1. finance
2. bank

Centre for Technical Central Bank Cooperation
International Central Banking
Courses 2015
Content
Foreword: an application-oriented learning experience.........................................................................................4
Preface by the Management of the Centre for Technical Central Bank Cooperation..............................................5
Introduction.........................................................................................................................................................6
The course organisation team..............................................................................................................................7
Our range of international courses.......................................................................................................................8
Monetary policy...................................................................................................................................... 11
Foreign reserve management........................................................................................................................12
Monetary policy and the financial system......................................................................................................13
Implementing monetary policy......................................................................................................................14
Central bank transparency and monetary policy communication...................................................................15
Banking supervision................................................................................................................................. 17
Banking supervision under the Basel framework – basic................................................................................18
Stress testing................................................................................................................................................19
On-site banking supervision..........................................................................................................................20
Towards a European Banking Union: the Single Supervisory Mechanism for Banks........................................21
Banking supervision under the Basel framework – advanced.........................................................................22
Financial stability and macroprudential policy.......................................................................................... 25
Financial stability, systemic risk and macroprudential policy – Workshop........................................................26
Restructuring and resolution of financial institutions.....................................................................................27
Financial stability, systemic risk and macroprudential policy – Seminar...........................................................29
Cash and cashless payments.................................................................................................................... 31
Current challenges for cash management.....................................................................................................32
Cash management and combating counterfeit money..................................................................................33
Combating counterfeit money by the National Analysis Centre.....................................................................34
Payment and securities settlement systems...................................................................................................35
Combating money laundering......................................................................................................................36
Good governance.................................................................................................................................... 39
Public procurement......................................................................................................................................40
IT auditing....................................................................................................................................................41
Internal auditing...........................................................................................................................................42
Human resources management....................................................................................................................43
IFRS..............................................................................................................................................................44
Central bank governance..............................................................................................................................45
Controlling at central banks..........................................................................................................................46
Statistics, modelling and forecasting....................................................................................................... 49
Modelling and forecasting............................................................................................................................50
Price and volume indices in official statistics – theory and practice.................................................................51
X-13ARIMA-SEATS – seasonal adjustment of economic data.........................................................................52
Administrative information.................................................................................................................................54
Inside the Deutsche Bundesbank........................................................................................................................56
Course impressions…………………………………………………………………………........................... ……58
Frankfurt – an international meeting place.........................................................................................................62
Imprint...............................................................................................................................................................64
Foreword
Page 4
Foreword: an application-oriented
learning experience
Dr (hc) Rudolf Böhmler
Member of
the Executive Board
Deutsche Bundesbank
Dr Jens Weidmann
President
Deutsche Bundesbank
From the outset, the Deutsche Bundesbank has viewed
practice is growing internationally at all hierarchical
Technical Central Bank Cooperation with partners
Ievels. Our common aim is the optimal handling of the
from beyond the realm of classic developed countries
tasks that lie before us.
as a response to ongoing political developments.
After the transformation process in Eastern Europe
To facilitate a wide-ranging dialogue between central
and the subsequent stepping-up of the European uni-
banks, the Deutsche Bundesbank’s Centre for Technical
fication process, the international economic and
Central Bank Cooperation provides international central
financial crisis has called for increased dialogue among
banking courses and therewith the unique opportunity
central banks worldwide.
for our guests to establish international networks
within and beyond the Deutsche Bundesbank. The
ln today’s rapidly changing environment there are
range of formats varies from classic week-long seminars
various challenges to be faced at the same time. On
to high-profile expert panels. To stay on the cutting
the one hand, there are still the traditional central
edge of ongoing developments, next year for the first
bank tasks such as achieving price stability – in an
time, “ad-hoc expert panels” will be set up to address
increasingly difficult environment – and providing reli-
issues that arise over the course of the year.
able payment systems. On the other hand, new central
bank tasks such as the macroprudential mandate
We hope that the programme will be of interest to
have emerged in recent years. ln view of these circum-
you and would be delighted to welcome you to the
stances, the need for an exchange of experience and
Deutsche Bundesbank next year in a mutually fruitful
thoughts on conducting central banking business in
cooperation.
Preface
Page 5
Preface by the Management of the Centre
for Technical Central Bank Cooperation
Martin Dinkelborg
Director
Deutsche Bundesbank
Claudia Brune
Deputy Director
Deutsche Bundesbank
The Deutsche Bundesbank’s international central
Against this backdrop, the course programme for the
banking courses offer a well - established platform for
year 2015 once again includes a number of changes.
representatives of central banks worldwide to gain
Given the increased interest that central banks are
practical insights into the tasks of central banks and to
attracting from both the media and the public, we offer
discuss current issues. The high number of participants
a new expert panel dealing with the issue of central
underlines the strong demand for opportunities for
bank transparency and policy communication. Addi-
central bankers to exchange experience and ideas in an
tional expert panels will focus on issues concerning the
environment of friendship and trust. The positive feed-
IFRS and public procurement. Moreover, we provide a
back we receive encourages us to continue our mission
new workshop dealing with the European Banking
to promote capacity building in central banks around
Union and the Single Supervisory Mechanism for
the globe and to strengthen the understanding of
Banks.
each other’s tasks and challenges in an increasingly
globalised world.
To make it easier to find the activities which are most
relevant for you, we have restructured our brochure
We will continue to offer a broad variety of seminars
according to the different areas of central banking.
and expert panels and to adapt our course programme
We hope our courses are of interest to you and look
to changing needs, based on the requests and feed-
forward to welcoming you to one of our upcoming
back from our participants and partner central banks.
events at the Deutsche Bundesbank.
Introduction
Page 6
Introduction
The Deutsche Bundesbank has been working with
All these activities, which draw on the entire resources
central banks worldwide since its foundation in 1957.
of the Deutsche Bundesbank, are organised and co-
The aim of central bank cooperation is to promote the
ordinated by the Centre for Technical Central Bank
creation and development of central banking systems
Cooperation at the Central Office in Frankfurt.
appropriate to a market economy, to foster the process
of monetary reform, and to enhance economic and
All international central banking courses are held in
financial stability in our partner countries. Training
English. Each of these courses is open to individuals at
programmes and advisory services for executive and
different stages of their professional career, depending
other staff members of foreign central banks serve as
on the topic and type of the event. Central bank staff
a vehicle for exchanging knowledge and experience.
from all our partner countries are cordially invited to
The topics featured cover the entire range of economic,
register as participants.
operational and legal instruments used in modern
central banking.
Unless otherwise stated, our courses take place in
Frankfurt. During the courses, participants are given
The Deutsche Bundesbank adopts a variety of
accommodation in the Deutsche Bundesbank’s apart-
approaches to enhance this cooperation, including
ment house. Excursions and meals help to create an
international atmosphere based on mutual trust
–sending experts or project support to the countries
which, in turn, fosters an open exchange of ideas.
concerned
–arranging study visits to the Deutsche Bundesbank
to discuss specific issues with in-house experts
–providing courses in Germany and abroad.
Details of the courses planned for 2015 are found on
the following pages.
The course organisation team
Page 7
The course organisation team
The course organisation team:
[email protected]
Daniela Dörrer
Project Manager
Martina Harms
Project Manager
Patrick Kauk
Project Manager
At the Deutsche Bundesbank’s Centre for Technical
Our team would be pleased to welcome you to one
Central Bank Cooperation, the international central
of the 30 international central banking courses held in
banking course team is responsible for organising
Germany in 2015.
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 range of international central banking courses
Page 8
Our range of international central
banking courses
Seminars
Workshops
Strategy
Strategy
Seminars focus on the core aspects of central banking
The aim of the workshops is to facilitate an in-depth
with the aim of examining basic central banking issues
analysis of specific subject areas related to central
and answering more detailed questions which may
banking. They are designed to enable participants to
arise, providing participants with a basis for discussion
exchange their views with participants from other
and an opportunity to exchange views and ideas.
central banks, allowing them to experience new
opinions and ideas.
The lectures, which are mainly held by experts from
the Deutsche Bundesbank and external specialists on
The workshops involve a considerable amount of
request, are supplemented by discussion contributions
active participation, such as presentations, working
and short presentations given by participants.
groups and discussions, as well as lectures held by
Deutsche Bundesbank specialists and external experts.
Target group
The seminars are primarily directed at newcomers.
Target group
However, they also give more experienced employees
The workshops are targeted at employees with relevant
the opportunity to update and broaden their knowl-
expertise and experience in the specific field and are
edge and exchange thoughts with peer.
designed to give them an opportunity to deepen and
expand their knowledge.
Our range of international central banking courses
Page 9
Expert panels
Ad-hoc expert panels
Strategy
The purpose of expert panels is for central bank
In addition, the Deutsche Bundesbank’s Centre for
employees to share experience and knowledge about
Technical Central Bank Cooperation organise ad-hoc
very specific topics.
expert panels on topics of special interest that arise
during the course of the year. These ad-hoc expert
Experts are requested to submit a paper or a presen-
panels will be announced on our website and organ-
tation in advance to be presented during the expert
ised in the same way as our regular expert panels.
panel. Experts are expected to actively contribute to
the discussions.
If you have an idea for a possible ad-hoc expert panel,
please send us your proposal by e-mail:
Target group
Expert panels are aimed exclusively at employees with
a wealth of experience and an extensive and detailed
knowledge of the respective subject area. While the
individual topics have already been set, the needs of
specific groups of participants can also be taken into
consideration.
[email protected]
Monetary
Workshop
policy
Monetary policy
Page 11
Content
Foreign reserve management.................................................................................................................. 12
Workshop
23 – 27 February 2015 (deadline for application: 08 January 2015)
Monetary policy and the financial system................................................................................................ 13
Workshop
13 – 24 April 2015 (deadline for application: 26 February 2015)
Implementing monetary policy................................................................................................................ 14
Workshop
I. 18 – 22 May 2015 (deadline for application: 01 April 2015)
II. 21 – 25 September 2015 (deadline for application: 06 August 2015)
Central bank transparency and monetary policy communication............................................................. 15
Expert panel
14 – 16 July 2015 (deadline for application: 28 May 2015)
Please apply online at www.bundesbank.de/courseregistration
Monetary policy
Page 12
Workshop
Foreign reserve management
Duration
Content
23 – 27 February 2015 (5 days)
–Management of the ECB’s and the Deutsche
Bundesbank’s foreign reserves
Deadline for application
–Level and adequacy of foreign reserves
08 January 2015
–Financial instruments used in reserve management,
eg repos, gold deposits and financial derivatives
Objective
–Portfolio management
In recent years, foreign reserve managers have been
–Investment guidelines and strategic benchmarking
challenged by shocks to the financial markets, which
–Market and credit risk control
have led to an increase in the importance of counter-
–Performance measurement
party and liquidity risks. The workshop aims to explain
–Gold management
the current position as regards the reserve management
policies and practices of the Deutsche Bundesbank
and the ECB. Special attention will be paid to portfolio
management and diversification, the attractiveness of
financial instruments used in reserve management, risk
management issues and views on what constitutes an
adequate level of foreign reserves. To broaden the
perspective, participants will be asked to make an
active contribution to discussions and to share their
respective country’s experience of selected aspects
relating to reserve management.
Target group
The workshop is aimed at employees responsible for
reserve management at the policy-making, operational or risk control level. Participants should have a
sound knowledge of portfolio management to be
able to share their experience and contribute actively
to discussions.
Monetary policy
Page 13
Workshop
Monetary policy and the financial system
Duration
second week, participants will learn more about mone-
13 – 24 April 2015 (12 days)
tary policy in the Eurosystem. At the end of the workshop, participants should be familiar with the major
Deadline for application
concerns of monetary policy and the factors deter-
26 February 2015
mining how monetary policy is conducted by central
banks in different national settings, depending on the
Objective
institutional, economic and financial environment. The
Monetary policy is the core business of central banks.
course should enable participants to better compare
The subject of monetary policy is highly complex and
and assess the differences between monetary policy
encompasses a vast range of subtopics. This complexity
in different countries. The workshop offers a combi-
makes it especially difficult for junior central bankers
nation of lectures, case studies and computer-based
to know and to grasp the sheer number of issues that
exercises. Participants are expected to contribute
a central bank has to deal with and how they relate to
actively to workshop discussions and will be asked to
each other – all the more so as monetary policy issues
provide basic information about the monetary policy
are usually dealt with in different departments of a
of their central bank.
central bank, with specialised staff engaged in different
tasks and concerns. Interdepartmental exchange of
Target group
views and experience is often limited leaving junior
The workshop is intended for junior staff who work in
central bankers in the dark about the connections
departments engaged in monetary policy (from an
between their sometimes highly technical daily work
analytical or operational perspective) and central
and the broader objective of monetary policy.
bankers who have only recently started working in
this area. It is especially suited for individuals inter-
Against this background, this two-week course aims
ested in gaining a general overview of the topics and
to provide a broad introduction to the topic of mone-
tasks related to monetary policy.
tary policy, to provide an overview of the different
dimensions of monetary policy and the related tasks
Content
of the central bank, and to enhance the understanding
–Monetary and financial system
of the interdependencies between monetary policy
–Monetary policy strategies
and the financial system. In this context, the course
–Instruments and procedures of monetary policy
will provide both theoretical and practical insights into
–Monetary transmission mechanism
aspects related to the strategy and the implementation
–Monetary policy analysis
of monetary policy. During the first week, the course
–Institutional aspects of monetary policy
will review theoretical ideas and concepts. During the
–Monetary policy and risk control
Monetary policy
Page 14
Workshop
Implementing monetary policy
Duration
Target group
II. 18 – 22 May 2015 (5 days)
This workshop is directed at central bank staff work-
II. 21 – 25 September 2015 (5 days)
ing in the monetary policy operations area of their
central bank. Participants should have a sound know-
Deadline for application
ledge of the operational framework of their central
I. 01 April 2015
bank and the environmental factors influencing the
II. 06 August 2015
choice and design of monetary policy instruments in
their country. Practical experience, either in imple-
Objective
menting and analysing monetary policy operations at
The efficient implementation of monetary policy is
their central bank or in decision-making processes
crucial to the general success of monetary policy and
triggering changes to the operational framework of
to the achievement of a central bank’s goals. In order
monetary policy, would be an advantage. Participants
to achieve their policy objective, central banks use a
will be expected to contribute actively to discussions
set of monetary policy instruments and procedures that
and share their experience in working groups.
forms the operational framework for implementing
monetary policy. This one-week workshop aims to
Content
improve participants’ general understanding of the
–Monetary policy implementation in the Eurosystem
operational framework of the Eurosystem, the role
–Monetary policy instruments
and the functioning of the different monetary policy
–Technical procedures
instruments as well as the specific procedures applied
–Comparison of monetary policy operational frame-
within the Monetary Union. Lectures by Deutsche
works
Bundesbank experts will provide detailed insights into
–Risk control measures
a variety of specific aspects such as crisis measures,
–Legal aspects concerning the implementation of
liquidity analysis, open market operation procedures
and collateral management. Furthermore, participants
will be given the opportunity to gain a more in-depth
knowledge of country-specific differences in the implementation of monetary policy outside the euro
area. The course programme encompasses lectures,
group work and group discussions as well as practical
computer exercises.
monetary policy
Monetary policy
Page 15
Expert panel
Central bank transparency and monetary
policy communication
Duration
Target group
14 – 16 July 2015 (3 days)
This expert panel is directed at staff involved in the
central bank’s communication activities, notably in
Deadline for application
the communication of monetary policy. Participants
28 May 2015
should have a thorough understanding of the general
approach their central bank has in communicating its
Objective
monetary policy (including aspects such as communi-
The expert panel aims to bring together central bankers
cation of the monetary policy strategy, the objective(s),
with different cultural backgrounds to discuss the issue
the way monetary policy decisions are formed and the
of central bank transparency and how central banks
communication of monetary policy operations). They
can meet the increasing demand for information by
should also be prepared to actively share their expe-
both the media and the public.
rience and views with colleagues from other central
Special focus will be on the rationale behind central
banks.
bank transparency as well as on the optimal degree of
and the limits to central bank transparency. While the
Content
principle of transparency generally relates to all aspects
–Rationale behind central bank transparency
of central banking, it receives special attention with
–Legal requirements for central bank transparency
regard to the communication of monetary policy.
–Communication strategies to meet the demand for
Communication and transparency have become more
important for central banks in recent years, and there
is an ongoing debate on transparency tools such as press
central bank transparency
–Pros and cons of central bank transparency tools,
especially
conferences, forward guidance and the publishing of
(a) Forward guidance
minutes/votes. As a central bank-specific issue, partici-
(b)Publishing of minutes
pants are invited to discuss the optimal level of and
(c) Communication of monetary policy decisions
the limits to transparency with regard to monetary
–Optimal degree of central bank transparency (in
policy, and to provide examples/case studies from
their individual institutions. Questions to be discussed
may also deal with conflicts of interest between transparency and other central bank principles.
Participants are asked to prepare presentations to
express their views on the topic and to share their
experience in central bank transparency and monetary
policy communication.
particular with regard to monetary policy)
–Limits to central bank transparency (in particular
with regard to monetary policy)
Banking
Workshop
supervision
Banking supervision
Page 17
Content
Banking supervision under the Basel framework – basic.......................................................................... 18
Seminar
12 – 16 January 2015 (deadline for application: 27 November 2014)
Stress testing........................................................................................................................................... 19
Expert panel
20 – 22 January 2015 (deadline for application: 04 December 2014)
On-site banking supervision..................................................................................................................... 20
Seminar
02 – 06 February 2015 (deadline for application: 17 December 2014)
Towards a European Banking Union: the Single Supervisory Mechanism for Banks................................. 21
Seminar
09 – 13 February 2015 (deadline for application: 17 December 2014)
Banking supervision under the Basel framework – advanced................................................................... 22
Seminar
23 – 27 March 2015 (deadline for application: 05 February 2015)
Please apply online at www.bundesbank.de/courseregistration
Banking supervision
Page 18
Seminar
Banking supervision under the
Basel framework – basic
Duration
Target group
12 – 16 January 2015 (5 days)
This seminar is aimed at bank inspectors and senior
employees from the banking supervision department
Deadline for application
of their central bank or from supervisory authorities.
27 November 2014
Basic knowledge of the new regulations under Basel
II and III is essential for productive participation. Par-
Objective
ticipants should also be familiar with the supervisory
Basel III is a comprehensive set of reform measures
policies and practices applied at their bank and be
developed by the Basel Committee on Banking Super-
prepared to take an active part in discussions.
vision to strengthen the regulation and supervision of
and risk management in the banking sector. In this con-
Content
text, the Basel II rules have been supplemented and,
–Banking supervision in Germany
in part, further developed. Specifically, Basel III places
–The Single Supervisory Mechanism as a first step
a focus on strengthening the quality and quantity of
the regulatory capital framework. They introduce a
global liquidity standard, cover further risks with capital,
towards a banking union in Europe
–Motivation behind Basel III, scope of application,
implementation process
deploy measures to reduce cyclicality, introduce a
–Capital
leverage ratio and provide a basic approach to regu-
•Quality, quantity and transparency
lating systemically important banks. The Basel frame-
–Risk coverage
work is a major component of the regulatory harmo-
•Securitisation, counterparty credit risk
nisation process within the European Union. It was
–Macroprudential instruments
transposed via the Capital Requirements Directive IV
•Capital conservation buffer, countercyclical capital
package and implemented in 2014. The seminar aims
buffer, systemically important banks, systemic risk
to impart comprehensive expert know-ledge on major
buffer
issues relating to the implementation of the frame-
–Leverage ratio
work of Basel II and Basel III in the EU and Germany.
–Liquidity
–Quantitative standards, monitoring tools,
The seminar will focus on both theory and practice,
management principles
where possible. A key focus of the seminar will be an
–Pillar 2: approaches and principles (overview)
introduction to major Pillar 2 issues (supervisory review
–Supplemental Pillar 2 guidance
process). Participants will also gain an overview of the
–German implementation: ICAAP and SREP
regulation of systemically important banks.
–Supervision of foreign subsidiaries and branches;
home and host cooperation
–Market discipline
Banking supervision
Page 19
Expert panel
Stress testing
Duration
Target group
20 – 22 January 2015 (3 days)
The course is aimed at experts in banking supervision
or financial stability with a sound background in stress
Deadline for application
testing. They will need a thorough understanding of
04 December 2014
the stress testing approaches used at their central
bank, and they should be prepared to share their
Objective
knowledge with the other participants in the group.
The importance of comprehensive risk management
and of its constant ongoing development has been
Content
made abundantly clear by recent events in the financial
–Basic principles of stress testing
markets. Stress tests are one of the instruments used
–Application of stress tests at banks
by banks as well as by central banks and supervisory
–Stress tests as an information source for supervisors
authorities to detect potential vulnerabilities.
–The Bundesbank’s stress tests
–Macro stress tests
Consequently banks have clearly expanded and
–EU-wide stress testing exercises
refined their methodology in this area. Banks are called
–Case study
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 seminar aims to impart comprehensive expert
knowledge on major issues relating to the banking
union, particularly the SSM. The seminar will focus on
both theory and practice, where possible.
Banking supervision
Page 20
Seminar
On-site banking supervision
Duration
II and III is essential for productive participation. Partici-
02 – 06 February 2015 (5 days)
pants should be familiar with the supervisory policies
and practices applied in their country. Moreover, they
Deadline for application
are invited to take an active part in the discussions and
17 December 2014
to make contributions with regard to the on-site inspection processes in their jurisdictions.
Seminar venue
Munich
Content
–The Single Supervisory Mechanism as a first step
Objective
towards a banking union in Europe
The seminar is designed to provide on-site examiners
–Banking supervision in Germany – an overview
from central banks and supervisory authorities with an
–Objectives and processes of on-site supervision
understanding of how on-site inspections are carried
–Introduction to the German qualitative regulations
out at the Deutsche Bundesbank. The seminar will focus
as laid out in the Minimum Requirements for Risk
on risk-based examination as well as on common ana-
Management
lytical and supervisory topics and techniques. In par-
–Organisational and quantitative supervisory
ticular, supervisory experts from the Deutsche Bundes-
regulations and review thereof
bank will provide policy background information and
•Credit business and credit risk
hands-on experience about how Pillar 2 of Basel II is
•Trading business and market risk
implemented via on-site inspections (eg for credit,
•Information technology and IT risk
market or liquidity risk). The seminar will include inter-
•Risk management and risk taking capacity
active sessions in which participants will be invited to
–Supervisory review process and its implementation
give short presentations about specific aspects of on-
in Germany
site supervisory processes in their home country and
–Supervisory approval
share their experience.
•Internal rating systems
•Market risk models
Target group
This seminar is aimed at bank inspectors and senior
employees from the banking supervision department
of their central bank or from supervisory authorities.
Basic knowledge of the new regulations under Basel
–Approaches relating to risk to capital using risk
classes
–National experience with regard to on-site bank
inspections
Banking supervision
Page 21
Seminar
Towards a European Banking Union: the
Single Supervisory Mechanism for Banks
Duration
The seminar aims to impart comprehensive expert
09 – 13 February 2015 (5 days)
knowledge on major issues relating to the banking
union, particularly the SSM. The seminar will focus on
Deadline for application
both theory and practice, where possible.
17 December 2014
Target group
Objective
Candidates should be experts in banking supervision or
The banking union, which was conceived in the wake
financial stability. Central banks and supervisory author-
of the financial and economic crisis, has set in motion
ities from EU candidates and potential candidates, in
a fundamental reform of the European financial archi-
particular, are encouraged to nominate staff members
tecture. The banking union comprises a Single Super-
(multiple nominations possible). The seminar might
visory Mechanism (SSM), a Single Resolution Mechanism
also offer interesting insights to participants from out-
(SRM) and a harmonised system of deposit guarantee
side the EU, in particular to experts from countries
schemes. The objective of the banking union is to
which have an interest in or experience of regional
strengthen financial stability in the euro area, to take
economic cooperation or already have mechanisms
better account of cross-border financial activities and
similar to an economic and monetary union in place.
to loosen the doom loop between financial sector
debt and sovereign debt, which had the effect of
Content
exacerbating the crisis.
–Motivation for creating a banking union
–Organisation of the SSM and decision-making
Significant progress has been made since the first
within the SSM
political talks were held in mid-2012. The SSM, which
–Description and explanation of the SSM regulation
is to be launched in November 2014, will comprise
–Distribution of tasks between the ECB and national
the ECB and the national supervisory authorities of
the euro area countries. EU member states outside
the euro area will be able to opt into the SSM. The
authorities
–Preparatory work and organisational requirements
for the SSM from the perspective of a NCA
ECB will directly supervise significant banks in the par-
–Role and functioning of JSTs
ticipating countries and receive support from the
–SSM methodology for the SREP risk assessment
National Competent Authorities (NCAs) in the day-to-day
–SSM and macroprudential oversight
duties of off-site supervision and on-site inspection.
–SRM and Single Resolution Fund (SRF)
The ongoing supervisory tasks will be carried out by
–Perspective of an opt-in country
Joint Supervisory Teams (JSTs) comprising supervisors
–Case study
from the ECB and the NCAs.
Banking supervision
Page 22
Seminar
Banking supervision under the
Basel framework – advanced
Duration
Target group
23 – 27 March 2015 (5 days)
The advanced seminar is aimed at experts from central
banks and supervisory authorities involved in the im-
Deadline for application
plementation of Basel II / Basel III. A sound knowledge
05 February 2015
of the revised framework is essential for participation.
Participants should also be familiar with the super-
Objective
vision policies and practices of their financial system
Basel III is a comprehensive set of reform measures,
and be prepared to take an active part in the discus-
developed by the Basel Committee on Banking Super-
sions.
vision, to strengthen the regulation and supervision of
and risk management in the banking sector. In this con-
Content
text, the Basel II rules have been supplemented and,
–Banking supervision in Germany
in part, further developed. Specifically, Basel III places
–The Single Supervisory Mechanism as a first step
a focus on strengthening the quality and quantity of the
regulatory capital framework. They introduce a global
liquidity standard, cover further risks with capital,
towards a banking union in Europe
–Motivation behind Basel III, scope of application,
implementation process
deploy measures to reduce cyclicality, introduce a
–Capital
leverage ratio and provide a basic approach to regu-
•Quality, quantity and transparency
lating systemically important banks. The Basel frame-
–Risk coverage
work is a major component of the regulatory harmo-
•Securitisation, counterparty credit risk, market risk
nisation process within the European Union. It was
–Macroprudential instruments
transposed via the Capital Requirements Directive IV
•Capital conservation buffer, countercyclical
package and implemented in 2014. The seminar aims
capital buffer, systemic risk buffer
to impart comprehensive expert knowledge on major
–Leverage ratio
issues relating to the implementation of the frame-
–Systemically important banks
work of Basel II and Basel III in the EU and Germany.
–Liquidity
The seminar will focus on both theory and practice,
•Standards, monitoring tools, management
where possible. A key focus of the seminar will be an
principles
introduction to major Pillar 2 issues (supervisory review
–Pillar 2
process). Participants will also gain an overview of the
•ICAAP
regulation of systemically important banks. In contrast
•SREP
to the basic seminar, the advanced course will look in
–Corporate governance
depth at the new requirements for the advanced
–Supervision of foreign subsidiaries and branches;
approaches to covering credit and market risk as well
as the securitisation framework.
home and host cooperation
Financial
Workshop
stability
and macroprudential policy
Financial stability and macroprudential policy
Page 25
Content
Financial stability, systemic risk and macroprudential policy.................................................................... 26
Workshop
I. 04 – 08 May 2015 (deadline for application: 19 March 2015)
II. 06 – 10 July 2015 (deadline for application: 21 May 2015)
Restructuring and resolution of financial institutions............................................................................... 27
Expert panel
27 – 29 May 2015 (deadline for application: 09 April 2015)
Financial stability, systemic risk and macroprudential policy.................................................................... 29
Seminar
22 – 26 June 2015 (deadline for application: 07 May 2015)
Please apply online at www.bundesbank.de/courseregistration
Financial stability and macroprudential policy
Page 26
Workshop
Financial stability, systemic risk and
macroprudential policy
Duration
The workshop aims to offer high-quality training and
I. 04 – 08 May 2015 (5 days)
familiarise participants with best practice and new
II. 06 – 10 July 2015 (5 days)
developments in financial stability and macroprudential
policy. Participants will be invited to join the discussions
Deadline for application
and share their experience with others. Active partici-
I. 19 March 2015
pation will be encouraged, in particular, by an inter-
II. 21 May 2015
active case study, which will serve as the connecting
thread for the entire workshop.
Objective
The Deutsche Bundesbank, as the guardian of price
Target group
stability, has an inherent interest in ensuring a stable
The workshop is intended for central bankers who
financial system. As an integral part of the European
wish to deepen their knowledge of the various aspects
System of Central Banks, it also has an explicit man-
of financial stability and macroprudential supervision.
date to contribute to financial stability. Through its
Participants should have a special interest in financial
involvement in banking supervision, the Deutsche
stability issues but do not necessarily need to be
Bundesbank has gained an in-depth knowledge of
experts in this field. Moreover, participants are invited
German credit institutions’ business situation. How-
to take an active part in the discussions and the case
ever, financial institutions and financial markets today
study.
are interconnected across the world by means of
modern technology and a multitude of financial
Content
products. The current crisis in particular has shown
–Current Financial Stability Board (FSB) issues
that monitoring individual institutions does not reveal
–European Systemic Risk Board
all the risks that potentially threaten a financial system.
–Financial stability at the Deutsche Bundesbank
Looking, additionally, at the financial system as a
–Financial stability review
whole in its full complexity is therefore essential. What
–Macroprudential policy and its instruments
is known as macroprudential supervision is closely
–Stress indicators for the German financial system
interlinked with traditional banking supervision and –
–Measuring systemic risk
besides banks – also analyses insurance companies,
–Monitoring financial stability in emerging markets
financial markets and financial infrastructures.
–Stability issues for the financial infrastructure
–Case study on financial stability, stress testing and/
or macroprudential policy
Financial stability and macroprudential policy
Page 27
Expert panel
Restructuring and resolution of financial
institutions
Duration
Furthermore, the Single Resolution Mechanism (SRM)
27 – 29 May 2015 (3 days)
is an integral part of the European banking union
project. The objective of the SRM is to wind down
Deadline for application
failing banks efficiently, and, as far as possible, at no or
09 April 2015
only minimal cost to taxpayers and the real economy,
thus breaking the doom loop between sovereign
Objective
funding and bank balance sheets. In Germany, one of
One of the key lessons learned from the recent financial
the aims of the Restructuring Act, which came into
crisis is that the existing legal framework proved insuf-
force at the beginning of 2011, is to establish an
ficient for facilitating an orderly recovery or resolution
effective procedure for restructuring distressed banks.
of credit institutions. The case of Lehman Brothers
Legislative procedures are ongoing at both the Euro-
showed that liquidating a large institution via insol-
pean and the national level.
vency proceedings can endanger financial stability.
Governments therefore repeatedly felt obliged to bail
The expert panel will provide information and enable
out domestic banks using public funds, which, how-
an exchange of experience and knowledge with
ever, can also endanger financial stability.
regard to the various initiatives for improved crisis
management and the introduction of appropriate
In response to this, in November 2011 the heads of state
restructuring and resolution mechanisms, which are
or government of the G20 countries endorsed the
currently being discussed and developed at the inter-
Financial Stability Board’s Key Attributes of Effective
national, European and national level.
Resolution Regimes (Key Attributes). The European
Commission’s Directive establishing a framework for
Target group
the recovery and resolution of credit institutions and
This expert panel is aimed at experts from the legal,
investment firms, which must largely be applied by
supervisory or international areas of their respective
member states from 1 January 2015, is designed to
central bank or supervisory authority. Participants
foster EU-wide implementation of the Key Attributes.
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.
Financial stability and macroprudential policy
Page 28
Content
–Financial Stability Board: recommendations for the
effective resolution of systemically important financial
institutions and methodology for implementation
assessments
–The SRM as an integral part of the banking union
in Europe
–The EU Bank Recovery and Resolution Directive
(BRRD)
–Recovery and resolution of financial infrastructures
–The Bank Restructuring Act in Germany
–The Federal Agency for Financial Market Stabilisation
in Germany: tasks and role in restructuring financial
institutions
–Role of deposit protection in the context of
facilitating effective and efficient bank resolution
–National experience in crisis management and
resolution, particularly with regard to restructuring
and resolution of financial institutions
Financial stability and macroprudential policy
Page 29
Seminar
Financial stability, systemic risk and
macroprudential policy
Duration
skills in assessing and monitoring risks to financial sta-
22 – 26 June 2015 (5 days)
bility. The seminar will include interactive sessions in
which participants will be invited to give short presen-
Deadline for application
tations on specific aspects of the financial stability in
07 May 2015
their home country and share their experience with
colleagues.
Objective
As guardian of price stability, the Deutsche Bundes-
Target group
bank has an inherent interest in ensuring a stable
The seminar is intended for central bankers who wish
financial system. As an integral part of the European
to enhance their knowledge of the various aspects of
System of Central Banks, it also has an explicit man-
financial stability analysis and macroprudential policy.
date to contribute to financial stability.
They should have a special interest in financial stability
issues but do not necessarily need to be experts in this
Through its involvement in banking supervision, the
field. Participants are invited to take an active part in
Deutsche Bundesbank has an in-depth knowledge of
the discussions and to provide contributions on finan-
German credit institutions’ business situation. How-
cial stability work in their jurisdiction.
ever, financial institutions and financial markets today
are interconnected across the world by means of
Content
modern technology and a multitude of financial
–Current FSB issues
products. The current crisis in particular has shown
–European Systemic Risk Board
that monitoring individual institutions does not reveal
–Financial stability at the Deutsche Bundesbank
all the risks that potentially threaten a financial
–Financial stability review
system. Looking, additionally, at the financial system
–Macroprudential policy and its instruments
as a whole in its full complexity is therefore essential.
–Stress indicators for the German financial system
What is known as macroprudential supervision is closely
–Monitoring financial stability in emerging markets
interlinked with traditional banking supervision and –
–Data foundations for financial stability and
besides banks – also analyses insurance companies,
macroprudential analyses
financial markets and financial infrastructures. The
–Stress tests: methods and areas of application
seminar aims to strengthen participants’ theoretical
–Stability issues for the financial infrastructure
and practical knowledge of the central banks’ role in
–Regulatory infrastructure and financial stability
safeguarding the stability of the financial system. The
–The shadow banking system
seminar is also focused on improving participants’
–National experience in financial stability analysis
Cash and
Workshop
cashless payments
Cash and cashless payments
Page 31
Content
Current challenges for cash management................................................................................................ 32
Expert panel
26 – 29 January 2015 (deadline for application: 11 December 2014)
Cash management and combating counterfeit money............................................................................. 33
Seminar
09 – 13 March 2015 (deadline for application: 22 January 2015)
Combating counterfeit money by the National Analysis Centre............................................................... 34
Expert panel
13 – 15 October 2015 (deadline for application: 27 August 2015)
Payment and securities settlement systems............................................................................................. 35
Seminar
I. 19 – 23 October 2015 (deadline for application: 03 September 2015)
II. 07 – 11 December 2015 (deadline for application: 22 October 2015)
Combating money laundering................................................................................................................. 36
Workshop
02 – 06 November 2015 (deadline for application: 17 September 2015)
Please apply online at www.bundesbank.de/courseregistration
Cash and cashless payments
Page 32
Expert panel
Current challenges for cash management
Duration
Target group
26 – 29 January 2015 (4 days)
The expert panel aims to give managers and experts
from the cash areas of participating central banks the
Deadline for application
opportunity to exchange views and ideas with col-
11 December 2014
leagues from other central banks through discussions
and presentations on their specialist areas.
Objective
The purpose of this panel is to discuss current
In addition to your registration, please send us a short
challenges in the framework of the national cash
20-minute presentation covering the following topics:
cycle. The expert panel will serve as a platform for
central bankers to discuss current issues in cash
–Short description of the national cash cycle
management with a view to exchanging experience
–Function of the central bank in the cash cycle
and opinions on this matter. The payment behaviour
–The role of private cash recycling in the cash cycle
of the general public, its determinants and likely
–Current challenges
development will form a further topic for discussion.
–Vision for the future
–Conclusion
Participants are invited to provide the expert panel
with their own presentations on this subject in order
Please feel free to use charts in your cash cycle
to stimulate debate.
presentation.
Cash and cashless payments
Page 33
Seminar
Cash management and combating
counterfeit money
Duration
Content
09 – 13 March 2015 (5 days)
–The role of the Deutsche Bundesbank in the cash
cycle
Deadline for application
22 January 2015
–BMS – The Deutsche Bundesbank’s cash
management system
–Workshop: Inside BMS
Objective
Participants will learn about modern central bank cash
management methods, the changing framework for
these methods and the requirements for combating
–CashEDI – Electronic Data Interchange for cash
payments
–Issuance policy for banknotes and coins, cash
requirement planning
counterfeit money. They will be expected to take
–Automation of cash processing
an active part in discussions and to exchange their
–Cash recycling: testing of banknote recycling
opinions and views during the seminar.
machines
–Cash recycling and the ECB decision
Target group
The seminar is designed for mid-level and senior
–The National Analysis Centre: Tasks, activities and
legal aspects
employees engaged in issuing and processing bank-
–International aspects of combating counterfeit
notes and coins or in dealing with counterfeit money.
money (together with the State Criminal Police
Participants should have a sound background in cash
Office)
management.
–Counterfeit prevention measures
–Processing of damaged money
–Visit to the Bundesbank‘s Frankfurt branch
–Payment and withdrawal behaviour in Germany
–Foreign demand for euro banknotes issued in
Germany
Cash and cashless payments
Page 34
Expert panel
Combating counterfeit money
by the National Analysis Centre
Duration
Content
13 – 15 October 2015 (3 days)
–Organisation of the National Analysis Centre
–Practical issues: getting a feel for the experts’
Deadline for application
27 August 2015
day-to-day work
–Discussion forum on new trends and current
challenges
Objective
–Sharing experience: Technical Central Bank
Participants in the panel will have the opportunity to
Cooperation as the key to implement specific
gain an inside view of how the Deutsche Bundesbank
projects
has organised its activities to combat counterfeiting.
The panel will serve as a platform for discussions with
experts from the Bundesbank, for sharing experience
and for highlighting new trends and current challenges.
–Group work on specific topics and hands-on
exercises with technical equipment
–Presentation of national perspectives in the fight
against the counterfeiting of money
Participants will be expected to make an active contribution to the discussions, and will be invited to present
In addition to your registration, please send us a brief
and discuss their own topics or cases.
15-minute presentation setting out the counterfeiting
situation in your country, focusing on the following
Target group
aspects:
This expert panel is directed at managers and experts
from the anti-counterfeiting unit.
–Organisation of activities to combat counterfeiting
–Current situation regarding counterfeiting in your
country
–Significant challenges
–Vision for the future
Cash and cashless payments
Page 35
Seminar
Payment and securities settlement systems
Duration
Content
I. 19 – 23 October 2015 (5 days)
–Role of the ESCB in payment and securities settle-
II. 07 – 11 December 2015 (5 days)
ment systems, with a particular focus on the
Deutsche Bundesbank
Deadline for application
–European payment systems landscape
I. 03 September 2015
–Individual payment services at the Deutsche
II. 22 October 2015
Bundesbank: TARGET2
–Retail payments (including the Deutsche Bundes-
Objective
In this seminar, participants will be able to gain a more
in-depth knowledge of payment and securities settle-
bank’s retail payment services)
–Card payments and innovative electronic payments
in Germany
ment systems and will be introduced to the state-of-
–Single Euro Payments Area (SEPA)
the-art technology in the EU. The seminar is designed
–Securities clearing and settlement systems –
to help participants enhance and refine the payment
and securities settlement systems in their respective
countries in a targeted manner (ie with a view to
convergence with the EU).
Target group
The seminar is designed for employees of central
banks from the new EU member states, from EU
accession countries or from developing or emerging
economies who have a solid background in payment
clearing and settlement issues.
European developments (eg TARGET2-Securities)
–Collateralisation of monetary policy operations:
domestic and cross-border use
–Payment systems oversight
Cash and cashless payments
Page 36
Workshop
Combating money laundering
Duration
Content
02 – 06 November 2015 (5 days)
–International regulations and the legal framework
in Germany
Deadline for application
–Combating the financing of terrorism
17 September 2015
–Discussion of case studies highlighting money
laundering mechanisms
Objective
–AML supervision in Germany
Combating money laundering is an area which has
–AML measures at the Bundesbank and in the
been steadily rising in importance over recent years.
Participants will gain a greater insight into the problems
financial sector
–Criminal justice measures/law enforcement and
associated with money laundering and the requirements under statutory regulations.
Target group
The course is designed for employees working at central banks or other state institutions who are involved
in combating money laundering at an operational
level.
Please apply online at www.bundesbank.de/courseregistration
prosecution authorities
Workshop
Good governance
Good governance
Page 39
Content
Public procurement................................................................................................................................. 40
Expert panel
16 – 18 February 2015 (deadline for application: 04 January 2015)
IT auditing............................................................................................................................................... 41
Expert panel
14 – 16 April 2015 (deadline for application: 26 February 2015)
Internal auditing...................................................................................................................................... 42
Seminar
08 – 12 June 2015 (deadline for application: 23 April 2015)
Human resources management............................................................................................................... 43
Workshop
07 – 11 September 2015 (deadline for application: 23 July 2015)
IFRS......................................................................................................................................................... 44
Expert panel
15 – 17 September 2015 (deadline for application: 30 July 2015)
Central bank governance......................................................................................................................... 45
Seminar
16 – 20 November 2015 (deadline for application: 01 October 2015)
Controlling at central banks..................................................................................................................... 46
Seminar
30 November – 04 December 2015 (deadline for application: 15 October 2015)
Please apply online at www.bundesbank.de/courseregistration
Good governance
Page 40
Expert panel
Public procurement
Duration
Target group
16 – 18 February 2015 (3 days)
The expert panel is designed for central bank staff
who work in a leading position in organisation, control-
Deadline for application
ling or procurement at their central bank. Participants
04 January 2015
should have knowledge of central bank contract
management.
Expert panel venue
Eltville am Rhein
Content
–Corporate controlling
Objective
–Procurement procedures
This course presents the Deutsche Bundesbank’s
–Legal acts and bylaws regarding the procurement
procurement and contract management unit and de-
procedures (Germany and Europe)
scribes its place and function within the Bundesbank’s
–Back office
organisational structure.
–Asset management
–Outsourcing
Good governance
Page 41
Expert panel
IT auditing
Duration
Target group
14 – 16 April 2015 (3 days)
The expert panel is designed for employees from nonEU countries who work in their central bank’s audit
Deadline for application
department. The nominated staff members should be
26 February 2015
familiar with IT auditing as well as audit methodology
and practices at their bank. Participants will be expected
Objective
to make an active contribution to the discussions,
Today, nearly all processes are supported by IT systems/
drawing on their own experience.
applications. It is therefore essential for auditors to
investigate IT aspects, too, when auditing a business
Content
process. This expert panel will focus on auditing the IT
–Identifying the main risk areas connected to the
part of a business process. The main goal is to discuss
use of IT systems/applications that should be
the aspects an IT auditor should cover in a business
covered in a business process audit
process audit and to find a mutual approach to it.
Participants will work on compiling an audit programme
and learn from the different opinions and experience
of their foreign colleagues. Furthermore, the group
–Applying good practice frameworks with regard to
application and IT process controls
–Managing a joint audit team of business process
auditors and IT auditors in order to achieve benefits
work is intended to enhance networking and enable
participants to contribute their own approaches or
Participants should prepare a brief introduction on their
present problems and thoughts for discussion. Good
central bank’s IT environment as well as the structure
practice frameworks will be applied while working on
and setup of the IT auditing division. A specific form
the audit programme.
stating the points of interest will be sent to participants
prior to the panel.
Good governance
Page 42
Seminar
Internal auditing
Duration
Content
08 – 12 June 2015 (5 days)
–Organisational structure of the Deutsche Bundesbank and the European System of Central Banks
Deadline for application
23 April 2015
–The internal audit function at the Deutsche
Bundesbank – Organisational and operational
structure
Objective
Participants will be introduced to the organisational
and operational structure of the Deutsche Bundesbank, especially the Audit Department, and to its
internal and external framework. The knowledge
gained will be supplemented by case studies.
–Performing risk-focused audit assignments on
payment and settlement systems
–Performing risk-focused audit assignments on the
annual accounts and the bank’s budget
–Performing pre-implementation audits including
consulting aspects
–Performing audit assignments on IT infrastructure
Target group
The course is designed for staff who are employed in
using a good practice approach
–Performing risk-focused audit assignments on
their central bank’s audit department. Nominees
monetary policy operations and foreign reserves
should be familiar with the auditing systems and
management
practices at their bank. Participants will be expected
–Performing risk-focused audit assignments on
to take an active part in discussions, drawing on their
banking supervision and financial stability and
own experience.
statistics
–Developing the risk-based annual internal audit plan
–Computer-assisted audit techniques (CAAT)
–Performing risk-focused audit assignments on cash
operations and branches
–Planning phase of a risk-focused audit assignment
Good governance
Page 43
Workshop
Human resources management
Duration
Content
07 – 11 September 2015 (5 days)
–Legal framework and corporate culture
–Organisation and the role of the HR department
Deadline for application
23 July 2015
–HR instruments (recruitment, training, staff
development, appraisal system, employee feedback meeting, performance bonuses, promotion)
Objective
–Compensation and benefits
Appropriate human resources (HR) management is
–Pension systems
essential for successful central banking, because
–HR adjustment procedures and long-term personnel
employees are a key factor in every organisation. This
course aims to provide an insight into HR management
at the Deutsche Bundesbank. Participants are invited
to discuss their experience and views.
Target group
The course is aimed at staff from the HR department
of central banks, especially those from developing or
emerging countries. Participants should have a good
knowledge of the system and procedures used at
their bank to manage HR issues. Participants are
expected to take an active role in the discussions,
drawing on their own experience.
planning
–Analytical and automated procedures for assessing
headcount, job evaluation
Good governance
Page 44
Expert panel
IFRS
Duration
Target group
15 – 17 September 2015 (3 days)
The expert panel is aimed at central bank staff who
are involved in accouting and banking supervision.
Deadline for application
30 July 2015
Content
–Accounting problems facing central banks
Objective
–The European Central Bank’s accounting guideline
The course aims to discuss current issues of inter-
–Treatment of financial instruments and associated
national accounting, mainly – but not only – related
uncertainties
to problems in the treatment of financial instruments
–Current developments with regard to IAS/IFRS
from the perspective of central bankers and banking
–Presentation of accounting guidelines of
supervisors.
participating countries’ central banks
Good governance
Page 45
Seminar
Central bank governance
Duration
Content
16 – 20 November 2015 (5 days)
–Basics of corporate governance
–Code of conduct
Deadline for application
01 October 2015
–Board-related rules, anti-fraud, staff behaviour,
prevention of corruption
–Budgeting
Objective
–Parliamentary scrutiny
The integrity and credibility of public institutions have
–Auditor scrutiny
recently become increasingly important issues. Central
–Strategic aspects of HR work
banks, in particular, are a focus of public interest on
–HR instruments
account of their independence. This seminar is there-
–Central bank communication
fore designed to provide an insight into the Deutsche
–Strategic planning
Bundesbank’s tools and rules for good governance.
–Risk management
–Analytical and automated procedures for assessing
Target group
The seminar is aimed at central bank staff who are
involved in interdisciplinary tasks and the preparation
of strategic decisions.
headcount
Good governance
Page 46
Seminar
Controlling at central banks
Duration
Content
30 November – 04 December 2015 (5 days)
–Corporate controlling
–Strategic planning
Deadline for application
–Cost accounting
15 October 2015
–Budgeting
–Project controlling
Objective
–IT controlling
The main goal of this seminar is to discuss ways of
–Real estate controlling
developing a controlling function in a central bank,
–Human resources controlling
starting with an overview of corporate controlling.
–Provision of information to top-level management
Participants will discuss the connection between
strategic planning and budgeting. Special attention
will be paid to project management.
Target group
The seminar 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 experience.
and external addresses
Statistics,
Workshop
modelling and
forecasting
Statistics, modelling and forecasting
Page 49
Content
Modelling and forecasting....................................................................................................................... 50
Expert panel
17 – 19 March 2015 (deadline for application: 29 January 2015)
Price and volume indices in official statistics – theory and practice.......................................................... 51
Workshop
20 – 24 July 2015 (deadline for application: 04 June 2015)
X-13ARIMA-SEATS – seasonal adjustment of economic data................................................................... 52
Workshop
05 – 09 October 2015 (deadline for application: 20 August 2015)
Please apply online at www.bundesbank.de/courseregistration
Statistics, modelling and forecasting
Page 50
Expert panel
Modelling and forecasting
Duration
Target group
17– 19 March 2015 (3 days)
This course is aimed at central bank economists with
advanced experience in the field of inflation forecasting.
Deadline for application
Participants are expected to have a sound econometric
29 January 2015
background. Not only should they have a thorough
understanding of the modelling and forecasting tech-
Objective
niques used at their central bank, they should also be
Inflation forecasts over different time horizons (short/
prepared to share their knowledge with the other
medium/long term) provide an important input variable
participants in the group.
for monetary policy decisions. Since monetary policy
should be forward-looking, the production of reliable
Content
inflation forecasts is a crucial task for central bank
–Models used by central banks to forecast inflation
staff. In most cases, central banks rely on a combination
–General issues regarding different types of models
of different models and expert judgement to derive
to forecast inflation (ARIMA, VARs and SVARs,
their forecasts. This expert panel aims to provide a
VECM, large-scale factor models)
platform for an exchange of experience with regard
to different forecasting techniques at central banks. In
the interest of a discussion amongst a homogenous
group of experts, the panel will focus on the topic of
–Short-term forecasting, eg bridge equations and
other time series models
–Dealing with data problems and selected
econometric issues
inflation forecasting.
–Monitoring forecast performance
Special attention will be paid to specific statistical and
When registering, participants are asked to submit an
econometric issues and ways to deal with particular
abstract of their presentation, detailing the models
modelling and forecasting problems. Participants are
which they use for forecasting and highlighting par-
expected to contribute actively. Presentations by the
ticular issues they would like to discuss.
participants will form the basis for the discussion of
various modelling and forecasting issues and specific
challenges that central banks face. Bundesbank
experts will take part in the discussion, sharing their
experience on questions raised by the participants.
Statistics, modelling and forecasting
Page 51
Workshop
Price and volume indices in official
statistics – theory and practice
Duration
Target group
20 – 24 July 2015 (5 days)
This course is aimed at economists and statisticians
working in the area of price statistics and national
Deadline for application
accounts. There are no prerequisites for participation
04 June 2015
apart from a basic academic knowledge in statistics
and economics.
Objective
Key macroeconomic indicators, such as consumer
Content
prices and gross domestic product (at previous-year
By way of empirical examples using Microsoft Excel, a
prices), are widely used in monitoring the state and
range of topics will be covered. These include elemen-
development of the economy. Movements of such
tary and aggregate indices, quality adjustment, and chain
price and volume measures are used in short-term
indices. Amongst other things, this course enables
business cycle analysis, not least at central banks. The
participants to calculate index numbers from price
most recent financial crisis highlights again the need
and quantity data, to work with indices including unit
for high-quality data to inform monetary policy-makers
values and unit labour costs, to rebase and chain-link
and macroprudential authorities.
indices, to aggregate quarterly figures to annual
results, to analyse sub-indices and their contributions
The objective of this course is to acquaint participants
to the total, to handle infra-annual chain indices, and
with price and volume measurements in official statistics.
to impute/quality-adjust prices. The CPI Manual and the
Both index theory and its application in practice will
supplementary Practical Guide are used as reference
be covered.
material.
Statistics, modelling and forecasting
Page 52
Workshop
X-13ARIMA-SEATS –
seasonal adjustment of economic data
Duration
Content
05 – 09 October 2015 (5 days)
The course covers all aspects of X-13ARIMA-SEATS
and includes various exercises using examples pro-
Deadline for application
vided by the participants and the lecturer. Participants
20 August 2015
are invited to apply X-13ARIMA-SEATS to their own
time series and discuss their findings with the lecturer
Objective
The course is designed to enable all participants to
understand the basics of X-13ARIMA-SEATS, work with
the programme and interpret the results in economic
terms.
Target group
The course is aimed at economists or statisticians who
are interested in seasonal adjustment and, in particular,
in the application of X-13ARIMA-SEATS, the successor
of X-12-ARIMA, which is used by the Deutsche Bundesbank and the European Central Bank. Prior knowledge or experience of seasonal adjustment are not
prerequisites for participation.
and the group.
Administrative information
Page 54
Administrative information
Thank you for your interest in our courses offered in
Costs
the Deutsche Bundesbank’s central bank cooperation
No fee is charged for attending the courses.
programme. Please read the important information
below for participating institutions and prospective
During the courses, participants will receive breakfast
seminar attendees.
and lunch at the Bundesbank. The Bundesbank also
bears the costs of the social events which are planned
Accommodation
as part of the course programme.
Participants are provided with accommodation in the
Deutsche Bundesbank’ guest apartments for the
The Bundesbank has also taken out appropriate health
entire duration of the course plus the days of arrival
insurance to cover the costs of any emergency treat-
and departure. The Bundesbank cannot offer accom-
ment that may be needed.
modation for any additional days.
However, the Bundesbank does not cover travel costs
Each guest apartment is completely furnished and has
to and from the course venue.
kitchen facilities which the participant may use.
Course language
The apartments are located within walking distance
All courses will be held in English. Participants are
of the Bundesbank’s Central Office.
therefore expected to have a good command of the
English language. The Deutsche Bundesbank does not
Accompanying persons
provide translation services for participants.
Under no circumstances can the Deutsche Bundesbank provide accommodation for family members or
Course location
other accompanying persons. Furthermore, as ac-
Unless otherwise stated, all international central
companying persons cannot be considered as official
banking courses are normally held at the Deutsche
guests, the Bundesbank cannot assist in obtaining a
Bundesbank’s Central Office in Frankfurt am Main.
visa.
Participants will be informed of any changes to the
course location prior to commencement of the course.
Administrative information
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Dress code
Number of participants
Normal business attire is recommended for attending
15 to 25 places are available for each course. The
the course, while casual clothing may be worn to
general rule applies that only one person per country
some of the social events.
may be invited. In many cases, the number of applications will exceed the availability of places. Therefore,
Internet access
a selection will be made on the basis of the question-
Free Wi-Fi access is available in all of the guest houses
naires completed and returned by the applicants.
of the Deutsche Bundesbank, and you can use your
own laptop in your room or a PC in the lobby area.
Questionnaire
The questionnaires are evaluated as a basis for selecting
Invitation letter
suitable participants in the event that more applications
The official letters of invitation are e-mailed to the par-
are received than there are places available.
ticipants approximately four weeks before the seminar
begins. Any further correspondence will be conducted
Registration procedure
directly with the participants. We regret that we are
To register a member of your staff for a course, please
unable to confirm acceptance sooner. Please refrain
fill in the online application form and questionnaire at
from making any queries in this regard.
www.bundesbank.de/courseregistration. If you have
any problems applying online, please contact a
Length of course
member of the International Central Banking Courses
Our five-day courses start with an official welcome
Team ([email protected]). Please
lunch on the first day and end with a farewell lunch
note that applications received after the stated dead-
on the final day. Three-day courses start during the
lines will not be processed.
morning of the first day and finish during the afternoon
of the last day. Lectures normally last from 9.00 until
16.00 or 17.00, although some sessions may finish
later. Participants are expected to attend the entire
course and should not schedule appointments during
course times.
Inside the Deutsche Bundesbank
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Inside the Deutsche Bundesbank
The Executive Board of the Deutsche Bundesbank
Inside the Deutsche Bundesbank
Page 57
The Deutsche Bundesbank was founded in 1957 as
President and one other member are nominated by
the successor to the federal central banking system
the Federal Government, while the remaining members
established in Germany after World War II. That
are nominated by the Bundesrat (the upper house of
system comprised the Bank Deutscher Länder and the
Parliament representing the federal states) in agreement
Land Central Banks, which shared responsibility for
with the Federal Government. Members of the Execu-
the Deutsche Mark when it was introduced in 1948.
tive Board are normally appointed for eight years.
Today the “Buba”, as the Bundesbank is sometimes
Today, the Deutsche Bundesbank is a key player at the
affectionately called, has retained something of the
international level. The President is a member of the
decentralised structure which reflects the composition
Governing Council of the European Central Bank and
of Germany itself. In addition to its Central Office in
is thus involved in shaping the single monetary policy
Frankfurt am Main, it has nine Regional Offices
in the euro area. The Bundesbank is represented on
located in Berlin, Düsseldorf, Frankfurt am Main,
numerous international committees and is a member,
Hamburg, Hanover, Leipzig, Mainz, Munich and
for example, of the International Monetary Fund (IMF)
Stuttgart.
and the Bank for International Settlements (BIS). It also
works with other central bank governors in the Group
Through their network of branches in the major towns
of Twenty (G20), the Group of Ten (G10) and the
in each region, the Regional Offices are often the first
Group of Seven (G7), and is involved in the activities
point of contact between the Deutsche Bundesbank
of the OECD. Bundesbank staff members are active
and the local banks and public authorities. The Re-
on the various ESCB committees and in numerous
gional Offices report to the Executive Board of the
working groups. As part of the ESCB, the Bundesbank
Bundesbank.
shares responsibility with the other national central
banks for maintaining price stability in Europe and
The changes to the structure of the Deutsche Bundes-
implements the Governing Council’s decisions in
bank reflect its role as an integral part of the European
Germany. Its many and varied tasks include holding
System of Central Banks (ESCB). In 2002, the task of
and managing Germany’s foreign reserves, putting
governing and managing the Bundesbank’s operations
banknotes and coins into circulation, arranging for
was conferred on its decision-making body, the Execu-
domestic and cross-border payments to be made and
tive Board. The appointment system again reflects
contributing to the stability of payment and clearing
Germany’s federal structure: the President, the Deputy
systems.
Course impressions
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Course impressions
Course impressions
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Course impressions
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Course impressions
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Frankfurt – an international meeting place
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Frankfurt –
an international meeting place
Traditional and modern – Frankfurt‘s fascinating skyline
At the crossroads of the country’s north-south and
Trade and commerce have been an important aspect
east-west transit routes, Frankfurt boasts a skyline
of life in Frankfurt since the Middle Ages. The first
that is unique in Germany and testimony to the
international autumn fair was held in 1240 and a spring
changes that have transformed a provincial city into
fair was inaugurated in 1330. Today, Frankfurt’s trade
one of Europe’s most dynamic meeting places. Frank-
fairs – notably the International Motor Show and the
furt’s importance probably stems originally from its
International Book Fair – attract almost 4 million visitors
site as a crossing place or ford (“Furt”) on the Main
a year, making the city one of the most important
(sounds like “mine”) River. The first part of its name is
showplaces for commerce and industry in the world.
a reminder of an ancient Germanic tribe, the Franks,
Frankfurt jealously guards its reputation as a financial
who ruled the area of the lower Main around 500 AD.
hub. Its banking heritage, and perhaps even its inter-
The city’s tradition as a key transport hub has never
national outlook, owe much to financiers such as
been lost. Today, most international travellers will be
Johann Philipp Bethmann and Amschel Rothschild,
familiar with its airport – one of the busiest in Europe.
the founder of the Rothschild dynasty, who lived in the
It is also a vital junction on the motorway and rail
city’s former Jewish quarter. In 1798, the Rothschilds
networks as well as an important inland shipping
opened their first bank in the city, successfully laying
port.
the foundation stone of “Bankfurt’s” importance.
Frankfurt – an international meeting place
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The Eurotower –
home of the European Central Bank
The ”Römerberg“ – Frankfurt‘s market square with the historic city hall
The city is now home to many German and foreign
Large parts of the city were almost completely de-
banks, the seat of the European Central Bank and the
stroyed during World War II, but much of the old
location of one of the world’s largest stock exchanges.
town has been rebuilt, presenting a fascinating
Nor is Frankfurt’s international character a recent
contrast to the ultramodern skyscrapers of the
development. Once an imperial city in the days of the
“Mainhattan” district. City areas such as the Römer-
Holy Roman Empire, Frankfurt replaced Aachen as the
berg, Frankfurt’s central market place with its historic
coronation place of the imperial rulers in 1562. Down
city hall, or Sachsenhausen, on the south bank of the
through the centuries it has been host to a number of
Main, sometimes astonishingly convey an atmosphere
different nationalities, including religious refugees from
of village conviviality with half-timbered houses, narrow
the Netherlands in the 16th century, French troops
streets and traditional taverns serving Apfelwein (the
during the Seven Years’ War and, more recently,
local cider). Frankfurt is also home to a number of
members of the US armed forces. Today, nearly 25 %
superb museums on the Museumsufer (museum
of the population is non-German, representing more
embankment), providing admirable opportunities for
than 150 different countries and all existing religious
visitors interested in European painting, Jewish culture
communities. Frankfurt’s rich cultural life is certainly
or African and Asian crafts. Again, this is all part of
worthy of its most famous resident and Germany’s
Frankfurt’s cosmopolitan flair.
most revered writer, Johann Wolfgang von Goethe.
Imprint
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Imprint
Editorial planning
Centre for Technical Central Bank Cooperation
Photographs
Antje Meichsner
European Central Bank
City of Frankfurt
Frankfurt Stock Exchange
Bernd Kammerer
Frank Rumpenhorst
Dieter Rosen
Kick Images
Justin Lightley
SusanneB
Westend61
Layout/DTP
Mediadesign, Deutsche Bundesbank
Deutsche Bundesbank
Centre for Technical Central Bank Cooperation
Wilhelm-Epstein-Strasse 14
60431 Frankfurt am Main, Germany
E-mail: [email protected]
Internet: www.bundesbank.de/tzk