Reclaiming Your VAT
Reclaim the VAT on your Euromoney Training Courses in the UK
Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.
Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.
How can I claim the VAT back paid on a course?
There are two ways in which you can claim back VAT back from the UK.
Option 1 - Directly through HM Revenue and Customs
The most cost-efficient way is to 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.
Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming.
Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim. VAT IT will review, process and submit your VAT refund on your behalf.
VAT IT will charge a percentage of the VAT refund if/when it is successful.
If you want to find out more about this service, please email your details to: firstname.lastname@example.org
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.
Asset & Liability Management
Post the global financial crisis, the role of the Treasury within a bank is more challenging than ever. The regulation that followed the crisis, in particular Basel III, has meant that optimisation of assets and liabilities is vital in mitigating the ‘hit’ on Return on Equity that the regulation represents.
This intensive 4-day workshop looks to explain the fundamental role of the ALM function and moreover via real life case studies and excel based simulations explain how the function looks to optimise balance sheet performance via the more selective deployment of balance sheet resources. In addition it will explore the fluid regulatory landscape in which ALM is functioning and outline what the industry considers as best practice in terms of dealing with the challenges that landscape presents.
Hence by attending the day workshop, delegates will be better equipped to work in or with the ALM function and support the optimisation of the balance sheet they are tasked to achieve.
- Describe the role of the ALM function within a bank
- Articulate the causes and consequences of the global financial crisis, the motivation for the regulation that has came in the wake of it and the impact it has had on the ALM function
- Explain the impact of the regulation on bank’s balance sheet in particular the resources of capital and liquidity
- Understand the role of the ALM function in optimising the balance sheet via either capital preservation or margin maximisation achieved by a more selective approach to assets issued and funding raised
- Appreciate what future challenges lie ahead for the ALM function in particular from the potential introduction of Basel IV
- Identify ways in which the
wider business can support the ALM function in dealing with these
challenges via, for example, communication and alignment of business
Who should attend?
- Group Treasurers
- Chief Risk Officers
- Accounting and Finance Managers
- Asset Managers
- Liquidity Managers
- Risk Managers and Risk Controllers
- Risk Officers
- Auditors and Bank Regulators
Session 1: The evolving role of Asset and Liability Management [ALM]
- Defining the role of ALM
- Recap on the Global Financial Crisis
- What caused it?
- What resolved it?
- What where the lessons learnt?
- How has it impacted ALM functions
Session 2: Linking Asset and Liability Optimisation to Return on Equity
- Impact of Basel III on Capital
- The risk constraint ratio
- The leverage ratio
- Recap on the Standardised Methodology for Credit Risk
- Credit Conversion Factors
- Adjusting for Collateral
- Gearing - Linking asset and liability pricing to returns on capital
- So what does this mean for ALM and ultimately strategy?
Session 3: Optimising Assets - Internal Rating Based (IRB) approach for Credit Risk
- Incentives for adopting IRB – more complexity less capital
- Foundation IRB (FIRB) compared to Advanced IRB (AIRB)
- Constructing the IRB equation for wholesale
- Constructing the IRB equation for retail
- Adjusting IRB for calculation of Economic Capital
Session 4: Traded Market Risk
- Sources of Market Risk
- Evolution of Market Risk Regulation
- Measuring Market Risk using Regulatory VaR and Stressed VaR
- Limitations of Basel II.5 and overview and Fundamental Review of the Trading Book [FRTB]
Interest Rate and Liquidity Risk
Session 1: Asset and Liability Gap Analysis
- Challenges of Maturity Transformation
- Selecting appropriate time buckets
- Distribution of maturing and non maturing assets and liabilities
- Introduction to behavioural modelling
- Adjusting for prepayment and redemption
Session 2: Non-Traded Market Risk - Overview of IRRBB
- What is IRRBB and what are the sources of it
- Comparing IRRBB to CSRBB
- Measuring IRRBB
- Economic Value of Equity [EVE} vs Earnings at Risk [EAR]
- Review of BIS 368 ‘Final’ Standards for IRRBB
- Treatment of cash flows
- Time bucketing of cash flows
- Discounting of cash flows
- Stressing of cash flows
Session 3: Liquidity Risk
- Typical Liquidity Metrics
- Evolution of Liquidity Regulation
- Basel III Liquidity Regime
- Liquidity Coverage Ratio [LCR]
- Net Stable Funding Ration [NSFR]
- How they work in harmony
- So what does this mean for ALM and ultimately strategy and liquidity preferences?
Session 4: Beyond Pillar I
- Overview of the Individual Capital Adequacy Assessment Process [ICAAP]
- Overview of the Individual Liquidity Adequacy Assessment Process [ILAAP]
- What stress is appropriate – what qualifies as ‘severe but plausible’
- Harmonising ICAAP and ILAAP
- Effective Recovery and Resolution Planning [RRP]
Internal Risk Management - Role of Funds Transfer Pricing [FTP]
Session 1: Evolution of FTP and it’s role in managing Non Wholesale Portfolios
- Challenges in Non Wholesale Portfolio Management
- Defining FTP
- What is it?
- Why have it?
- Why is it essential in optimizing portfolios
- Evolution of FTP methodologies
- Zero cost curve
- Average cost curve
- Maturity matched curve
- The regulatory view
Session 2: Deriving the FTP Curve
- Market sources and proxies
- Secondary Trading
- Peer spreads
- Challenges of deriving the curve in an under developed wholesale envrionment
- Use of basis and cross currency swaps
- Ownership and governance
Session 3: Operating FTP
- ‘Behaviouralising’ Portfolios
- Ownership and governance
- Including in management reporting – stock/flow rate blending
- Driving behaviours
- Aligning business incentivisation
- Tools/Products to optimise
Session 4: Pricing with FTP
- Pricing flow business
- Pricing ‘cushions’/buffers
- Reflecting regulation in FTP e.g. impact of LCR
- Trends and trajectories in FTP methodologies – inclusion of capital in a FTP mechanism
External Risk Management – Role of FX and IR Hedging Products
Session 1:Tools for Managing FX and IR Risk
- Recap on Cash FX instruments
- Deriving Forwards rates and their applications
- Using FX swaps to optimize funding
- Interest Rate Swaps [IRS] defined
- Types of IRS and their application
- Fixed for Floating IRS [coupon swaps]
- Floating for Floating IRS [basis swaps]
- Pricing and valuation of IRS
Session 2: Applications of Cross Currency Swaps [XCCY] in managing FX and IR risk
- XCCY swaps defined
- Application of XCCY swaps
- Long term FX risk management
- Synthetic funding efficiency
- Pricing and valuation of XCCY swaps
Session 3: Structural Hedging
- Best practice in Structural Hedging
- What to hedge
- When to hedge
- How much to hedge
- Governance and review– keeping the structural hedge appropriate
- Distributing the cost of unwind
Session 4: Future Challenges for ALM and wrap up
- Total Loss Absorbing Capacity [TLAC]/Minimum Requirement for Eligible Liabilities [MREL]
- Overview of Basel IV – focus on consistency
- What does this mean for ALM?
- 4 days in 20 minutes – review of key points from the program
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 over more than two decades. He has worked at Citi Bank for 10 years as a Short Term Interest Rate Trader, later moving to Barclays as the Head of Barclays Corporates £110 billion liquidity portfolio and Co-Head of the Liquidity Management group, working with treasury colleagues on the adaptation of Basel III/CRD IV within the Corporate Bank. Since 2014 Gareth has been consulting on Asset and Liability management, with primary focus on the ‘so what’ of Basel III - overcoming challenges in implementing it, its impact on Net Interest Margin and ultimately bank strategy. His clients 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.
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