, and in these rapidly changing times, these are of utmost importance. Eltville is the venue for training courses and seminars for Bundesbank employees. It also hosts international and national conferences. Both the architecture and the facilities have been designed to create a pleasant atmosphere in which guests can work efficiently. Eltville has almost 17,000 inhabitants and is well known for wine, sparkling wine and roses. The Conference Centre is on the western outskirts of Eltville am Rhein and is about 50 km from Frankfurt am Main. Eltville is served by the Frankfurt am Main/ Wiesbaden/Koblenz train line. The Conference Centre is 1.2 km from Eltville train station. There is a taxi stand in front of the station. The Joint Vienna Institute (JVI) was established in 1992 by Austria (represented by the Federal Ministry of Finance and the Oesterreichische Nationalbank), the International Monetary Fund, and several other international organisations. It is a regional training centre, primarily for public sector officials from countries in central, eastern and south-eastern Europe, the Caucasus and central Asia, as well as other selected countries. 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.