Claiming Back Your VAT
All attendees of a London based course incur VAT as a part of the cost of attendance.
Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.
Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.
Claim the VAT that's rightfully yours in four simple steps:
1. Register your interest
2. Sign a few simple documents
3. VAT IT processes your claim
4. Receive your refund
Why choose VAT IT
VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.
VAT IT will charge a percentage of the VAT refund if/when it is successful.
Can I claim back the VAT myself?
You can claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form.
For European clients, please refer to form VAT 65.
All other clients, please refer to form VAT 65A.
You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.
Funds Transfer Pricing (FTP)
Funds Transfer Pricing [FTP] is critical to banks internal management of liquidity and market risk. Whilst regulators do not specify what FTP mechanism a bank should operate they do require it to be effective in ensuring that asset pricing includes an accurate reflection of funding costs. For a FTP mechanism to be successful, it requires the effective partnering of treasury, wider finance and the front line business.
This intensive workshop will utilise practical case studies to better equip delegates with an understanding of how FTP mechanisms have and are evolving, what is currently considered by the banking industry to be best practice in terms of their design and operation and strategies for overcoming challenges to them.
By attending this course, delegates will be better equipped to participate in the functioning of existing FTP mechanisms, advise stakeholders on their suitability and opine on enhancements to better meet current and future challenges.
Articulate the role of FTP within a bank and the regulatory requirements for it
Describe the evolution of FTP methodologies from Zero Term Premium to Matched Term Premium pricing
Determine suitable proxies for derivation of a FTP curve including those in under-developed wholesale markets
Identify suitable basis adjustments to internally manage interest rate risk introduced by the funding model
Combine FTP curves with behavioural models to better value non maturing assets/liabilities
Adjust to FTP models to reflect regulatory impact such as LCR and Leverage ratio
Evolve existing FTP models to include Capital as well as Liquidity Funding costs and regulatory impact
Advise on enhanced portfolio analytics and opine on how alignment of business incentives are critical to the FTP mechanism’s success
A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2.
Session 1: Defining FTP and it's benefits
The importance of FTP to banks and regulators
What does FTP tell us
The role of FTP in removing market risk from the business
The role of FTP as an appetite statement
Session 2: FTP Methodologies and deriving the FTP curve
Selecting funding curves (Libor, OIS, etc)
Geographic and currency variations
Removing basis risk from the business
Calculating the pooled cost of funds
Limitations of the methods
Why maturity matching is considered best practice
Deriving the marginal costs of funds curve
Historic vs Expected Cost of Funds/Credit Spreads
Using proxies as inputs for the derivation
Applications of cross currency swaps in deriving non-domestic currency funding cost
Determining the maturity matched curve in non-developed wholesale markets
Session 3: Operating FTP
The FTP setting process and best practice governance
Applying FTP funding costs/benefits within management accounts
Calculating the Stock/Flow blended rate
At what ‘level’ to apply – portfolio or account?
Promoting consistency across business lines
Session 1: Focus on Behaviouralisation
Identifying core and non-core portfolios
Impact of early repayment, redemption or default
Risks of ‘unwind’
Distributing the cost
Should behavioural performance be considered?
Governance and review of behavioural profiles
Session 2: Pricing with FTP
Whether to use flow FTP rates or stock/flow blended rates
Pricing Assets and Liabilities
Fixed rate vs floating rate
Short dated vs long dated
Secured vs Unsecured
Pricing equity investments
Applying FTP to off balance sheet items, buffers and cushions
Session 3: Interaction of Basel Liquidity Regime and Funds Transfer Pricing
Impact of liquidity metrics on worth of funds
Impact of the leverage ratio
Distributing the ‘drain’ – assets or liabilities
Considerations beyond funding value
Session 1: Making FTP effective
FTP as a ‘hurdle’ rate– balancing introduction with pipeline delivery
FTP in Performance Management
Defining liquidity appetite with FTP
Linking FTP to RAROC and ultimately capital allocation
Re-pricing existing portfolios to reflect changes in FTP
Driving behaviours – aligning incentives to FTP
The need for a strong handshake between treasury and business
Session 2: Evolving to C-FTP – including cost of capital in FTP mechanism
Calculating the Cost of Capital
Treatment of Supplementary Regulatory Capital
How to charge the capital cost
Average or Specific RWA’S
Implications of IRB vs Standardised approach
Blending capital cost with liquidity cost
Session 3: Future evolution of FTP Models
Adjusting to reflect NSFR
Adjusting to reflect IFRS9 impairment
What else can be reflected?
Deriving FTP in illiquid wholesale markets
3 days in 30 minutes – review of key points and takeaways
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
- Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
BiographyGareth’s banking career spans more than two decades.From 2010 to 2014 he was Head of Barclays Corporates £110 billion liquidity portfolio, tasked with the end-end ownership of pricing and structuring of the portfolio and ensuring that margins were achieved whilst delivering funding ambitions and regulatory requirements.In parallel to this role from 2012 to 2013, Gareth was Co-Head of the Liquidity Management group (50 FTE and £1bn pa business), sitting on the Corporate ALCO and Global Treasury board and worked with treasury colleagues on the adaptation of Basel III/CRD IV within the Corporate Bank - with a particular focus on LCR/Buffer optimisation. Previous to this, Gareth had senior roles within risk solutions at Barclays, where he collaborated with corporate and investment banking colleagues in structuring and marketing bespoke hedging solutions to corporate clients. Prior to Barclays Gareth spent 10 years at Citi where he worked as a Short Term Interest Rate Trader. During that time he made markets and took proprietary risk in G10 currencies against a backdrop of often significant economic turmoil including the Tiger Crisis, formation of the EUR and implosion of the ‘dot com’ bubble. Since leaving Barclays in 2014 Gareth has been consulting on Asset and Liability management, in particular has been focused on the ‘so what’ of Basel III- looking at overcoming challenges in implementing it, it’s impact on Net Interest Margin and ultimately bank strategy.His ciients to date include Barclays, HSBC, Deutsche Bank, RBC, Credit Suisse, ING, Saudi Hollandi Bank, the Bank of England and Central Bank of Ireland, Saudi Arabian British Bank, Saudi Arabian Investment Bank, Santander, Standard Chartered, Standard Bank, Ahli United Bank, EIB, EBRD and many more.Examples of recent engagements include:On behalf of the EBRD working with treasurers of Egyptian, Serbian and Gerogian banks on adopting Basel III Capital and Liquidity RegimeWith the Group Treasurer and regional Heads of Treasury of a Bahrain HQ Gulf regional bank on optimising non wholesale liquidity portfoliosWith the ALM team of a Saudi Arabian Bank on IRRBB including adopting BIS 368 standardsWith the CFO and Treasurer of a Maltese bank on developing a maturity matched FTP mechanismGareth is passionate about developing and getting the best out of people, teams and businesses. His style is energetic and practical, believing that only through applying knowledge can we truly succeed.
The map attached details some of our most frequently used venues
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