1) Intro - (i) ALM teaser - How does bank earn money. What does ALM do. Banks balance sheet; ALCO decisions, composition, report; active/passive ALM; (ii) Admin - Intro lecturers; Course program and expectations from both sides; Grading

2) YC refresh and product characteristics - (i) Yield curve (shapes, theories, fwd rates, ASW, IR derivatives); Duration and Convexity; (ii) BS - product characteristics (LQ, IR behavior)

3) Liquidity risk and FX risk - What, why, how. Measuring, steering. Liquidity gap. Regulatory ratios: LCR, NSFR. Daily and strategic FX risk. FX liquidity. Measurement, steering

4) Case study 1 (LQ and FX risk) and voluntary short presentations/referat

5) Interest rate risk - IR gaps. Key rate shocks. Yearly earnings versus Value - optimization targets and impact on BS steering. Sensitivity of earnings and value. MVoE/EVE. Regulatory framework for IRRBB

6) Case study 2 (IR risk) and voluntary short presentation/referat

7) ALM and financial market - Steering IR/LQ/FX risk externally. Economic and accounting aspects (ias39, ifrs9 classifications) of banking book investments. Hedging using IRS and CIRS. Hedge accounting, cash flow vs fair value hedges. Own issues – covered, senior, AT1. MREL

8) Product modeling - Non maturity products on liabilities and asset side (aka "how long are demand deposits"). Banking product optionalities and prepayments. Modeling techniques and dealing with uncertainties.

9) Funds transfer pricing - Steering IR/LQ/FX risk internally. What, why, when, steering, controlling, concepts. Practical calculations. Structural contribution alias Transformation margin.

10) Case study 3 (FTP) and voluntary short presentation/referat

11) ALM hot topics - Impacts of FX interventions, QE, negative rates (and IRS)... Banking market trends and ALM (Consumer credit directive)

12) ALCO game