Plan de Estudios

The curriculum for the Master's Degree in Banking and Financial Regulation is made up of an 8-month
period of study and an internship period. At the end of the master's degree program, students must
present a Master's Thesis Project.
During the period of study, theory sessions will be complemented by use of the case method applied to
the banking industry and an analysis of real situations using information taken from the financial and
banking system. In addition to the sessions, seminars, conferences and roundtable discussions are held
on current issues linked to the banking industry.
Throughout the master's degree program, students can receive orientation for levels I and II of the CFA
(Chartered Financial Analyst) qualification. Additionally, students can complete an optional semester at
one of the foreign universities with which there are agreements in order to extend their education and
obtain the university-accredited qualification of international master's degree
ECONOMETRICS APPLIED TO BANKING

ECTS:
Semester:
Professors:
9
First and second
Paulo M. M. Rodrigues
Econometrics for Banking is an introduction to some of the most important quantitative

techniques commonly applied in the financial industry and, particularly, in banking. There is a
growing demand in this sector for quantitative-skilled professionals who are able to apply
econometric techniques on financial data, understand and elaborate technical reports.
Professional credentials offered by the most reputed organizations in Finance, such as CFA
(Chartered Financial Analysts), require candidates to prove sound knowledge in these
techniques. The ability to synthesize information into a few, easy to interpret statistics, is an
invaluable analytical tool that any employer will acknowledge. The course is designed to help
students to understand and autonomously implement some of the main quantitative tools
used by analysts, managers and other professionals in the fields of investment, portfolio
management, risk management and asset pricing. This course will emphasize solid theoretical
foundations and major empirical applications on real and experimental data using Excel.
The course is divided into three major sections. The first is devoted to a review of the main
concepts of statistics and econometrics. It reviews the main elements of statistical descriptive
analysis, inference and hypothesis testing and regression analysis, placing a special emphasis
on applied exercises. It also introduces new terminology, relevant concepts in financial
markets, and new procedures, such as Monte Carlo simulation. This section provides a sound
background for the overall course, for other courses in the Master and, more generally, fulfils
the theoretical contents required by CFA Level I. The second section is devoted to financial
markets and portfolio analysis. This part of the course discusses the stylized features of returns
and deals with the estimation of volatility, betas and other meaningful measures that
characterize financial decisions under uncertainty. Finally, the last part of the course deals with
the term-structure of interest rates and credit risk.
COMPETENCES
Cross-disciplinary skills
The capacity to analyse and synthesise problems approached in the banking business.
The ability to solve new problems by applying the knowledge and skills acquired.
Initiation in advanced basic research techniques and oral and written expression.
Specific skills
Being familiar with the statistical and econometric techniques used in the analysis of
microeconomic data from the banking sector.
MASTER IN BANKING AND FINANCIAL REGULATION Universidad de Navarra

http://www.unav.edu/en/web/master-en-banca-y-regulacion-financiera
Being capable of using the necessary tools to assess and quantify the market risk,
credit risk, and liquidity risk of banks.
Interpret, discuss, and elaborate quantitative reports based on quantitative analysis.
Implement advanced econometric techniques for volatility modelling and forecasting,
and Value at Risk.
Implement econometric analysis in Excel, using specific features such Data Analysis
and Solver add-ins.
Model the term-structure of interest rates and use the resultant estimates in DCFbased techniques.
PROGRAM
1. FOUNDATIONS OF QUANTITATIVE ANALYSIS
Introduction
Random variables and their distribution
Descriptive analysis
Multivariate analysis
Estimation
Regression analysis
Inference
2. FINANCIAL TIME SERIES
Introduction
Prices and returns
Stylized features of returns
Asset Pricing models: CAPM, FF, y FF-Carhart
Modelling Volatility
Forecasting Volatility
Value at Risk.
Expected shortfall.
Backtesting.
3. TERM STRUCTURE MODELS
Introduction
Time-series analysis
Bond valuation. Duration and convexity.
Term-structure models of interest rates.
Principal component analysis and factor models.

4. CREDIT RISK
Introduction
Structural models: Mertons model and KMV
Probability of migration
Scores and determinants of credit risk
Risk-neutral valuation of credit risk
CDS valuation
ASSESSMENT
Class participation: 10%
Exercises and homework: 50%.
Final project: 40%

ADVANCED BANKING ACCOUNTANCY

ECTS:
8
Semester:
First and second
Professors:
Eduardo vila Zaragoza (BBVA). Global Coordinator.
Javier Arellano Gil (Universidad de Navarra).
Lourdes Barragn (BBVA).
Francisco Delmas (AEAT).
Cristina Del Rio Navarro (BBVA).
Mara Erviti Legarra (BBVA).
Jos Mara Fernndez Ortega (CNMV).
Germn Lpez Espinosa. Universidad de Navarra.
Pablo Prez Rodrguez (Banco de Espaa).
Eduardo Sanz Gadea (AEAT).
Ignacio Ucelay (AEAT)
COMPETENCES
Drawing up and formulating conclusions and personal opinions from reports, studies,
and opinions already expressed by other authors.
Acquiring an ethical business conscience.
Specific skills
Acquiring advanced knowledge of accounting regulations within the framework of the

banking business.
Defining and expressing which solutions are most in keeping with ethical principles and
corporate business responsibility principles linked to the banking business.
Solve real cases of financial reporting decisions.
Improve their analytical skills and logical reasoning.
Improve their work-time management and the ability to cope with deadlines.
PROGRAM
1
Accounting Literature
Market Discipline, Smoothing tools, Crisis and Bank Performance Reporting.
2
IFRS and US GAAP
Main Differences, Convergence Projects, Impairment methods, The Balance-Sheet OffSetting (Netting) of Derivatives.
4
5
9
10
11
12
Business Combinations
Control, Reporting Entity, Purchase Method, Common Control, Minority Interests,
Goodwill.
Financial Instruments
Recognition, Classification, Measurement, Derecognition, Impairment.
Tax Implications
Corporate tax and Business Combinations and Corporate and Personal Tax on Financial
Instruments.
Accounting and Supervision
ESMA, IOSCO, Impairment of Goodwill, CoCo Bonds, Other Convertible Instruments,
Forbearance Practices, European Common Enforcement Priorities, Non-GAAP
measures, Srip Dividend, ESMA Report on Comparability of financial statements of
financial institutions, Internal control over financial reporting, Management Reports
for listed entities.
Accounting for Leases
Leasing environment, Accounting by the Lesse, Accounting by the Lessor, Special
Accounting Problems, Convergence in lease accounting, Leasebacks and ED 2013
amending accounting standard.
Statement of cash flows
Preparation of the statement of cash-flows, Special problems in statement
preparation, Use of a worksheet and Convergence of statement of cash flows.
Consolidation
Control, Accounting Perimeter, Prudential Perimeter, Shadow Banking.
Transparence and Market Discipline
The Role of Information, Characteristics of Financial Information,
The Role of
Financial Notes, The Role of Management Report, GAAP and Non-GAAP measures,
IFRS 7 and Pillar 3, IFRS 13.
IFRS 9
Fair Value, Entitys Business Model, The Three Stage Approach, Other Comprehensive
Income, Real and Artificial Volatility, Economic and Accounting Hedging, Micro and
Macro Hedging, Expected Credit Losses Model.
Accounting and Solvency
Real Integrated Cases. Problems related to Business Combinations, Financial
Instruments, Consolidation and Solvency.
ASSESSMENT
1st Exam (January): 50%
Three Projects (May): 50%

CORPORATE FINANCE AND RISK MANAGEMENT

ECTS:
9
Semester:
First and second
Professors of Corporate Finance:
Mamen Aranda: Universidad de Navarra (Coordinator)
Esther Galiana Ferrendiz: BBVA
Antonio Garre Martnez: Moodys Investor Services
C Jacobo Cuadrado Arvalo: Visan Auditores
Sebastian Albella Amigo: Linklaters, Espaa
Emilio Lpez Fernndez: BBVA
Borja Zamorano: Mizuho Bank
Professors of Risk Management:
Ral Rosales: Promontory (Coordinator)
Gilbert Mateu: BBVA
Csar Gurrea: Deloitte
Julin Garca de Pablo: Santander
Miguel Fernndez Longoira: Santander UK
Carlos Zayas: KPMG
Ana Sand
The course contains two parts: Corporate Finance and Risk Management.
The objective of the first part of the course is to study the major decision-making areas of
managerial finance and some selected topics in financial theory of special relevance in the
Banking sector. These include company valuation, mergers and acquisitions, corporate
reorganizations, pricing of selected financial instruments, syndicated loans, etc.
COMPETENCES
Discriminating and contrasting ones opinions with those of ones colleagues and
giving a critical assessment of the opinions of others.
Initiation in advanced basic research techniques and oral and written expression.
Specific skills
Being familiar with the main concepts and techniques of Statistics, Finance, and
Accounting which will be required to develop the necessary skills.

Being familiar with searching for specialised material (reports, articles, data)
concerning the various aspects of the banking business in a library, on the Internet, in
newspaper libraries, on accessible databases, etc.
Studying the management of credit exposure in depth using different assessment and
quantification models.
Being capable of using the necessary tools to assess and quantify the market risk,
credit risk, and liquidity risk of banks.
Knowing how to use the necessary tools for analysing the banking business from
various perspectives: both financial and the financial, accounting, regulatory, and
ethical environment.
PROGRAM
Part I: Corporate Finance
Sessions 1 & 2: Fundamentals of Finance.
Session 3: Mergers and Acquisitions (M&A).
Sessions 4, 5 & 6: Investment Valuation.
Sessions 7 & 8: Corporate Finance.
Session 9 & 10.: Project Finance.
Session 11: Capital markets: fixed income and stocks.
Session 12: Fixed income (Debt: loans and bonds).
Session 13: Syndications.
Session 14: Multilateral Financial Institutions.
Part II: Risk Management
1.
1. Credit Risk Management
Introduction and Methodology.

Credit Risk for financial institutions. Basel III.
Types of Risk: Credit, Market, Liquidity, Operational and Other risks.
Case study: Global Risk Management in the new regulatory framework for the EU.
1.
2. Credit Risk. Analysis and Monitoring
Credit Risk Management. Admission process and classic approach.

Risk Analysis. Rating and scoring models.
Monitoring & Control.
Credit Risk Portfolio Management. Risk / Return profile/ Risk event mitigation/ Risk based
pricing.
Case study: Admission process and Credit Risk Analysis of a corporate financing.
1.
3. The Rating Agencies view

Rating: definition, analysis, process.

S&P methodology. Case study.
Moodys methodology. Case study.
Fitchs methodology. Case study.
1.
4. Interest Rate Risk Management: Market Risk and ALM
Market Risk: Identification and Measurement. Types and Market Risk Factors. Value at Risk
(VaR); Variance Covariance Approach; Historical simulations; Monte Carlo; Backtesting and
Stress testing.
ALM: Interest Rate Structural Risk Management; Static and Dynamic Model; Stress testing and
Contingency Plans; ALM Regulatory framework.
1.
5. Liquidity Risk Management
Liquidity Risk: Identification and Measurement; Management and Regulation.

ALALM: organization and infrastructure.
1.
6. Operational Risk
Identification and risk management. Basel III.

Mitigation methodology.
Operational Risk Capital models.
1.
7. Global Risk Management
Regulatory Capital (CRD IV)
- Capital requirements from different portfolios.

- Treatment of different risks.
- Counterparty Credit Risk.
- Pillar 3 disclosure requirements (Benchmark).
- Projects examples.
Credit Risk and Expected Losses
- Expected Loss definition.
- Comprehensive Assessment (Report Analysis).
- BCE Calculation Method of Collective Provision (AQR).
- Risk Data Aggregation.
- IFRS 9.
Single Supervisory Mechanism (SSM)
- General Principles.
- Supervisory process.
-Methodology for the Supervisory Review & Evaluation Process (SREP).
- Risk Assessment System (RAS).

- Automatic Rating (Benchmark).
Enterprise Risk Management
Enterprise Risk Management (ERM) is the art and science of balancing risk and
reward across functional areas within an organization.
This section will provide participants with the necessary knowledge and skill set to
understand the risks and benefits of ERM.
- Enterprise-wide risk perspectives: ICAAP, ILAP and Stress Tests.
- Risk Data Aggregation.
- Defining and operationalizing Risk Appetite.
- Dashboards and indicators: distilling risk information.
Case study: A business case of ICAAP and Stress Testing for a bank.
ASSESSMENT
1st Exam (January) 40%
2nd Exam (May) 40%
Class participation & home assigments 20%

SAS PROGRAMMING
The aim of this subject is to introduce students into SAS analysis. Students will learn how to get
a wide arrange of different datasets into SAS and perform some descriptive analysis of the
data. They will also learn how to carry out regression analysis in SAS and deal with the most
common problems faced in this type of analysis. Additionally, the proc SQL with its main
options will be analyzed, providing a great flexibility to SAS programs. Finally, a revision of
panel data procedures.
ECTS:
3
Semester:
First
Professors:
Sergio Mira Albert. PwC Financial Regulation Unit.
Germn Lpez Espinosa. Coordinator.
COMPETENCES
Specific skills
Acquiring knowledge on advanced programming in SAS for banking.

To be able to import any type of dataset into SAS.
Provide a complete summary and description of a dataset, identifying any possible
outcomes of the data.
Estimate meaningful models using the dataset and arrive to relevant conclusions
which are statistically significant.
Develop skills to write your own programs.
Identify panel datasets and analyze them, both with STATA and SAS.
PROGRAM
1. WORKING WITH SAS
1.1. Beginning of session: program appearance
1.2. Ground rules of a program
1.3. Getting data into SAS
1.3.1. Data libraries
1.3.2. Methods for getting data
1.3.3. Temporary and permanent datasets
1.3.4. Modifying a SAS dataset: set statement
1.3.5. Setting and merging multiple datasets

1.3.6. SAS Operators
1.3.7. SAS Functions
1.3.8. If, then, else statements
1.3.9. Subsetting a dataset
1.3.10. Dropping variables from a dataset
1.3.11. Dropping observations from a dataset
1.3.12. Formatting variables: labels
1.3.13. Renaming variables
1.3.14. Retain and sum statements
1.3.15. Do blocks and Do loops
1.3.16. Select case distinction
1.3.17. Using shortcuts for lists of variable names
1.3.18. Arrays
1.3.19. SAS dates
1.4. Descriptive, statistical analyses and others: proc steps
1.4.1. Proc SORT
1.4.2. Proc PRINT
1.4.3. Proc FORMAT
1.4.4. Proc MEANS
1.4.5. Proc UNIVARIATE
1.4.6. Proc FREQ
1.4.7. Proc TABULATE
1.4.8. Proc CORR
1.4.9. Proc TRANSPOSE
1.4.10. Proc RUN
1.5. Missing data in SAS
1.6. An introduction to SAS MACROS
2. REGRESSION ANALYSIS WITH SAS
2.1. Introduction
2.2. Some preliminary analyses on the dataset
2.2.1. Graphics
2.2.2. Graphics-ods graphics statement
2.3. Linear regression
2.3.1. Simple linear regression
2.3.2. Simple linear regression-graphics
2.3.3. Multiple linear regression
2.4. Regression diagnostics
2.4.1. Unusual and influential data
2.4 2 Tests for normality of residuals
2.4.3. Tests for heteroskedasticity
2.4.4. Tests on nonlinearity
2.4.5. Tests for autocorrelation

2.4.6. Tests for collinearity
2.5. Beyond OLS
2.5.1. Regression with robust standard errors
2.5.2. Regression with clustered data
2.5.3. Robust regression
2.5.4. Quantile regression
3. PROC SQL
3.1. Introduction
3.1.1. What is the SQL procedure?
3.1.2. Some of the SQL procedure coding conventions
3.1.3. The structure of a SQL query
3.2. The SQL implementation in SAS
3.2.1. The minimum structure of a valid SQL query
3.2.2. Using SQL in SAS
3.2.3. SELECT statement options
3.2.4. The WHERE clause
3.2.5. FROM clause dataset options
3.2.6. The ORDER BY clause
3.2.7. The GROUP BY clause
3.2.8. The DISTINCT operator
3.2.9. The CALCULATED keyword
3.2.10. The HAVING clause
3.2.11. Joining tables
4. PANEL DATA: STATA AND SAS
4.1. Introduction
4.1.1. Usual specifications
4.2. Fixed effects model
4.2.1. Estimation methods
4.3. Random effects model
4.3.1. Estimation method
4.4. Hausman test
4.5. Between groups estimator
4.6. Individual and time effects
4.6.1. Fixed effects model
4.6.2. Random effects model
4.7. Panel data in STATA: a very brief introduction to Stata
4.7.1. Notes on panel data
4.7.2. Fixed effects
4.7.3. Random effects
4.7.4. Hausman test

4.7.5. Diagnostics
4.7.6. Between effects
4.7.7. Lags in panel data
4.8. Panel data in SAS
4.8.1. Fixed effects
4.8.2. Random effects
4.8.3. Hausman test
4.8.4. Poolability test
4.8.5. Between effects
4.8.6. Lags in panel data
4.9. Cluster procedures
ASSESSMENT
Final Project: 60%
Work in class: 30%
Participation in class: 10%

ECONOMIC ENVIRONMENTS
This aim of this subject is to introduce relevant concepts, such as financial, current account,
sovereign debt and banking crisis as well as economic bubbles. The context is the recent
historical experiences. Additionally we explore the inter-connection between the real economy
and the financial part of the economy, emphasizing the role of monetary policy.
ECTS:
3
Semester:
First
Professors:
scar Arce. Macroeconomic Analysis and Forecasting Division, Division Head. Bank of Spain
Josep Maria Vilarrubia Tapia. Head of International Economics Researc. Banco de Sabadell
Antonio Moreno Ibez (Coordinator)
COMPETENCES
The goal of this class is to expose students to the economic environment surrounding the
banking industry. We will explore three dimensions of this environment:
- Monetary Policy and Banking
- Economic Focus: Current Situation, Forecasts of the World/European/Spanish Economy
- International Economics
Cross-field Competencies
Logical reasoning
Analysis and synthesis of economic/financial problems
Team-work
Task planning and time management
Self-learning
Basic research techniques
Specific Competencies
Get to know concepts and fundamental methods in Economic Theory

Apply Economic Theory to analysis and discussion of real situations
Reach normative conlcusions, relevant for economic policy, based on positive
knowledge
Manage concepts and fundamental methods of finance
Historical perspective of economic/finance developments
PROGRAM
1ST PART: MONETARY POLICY AND BANKING (ANTONIO MORENO)
1. The current Global Economic Environment
a. The 2008 Global Crisis

b. Effects and Current global situation
- Real Sector- Financial Sector- The European Debt Crisis
2. Banking and Monetary Policy
a. Banking Management
- Liquidity- Asset- Liabilities
- Capital Requirements
- Credit / Default Risk
- Interest Rates (yield curve)
- Micro-prudential v/s Macro-prudential regulation
b. Monetary Policy Implementation
- The ECB: Operational Structure
- Liquidity Injection:
- Multiple Deposit Creation and Process of Money Creation
- Money Supply Determinants
- Monetary Policy Instruments
- Interbank Interest Market
c. Conventional Monetary Policy Strategies
- Intermediate and Final Targets
- Concrete Monetary Policy Strategies:
- Monetary Aggregates
- Exchange Rates
- Inflation Targeting
d. Unconventional Monetary Policy
- Monetary Policy when interest rates are close to zero
3. Monetary Policy Models and Transmission Mechanisms
a. A standard small-scale New-Keynesian model
b. Monetary Transmission Channels
- In the closed-economy
- In the open-economy
- Asymmetric information
- Balance Sheet
- Stock Market
2ND PART: THE SPANISH ECONOMY IN THE CONTEXT OF THE EMU: RECENT DEVELOPMENTS
AND CHALLENGES AHEAD (SCAR ARCE)
1. How we got here
1.1 The imbalances of the pre-crisis period
1.2 The impact of the crisis
2. The ongoing recovery phase
2.1 Getting out of a double-dip recession: The anatomy of the recovery
2.2 The levers of recovery:
- Regaining competitiveness
- The labour market

- Financial normalisation
2.3 The (slow) absorption of the legacy imbalances
3. The way forward: Main challenges
3.1 Deleveraging in a (very) low inflation scenario
3.2 The need for further fiscal consolidation
3.3 The role of structural reforms
4. Selected issues (I): Costs, prices and competitiveness
4.1 Wage moderation and the internal devaluation process: Its virtues and limits
4.2 Countercyclical profit margins: Reasons and implications
4.3 Price and non-price competitiveness: Recent developments in the external sector
5. Selected issues (II): Towards a new(?) growth path
5.1 The Spanish triplet: SMEs, productivity/competitiveness and corporate financing
5.2 Macroeconomic effects of the new banking competition and regulatory landscape
3RD PART: INTERNATIONAL ECONOMICS AND BANKING (JOSEP VILARRUBIA)
1. Theories of International Trade
- Trade based on different productivities
- Ricardian model
- Trade based on different endowments
- Hecksher-Ohlin
- Trade based on economies of scales
- New trade theory
- Firms in international trade
- Melitz model
2. Commercial Policy
- Tariffs
- Non-tariff measures
- Customs unions: The EU
- Free trade areas: NAFTA
3. International trade during the last Financial Crisis.
- Magnitude of the collapse
- Reasons of the collapse
- Trade finance
- Banking aspects of international trade
ASSESSMENT
Final Exam 60%
Team Project 30%
Participation 10%

FINANCIAL ETHICS AND CORPORATE SOCIAL RESPONSIBILITY

The globalization has far-reaching consequences on the economy, management and society. It
presents an abundance of ethical challenges at all levels of business and work: at the systemic
(macro-), organizational (meso-), and personal (micro-) level. Therefore, it needs fair and
effective rules, customs, and institutions, but also professional ethics and integrity of
individuals and organizations.
This course aims at raising the ethical awareness, expanding the ethical knowledge, and
improving the ethical judgment of the students. It undertakes to clarify key concepts and uses
multiple case studies. It encourages students to think on their own independently, critically,
and in a responsible manner.
ECTS:
9
Semester:
Second
Professors:
Ignacio Ferrero (jiferrero@unav.es). Professor of Business Ethics. University of Navarra.
Coordinator of the course.
Javier Muoz del Guayo. Compliance Manager. HSBC.
Miguel ngel Prieto. Director General de Banco de Depsitos.
Elia Trrega. General Manager. Sustainalytics (Espaa).
Alberto Andreu. General Manager. Corporate Reputation and Social Innovation. Telefnica
S.A.E
Almudena Rodrguez. Director. CSR and Environment. Accenture (Espaa, Portugal, frica e
Israel).
Oscar Gonzlez. Professor of Business Ethics. IESE. University of Navarra.
Angel Pes. ViceDirector. CaixaBank. Director of CSR.
Toms Conde. Director of CSR. BBVA.
Ral Moreno Guerra. Director de Responsabilidad Social y de la Fundacin Banco Popular.
PROGRAM
I. ETHICS
Lessons from the Financial Crisis. Why Ethics Matters.
Overview of Ethics in Finance. Standards of Professional Conduct.
Values, Virtues and Principles. The Map of the Human Action.
Integrity of Capital Markets: Misrepresentation; Misconduct; Material Nonpublic
Information; Market manipulation; Asymmetric Information; Reputational Risk;
Conflicts of Interests; Financialization
Duties to Clients and Financial Regulation: Fair Dealing; Treating Customers Fairly
(TCF); the Regulatory Reform; Protection against Market Abuses.
The morality of Investment: the Socially Responsible Investing.

II. CORPORATE SOCIAL RESPONSIBILITY

Corporate Social Responsibility: An overview.
A CSR model: Telefnica.
Environment and the Financial Sector.
Ethical Banking.
Microfinance.
Transparency: CSR Reports.
Foundations: Legal, Ethical and Operational Aspects
ASSESSMENT
The assessment will be two-fold: class participation (50%) and work based assignments (50%).

FINANCIAL REGULATION
The course contains two parts: Foundations of Banking Regulation and Organization of
Banking Regulation.
The goal of the first part of the course is to provide participants with a comprehensive
overview of the foundations of banking regulation. The programme covers the main areas of
macro and micro prudential regulation. It provides several case studies that allow for a more
practical approach to different aspects of banking regulation. Students will be able to acquire a
sound knowledge of banking regulation.
The objective of the second part is to provide participants with a complete view on the
institutional organisation of banking regulation. The course is focused on the key institutional
arrangements on the field of banking regulation and supervision at the international level and,
particularly, in Europe, including Spain.
ECTS:
12
Semester:
First and second
Professors:
Laura Baztn. ECB.
Carlos Corcostegui. BBVA.
Elsa Martnez. BBVA.
Daniel Prez. Banco de Espaa.
Mario Quagliariello. EBA.
Marian Salvador. Universidad de Navarra.
Jess Saurina. Banco de Espaa.
Eduardo Valpuesta. Universidad de Navarra.
Coordinators
Jess Saurina. Banco de Espaa.
Germn Lpez Espinosa. Universidad de Navarra.
PROGRAM
First Part: Foundations of Banking Regulation
1.
1.1.
1.2.
1.3.
1.4.
FOUNDATIONS OF BANKING REGULATION

Financial crisis and the need for banking regulation
Theoretical foundations of banking regulation
Elements for an effective banking regulation
Case study: lessons of the financial crisis started in 2007 for banking regulation
2.
BASEL COMMITTEE ON BANKING SUPERVISION CORE PRINCIPLES FOR AN EFFECTIVE
BANKING REGULATION
2.1. Introduction to the Basel Core Principles
2.2. Powers of supervisors, responsibilities and functions
2.3. Prudential regulations and requirements
2.4. Case studies:

2.4.1. Inefficient banking regulation alternatives
2.4.2. SABER approach
3. INSOLVENCY RISK
3.1. Credit risk, country risk, credit concentration risk
3.2.
The credit cycle: credit approval, monitoring, recovery (collaterals), management
(coverage and redistribution to third parties)
3.3. Case study: Development of a rating system
4.
4.1.
4.2.
4.3.
CREDIT RISK LOAN LOSS PROVISIONS

Evolution of the Spanish provisioning regulation and its rationale
Types of provisions: specific, generic and dynamic
Case study: Assessment of the dynamic provisions
5.
5.1.
5.2.
5.3.
5.4.
5.5.
5.6.
5.7.
5.8.
SOLVENCY REGULATION
Introduction
Basel I (The 1988 Accord)
Overview of Basel II
Credit Risk
Operational Risk
Pillar 2
Pillar 3
Case study: The impact of solvency regulation on lending to non-financial corporations
6.
BASEL III; CRD IV/CRR; AND BANCO DE ESPAA SOLVENCY CIRCULAR ON CAPITAL
REGULATION
6.1. Basel III
6.1.1. Why Basel III?
6.1.2. CET1: numerator and denominator. Discussion about Risk Weighted Assets
6.1.3. Conservation capital ratio
6.1.4. Leverage ratio
6.1.5. Liquidity ratios
6.1.6.Case study: Economic impact of Basel III
6.2. CRD IV/CRR and Banco de Espaa Circular
7. MACROPRUDENTIAL REGULATION
7.1. What is macroprudential regulation?
7.2. Time dimension
7.2.1.Credit cycle and credit risk
7.3. Cross-sectional dimension
7.3.1.Interlinkages, contagion and systemic institutions
7.3.2.Case study: Identification of systemic credit institutions
8.
8.1.
8.2.
8.3.
8.4.
MACROPRUDENTIAL INSTRUMENTS
Countercyclical capital buffer
Financial stability reports
Macro stress testing
Case study: FLESB-tool
Second part: Organization of Banking Regulation

1.
INTERNATIONAL FINANCIAL ARCHITECTURE
1.1. G20
1.2. FSB
1.3. Basel Committee
1.4. Europe
1.4.1.Before the crisis: towards financial integration Lamfalussy approach
1.4.2.First wave of the financial crisis: De Larosiere report
1.4.3.Second wave of the financial crisis: Banking Union
2. THE EUROPEAN CENTRAL BANK AND THE BANKING UNION
2.1. Functions of the ECB: monetary policy and banking supervision
2.2. Banking Union
2.2.1.SSM (Single Supervisory Mechanism)
2.2.2.SRM (Single Resolution Mechanism)
2.2.3.SDGF (Single Deposit Guarantee Fund)
2.3. Case study: Monetary policy versus financial stability
3.
3.1.
3.2.
3.3.
3.4.
3.5.
EUROPEAN SYSTEMIC RISK BOARD (ESRB)

Objectives
Structure
Functioning
Instruments: warnings and recommendations
Case study: ESRB Recommendation on lending in foreign currencies
4.
4.1.
4.2.
4.3.
4.4.
EUROPEAN BANKING AUTHORITY (EBA)

Objectives
Structure
Functioning
Technical Standards
5. AUTHORITIES OF REGULATION AND SUPERVISION IN SPAIN

5.1. Microprudential supervision
5.2. New macroprudential authority
5.2.1.A comparison of international experiences
5.2.2.The Spanish case

6. STRUCTURAL REFORMS
6.1. Motivation
6.2. Different approaches
6.2.1.Volcker
6.2.2. Vickers
6.2.3. Liikanen
6.3. Case study: Regulating rating agencies?
7. REGULATION OF THE SHADOW BANKING
7.1. What is shadow banking?
7.1.1. Scope and relevance
7.1.2. Potential problems
7.2. Regulation of the shadow banking
7.2.1.Direct approach
7.2.2.Indirect approach
7.3. Case study: How to limit the shadow banking develop through conduits and SIVs?
8.
8.1.
8.2.
8.3.
REGULATORY FRAMEWORK IN THE US

Supervisory and regulatory agencies
Objectives and responsibilities
Case study: SCAP, CCAR y DFAST, three different approaches to stress-testing
SEMINARS
ASSET QUALITY REVIEW. Laura Baztn. ECB.
STRESS TESTING AND MACROPRUDENTIAL TOOLS. Mario Quagliariello. EBA.
REGULATORY CAPITAL COMPUTATION. Elsa Martnez. BBVA.
SINGLE SUPERVISORY MECHANISM. Carlos Corcstegui. BBVA.
FUNDAMENTOS Y ELEMENTOS DE LA REGULACIN BANCARIA. Marian Salvador. Universidad
de Navarra.
MARCO REGULATORIO DE LA ACTIVIDAD BANCARIA. Eduardo Valpuesta. Universidad de
Navarra.
ASSESSMENT
There will be an exam at the end of each part. Professors will also take into account the active
participation of the students in class.

BANKING BUSINESS AND SYSTEMS OF INFORMATION MANAGEMENT IN

BANKING
ECTS:
9
Semesters:
First and second
Professors:
Mamen Aranda: Universidad de Navarra (Coordinator).
Esther Galiana: BBVA
Jos Mara de Luca: ex- Banco Popular
Jorge Soley: IESE
Javier Gmez Ort: Caixa
Antonio Garre: Moodys Investor Service
Santos Daz: BBVA
Pablo Beldarrain: Grupo Santander
Rodrigo Manero: Grupo Santander
Jose Mara Capape: Natixis
Julian Garca de Pablos: Grupo Santander
Jess Mardomingo: Cuatrecasas
Fernando Mnguez: Cuatrecasas
Francisco Tur: European Central Bank
Alejandro Alvarez: European central Bank
COMPETENCES
Discriminating and contrasting ones opinions with those of ones colleagues and
giving a critical assessment of the opinions of others.
Acquiring an ethical business conscience.
Specific skills
Being familiar with the main concepts and techniques of Statistics, Finance, and
Accounting which will be required to develop the necessary skills.
Being familiar with searching for specialised material (reports, articles, data)
concerning the various aspects of the banking business in a library, on the Internet, in
newspaper libraries, on accessible databases, etc..

Being familiar with the various financial and banking products and their relevance for
conducting banking business.
Studying the banking and financial system during periods of economic and financial
crises in detail, including its interaction with the main variables of the economic sector.
Being familiar with the regulatory framework within which the financial and banking
system develops, examining various circulars of the Central Banks.
Studying the evolution of the banking business in depth, including the relevant part
played by internationalisation, regulation, and technology.
Defining and expressing which solutions are most in keeping with ethical principles and
corporate business responsibility principles linked to the banking business.
Knowing how to use the necessary tools for analysing the banking business from
various perspectives: both financial and the financial, accounting, regulatory, and
ethical environment.
PROGRAM
First Semester
TOPIC 1: Retail banking
Introduction and history
The balance sheet of a retail bank
Retail versus Investment banlking
The role of the banking system in the conomy
TOPIC 2: Transactional banking
Global Transaction Banking and Corporate Banking
The short-term loan
Factoring and invoice discounting
Bank payment systems
International payment systems
Trade finance
Financial hedges
Financial and operating leases
Electronic banking
On-line banking
Mortgage banking
TOPIC 3: Asset management and private banking
TOPIC 4: Wholesale and investment banking
Retail Banking
Private Banking
Corporarte Banks
Investment banking
Second Semester:
TOPIC 5: Strategy in the banking sector
Banking strategy after the crisis
Banking strategy and regulation
Different strategies for the different models in banking
Retail Banking y ring-fencing
Investment banking
Wealth Management
TOPIC 6: Corporate services (IR, CEO, CFO, Global units, etc)
TOPIC 7:Markets (Equity, Fixed Income, Rates, Prop Trading, etc)
TOPIC 8: Credit (Loans, Debt Capital Markets, Originate to Distribute, etc)
TOPIC 9: The role of the research teams (equity and fixed income)
TOPIC 10: Private Equity/Infrastructure fund
ASSESSMENT
1st Exam (January) 40%
2nd Exam (May) 40%
Homework assigments 20%

PROFESSIONAL INTERNSHIP
ETCS: 27
Four months
FINAL PROJECT
ETCS:
The final project is intended for students to be able to analyze with rigor and professionalism
some relevant questions relating to the banking business. To realize this, the student will be
assigned a tutor.
Temporal organization: The work is prepared during the months of June to December. Will be
presented during the month of December.


Plan de Estudios

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The curriculum for the Master's Degree in Banking and Financial Regulation is made up of an 8-month

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4.7.4. Hausman test

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2.4. Case studies:

CREDIT RISK LOAN LOSS PROVISIONS

Second part: Organization of Banking Regulation

INTERNATIONAL FINANCIAL ARCHITECTURE

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EUROPEAN BANKING AUTHORITY (EBA)

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MASTER IN BANKING AND FINANCIAL REGULATION Universidad de Navarra

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MASTER IN BANKING AND FINANCIAL REGULATION Universidad de Navarra

MASTER IN BANKING AND FINANCIAL REGULATION Universidad de Navarra

MASTER IN BANKING AND FINANCIAL REGULATION Universidad de Navarra

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