Application deadline

21 July 2023

Objective

In recent years, foreign reserve managers have faced the challenge of low interest rates. At the same time, counterparty and liquidity risk has 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 to the attractiveness of the various financial instruments used in reserve management. The course will also focus on risk management issues and benchmarking (and also under the historical point of view on FX) .

To broaden the perspective, participants will be asked to actively contribute to discussions and share their national experiences with selected aspects relating to reserve management.

Contents

• Reserve management service offered by the Bundesbank
• Level and adequacy of foreign reserves
• Financial instruments used in reserve management, e.g. repos, gold deposits and financial derivatives
• Portfolio management
• Investment guidelines and strategic benchmarking
• Market and credit risk control
• Performance measurement
• Gold and gold instrument management (e.g. location swaps)

Target group

This course is aimed at employees responsible for reserve management at the policymaking, operational or risk control level. Participants should have a sound knowledge of portfolio management so that they can share their experiences and actively contribute to discussions.

Please note

A nominating person is mandatory for the participation in our in-person courses.