Module Catalogue Degree programme Bachelor of Science "Zentralbankwesen / Central Banking" - Hochschule der Deutschen Bundesbank
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Module Catalogue Degree programme Bachelor of Science „Zentralbankwesen / Central Banking“ Valid from starting date: 1 October 2020 (Last updated: 1 October 2020) DEUTSCHE BUNDESBANK UNIVERSITY OF APPLIED SCIENCES CASTLE HACHENBURG/GERMANY
Deutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking"
degree programme
Valid from starting date: 1 October 2020
3
Contents
1 Degree programme concept 4
1.1 Module overview for Deutsche Bundesbank students 5
1.2 Module overview for Federal Financial Supervisory Authority (BaFin)
students 6
2 Theoretical studies 7
2.1 Foundation course 8
2.2 Advanced study 21
2.3 In-depth study 1 33
2.4 In-depth study 2 53
3 Practical studies 60
3.1 Practical studies for Deutsche Bundesbank students 60
3.2 Practical studies for BaFin students 80
4 Bachelor’s Thesis 92
Last updated: 1 October 2020Deutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
4
1 Degree programme concept
The educational concept of the Deutsche Bundesbank University of Applied Sciences (hereinafter
"University") has had the following hallmarks since it was founded in 1980.
Orientation to the Bundesbank (focus on the Bundesbank's core business areas)
Dual studies ( dovetailing of theoretical studies and practical experience)
Dual qualification ( students obtain a university degree and simultaneously qualify for a career
in the upper intermediate service at the Deutsche Bundesbank)
The Bachelor's degree programme essentially follows these guiding principles, but places even
greater emphasis on the role of the Deutsche Bundesbank in the Eurosystem and on teaching meth-
ods rather than just transferring knowledge. In addition, students are offered options for shaping
their course of study, meaning that although they gain an overview of all core business areas of a
central bank, they can additionally acquire an in-depth understanding of certain business areas and
the key methods in use there.
The degree programme culminates in a Bachelor of Science degree, as quantitative business
administration methods (in particular, in the fields of banking supervision, accounting, analysis of
financial statements and financial issues, controlling, corporate finance, financial mathematics, statis-
tics and IT) form a common thread throughout the programme, representing roughly half of the cur-
riculum. The bilingual title of the degree programme (“Zentralbankwesen / Central Banking”) re-
flects the fact that the curriculum is largely international in nature due to the Deutsche Bundesbank
being part of the ESCB and therefore selected classes and lectures are held in English.
Besides the quantitative and English-language content of the curriculum, the degree programme
comprises a host of modules which focus on the application and interpretation of laws and regula-
tions as well as internal rules and regulations at the respective authority. Given that the Bundesbank
has the status of a supreme federal authority with a wide range of responsibilities in the fields of cur-
rency and financial markets, this legal orientation is well justified. With the exception of a few mod-
ules, which deal exclusively with legal topics, the legal issues – in keeping with the interdisciplinary
approach of the degree programme – are taught together with issues relating to banking operations
and financial mathematics.
The dual concept of the Bachelor's programme ensures a high degree of practical relevance
through constant alternation between theoretical and practical modules, offering content which is
coordinated by the University. Students complete a total of seven different internships and are famil-
iar with the corporate culture in the business units of the Bundesbank/their recruiting authority (eg the
Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht or BaFin))
at the end of their studies. Both the Bachelor’s thesis with its strong practical focus and a final
five-month internship ensure a seamless transition into employment.1.1 Module overview for Deutsche Bundesbank students
1.2 Module overview for Federal Financial Supervisory Authority (BaFin) students
Deutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
7
2 Theoretical studies
As part of the theoretical studies, the first two six-month stages of study, ie foundation course and
advanced study, provide a broad base of theoretical knowledge and methodology. These two stages
of study do not offer any elective modules.
By contrast, in in-depth study 1, students can choose a specialisation. The University generally of-
fers the following specialisations.
A “Supervisory and financial stability functions”
B “Bank operational functions”
Q “Interdisciplinary an IT functions”
Each specialisation is geared towards the skills and methods that are particularly relevant in specific
areas of a central bank or a banking supervisory authority. In accordance with the study regulations,
each recruiting authority may modify the curriculum and structure of degree programme specialisa-
tions in agreement with the University. Accordingly, the Bundesbank and BaFin students have the
following options for specialisation.
Overview 1: Modules1 for each specialisation and recruiting authority during the in-depth study
periods
Specialisation Supervisory and
Interdisciplinary Bank operational
financial stability
Recruiting and IT functions functions
functions
authority
In-depth study 1 modules
V1, V2, V5 and V1, V2, V4 and V1, V2, V3 and
Bundesbank
V3 or V6 V5 or V6 V4 or V6
V1, V2, V5 and V2, V4, V5 and
BaFin
V3 or V6 V1 or V6
In-depth study 2 modules
Bundesbank W1, W2, W3, W5 W2, W4, W5, W6 W1, W3, W4 W6
BaFin W1, W2, W3, W5 W2, W4, W5, W6
Despite the options for specialisation, the overall course of study remains general in nature and co-
vers several core business areas. Hence the specialisations provide an indication of the graduates'
subsequent area of employment but do not prejudice it.
1 Key: Overview of in-depth study modules
In-depth study 1 In-depth study 2
V1: Bank and central bank management W1: Case studies on monetary policy and financial stability
V2: Analysis of financial statements (EN)
and financial instruments W2: Case studies on financial supervision
V3: Financial markets and international economics W3: Case studies on payment and financial market
(EN) infrastructure
V4: Organisation, human resources management and W4: Managing people and organisations in changing contexts
contract management W5: Financial Econometrics
V5: Banking, securities and insurance supervision W6: Process and project management
V6: Digital transformation and advanced analyticsDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
8
2.1 Foundation course
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Foundation Advanced In-depth Practical In-depth Practical
P1 P1 P2 BT
course study study 1 study 3 study 2 study 4
Module name (including module components) ECTS Contact Workload Examination
hours (number of Preparation
(number of hours) time
45-minute (percentage
teaching ses- of English)
sions)
G1: Methodological foundations 8 152 240 Written exam
(Mandatory module) 180 minutes
G1-1: Academic research, study methods and 2 42 60
communication
G1-2: Information technology: an introduction 3 54 90
G1-3: Financial mathematics and statistics: 3 56 90
an introduction
G2: Introduction to business administration 8 148 240 Written exam
(Mandatory module) 180 minutes
G2-1: Management of operational resources 4 72 120
G2-2: Bookkeeping, cost accounting and 4 76 120
financial statements
G3: Introduction to the banking industry 8 142 240 Written exam
(Mandatory module) 180 minutes
G3-1: Structure of the banking system and 4 72 120 (50)
fundamentals of the banking industry
G3-2: Introduction to Central Banking (EN) 4 70 120
G4: Introduction to the legal system: Basic Law, 5 90 150 Written exam
Civil Code and Commercial Code 120 minutes
(Mandatory module)
G5: Principles of economics (EN) 5 88 150 Written exam
(Mandatory module) 120 minutes
(50)
Total 34 620 1020 5 module
examsDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
9
Module Methodological foundations
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code G1
Academic level of the Foundation course
module
Type Mandatory module; quantitative content around 67%, English-language content
around 11%, legal content 0%
ECTS credits 8 ECTS
Academic workload 240 hours, of which 114 contact hours (152x45-minute teaching sessions) and 126
hours of independent study
Examination date At the end of the study stage
Mode of examination Written exam, covering tasks from module components G1-1, G1-2 and G1-3,
Preparation time 180 minutes
(percentage of English) (0)
Prerequisites ---
(Potentially) followed by A1 Quantitative methods
A2 Business administration: deepening of knowledgeDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
10
Module component Academic research, study methods and communication
of G1
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code G1-1
Academic level of the Foundation course
module
Type Module component; quantitative content 10%, English-language content 0%, legal
content 0%
ECTS credits 2 ECTS
Academic workload 60 hours, of which 31.5 contact hours (42x45-minute teaching sessions) and 28.5
hours of independent study
Teaching methods Lectures, exercises, group work, situational tasks, role plays with critical reflection
and feedback, video training
Lecturer responsible for Professor Matthias Goeken
the module
Academic objectives Students will learn to master the academic methods of planning and gaining an
overview of, selecting and analysing material and to put them into practice by com-
piling an academic paper. Students will also be able to use Microsoft Office applica-
tions essential to the preparation of academic papers and presentations. This in-
cludes using Microsoft Word to write, edit and publish academic texts and using
PowerPoint in presentations.
Moreover, students will learn and put into practice efficient working and study meth-
ods, allowing them to organise their studies independently and to master course
content.
Mastery of key competencies such as presentation techniques, teamwork and com-
munication skills are vital to operational practice. Students will refine these skills and
gradually expand them.
Preliminary reading V Römermann et al, Schlüsselqualifikationen für Studium, Examen und Beruf, latest
edition.
C Stickel-Wolf, J Wolf, Wissenschaftliches Arbeiten und Lerntechniken, latest editi-
on.
M R Theisen, Wissenschaftliches Arbeiten: Technik - Methodik - Form, Munich, la-
test edition.
Balzert et al, Wissenschaftliches Arbeiten: Wissenschaft, Quellen, Artefakte, Orga-
nisation, Präsentation; W3L Herdecke, latest edition.
Microsoft Office Word 2007 manual, latest edition.
Supplementary reading:
S M Litzcke et al, Studieren lernen, latest edition (available online).
G1-1a Academic research and study methods
Syllabus The academic work process
(planning, preparatory work, overview, selection and analysis of material, writing
manuscripts, presenting results, holding presentations)
Work and learning techniques
Examinations in theoretical and practical studies (written exam, presentation,
seminar paper, report, internship report, completion of another practical task typ-
ically performed in the Upper Intermediate Service, paper, oral exam)
G1-1b Communication
Syllabus Key competencies (presentation techniques, rhetoric, teamwork and communi-
cation skills)
G1-1c Preparing academic texts and presentations
Syllabus Word (in particular, formatting and document templates, field functions, foot-
notes, layouts, table of contents)
PowerPoint (in particular, preparing presentations, slide masters, custom anima-
tion, embedding graphics) and alternativesDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
11
Module component Information technology: an introduction
of G1
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code G1-2
Academic level of the Foundation course
module
Type Module component; quantitative content 80%, English-language content 10%, legal
content 0%
ECTS credits 3 ECTS
Academic workload 90 hours, of which 40.5 contact hours (54x45-minute teaching sessions) and 49.5
hours of independent study
Teaching methods Lectures (sometimes using PCs), study group exercises, independent study
Lecturer responsible for Lothar Thiel
the module
Academic objectives Upon completion of this module, students will understand
the basic terminology used in information technology
how computer systems (hardware components) are structured and how operat-
ing systems are structured and used (system-related software)
the types and possible uses of operational application systems (application soft-
ware)
the basic concepts of databases
the fundamental rules of information security
Furthermore, students will be familiar with the key Microsoft Office applications used
by the Deutsche Bundesbank. This includes
an introduction to spreadsheets and databases
the functioning and use of the internet
the basic functions of standard business administration software (SAP)
Preliminary reading H Herold et al, Grundlagen der Informatik, latest edition.
Amberg et al, Wertschöpfungsorientierte Wirtschaftsinformatik, Berlin, Heidelberg
(latest edition).
Supplementary reading:
H-P Gumm et al, Einführung in die Informatik, latest edition.
K C Laudon et al, Wirtschaftsinformatik, Einführung, latest edition.
A S Tanenbaum, Computernetzwerke, latest edition.
Microsoft Office Excel 2007 manual, latest edition.
Microsoft Office Access 2007 manual, latest edition.
G1-2a Introduction to information technology
Syllabus Basic terminology used in business informatics and data processing
Data, information, knowledge, presentation of information and figures
Structure and components of a computer system
Operating system (layers, memory and file management)
Software development
Business application systems: operational application systems (ERP), analytical
application systems (business intelligence) and cross-sectional systems (CSCW,
groupware and social software)
Data security (protection objectives, processes)
G1-2b MS Office exercises
Syllabus Excel (creating table formats, calculations using functions and formulae, data
analysis methods, creating diagrams, data set management)
Basic concepts of databases; information and knowledge management
Access (creating tables and forms, connections and requests, searching for and
filtering data)
G1-2c SAP – introductory exercises
Syllabus Introduction to standard business administration software
Basic concepts and features of modern ERP systems
Practical exercises using an SAP training system
Overview of how SAP is used at the BundesbankDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
12
Module component Financial mathematics and statistics: an introduction
of G1
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code G1-3
Academic level of the Foundation course
module
Type Module component; quantitative content 100%, English-language content 20%, legal
content 0%
ECTS credits 3 ECTS
Academic workload 90 hours, of which 42 contact hours (56x45-minute teaching sessions) and 48 hours
of independent study
Teaching methods Lectures, exercises, independent study
Lecturer responsible for Professor Annabelle Kehl-Beckmann
the module
Academic objectives Students will master the fundamentals of financial mathematics and its application in
banking operations. They will understand the financial mathematics content of cen-
tral-bank-specific measures and of the monetary policy procedures of the ESCB, and
will be able to use the methods acquired to complete typical tasks relating to these
procedures. Moreover, students will understand the objectives of and typical prob-
lems relating to statistics, will gain an overview of fundamental data collection and
processing methods and will recognise the importance of statistics for central banks.
Students will also master the methods of presenting descriptive statistics, calculating
and interpreting characteristic key figures of unidimensional distributions, the funda-
mentals of probability theory and combinatorics and the use of fundamental theoreti-
cal distributions.
Preliminary reading Fahrmeir, Künstler, Pigeot, Tutz: Statistik: Der Weg zur Datenanalyse, Springer,
Berlin Heidelberg New York , latest edition.
J Tietze: Einführung in die Finanzmathematik, latest edition.
G Bamberg et al, Statistik, latest edition.
Supplementary reading:
T Heidorn: Finanzmathematik in der Bankpraxis, latest edition.
K Bosch: Elementare Einführung in die angewandte Statistik, latest edition.
G Bourier: Beschreibende Statistik, latest edition.
G1-3a Financial mathematics I
Syllabus General mathematical foundations
Calculating interest and compound interest using banking-related examples
Calculating pensions and annuities using banking-related examples
Intra-year interest rate and yield calculations
Present value concept
G1-3b Statistics I
Syllabus Tasks and objectives of statistics, statistical agencies
Basic concepts of statistics
Types and forms of data collection; processing data material
Location parameters and dispersion measures of distributions
Combinatorics
Introduction to probability theoryDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
13
Module Introduction to business administration
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code G2
Academic level of the Foundation course
module
Type Mandatory module; quantitative content around 50%, English-language content
around 10%, legal content around 16%
ECTS credits 8 ECTS
Academic workload 240 hours, of which 111 contact hours (148x45-minute teaching sessions) and 129
hours of independent study
Examination date At the end of the study stage
Mode of examination Written exam, covering tasks from module components G2-1 and G2-2
Preparation time 180 minutes
(percentage of English) (0)
Prerequisites ---
(Potentially) followed A2 Business administration: deepening of knowledge
by V4 Organisation, human resources management and contract management
W4 Managing people and organisations in changing contextsDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
14
Module component Management of operational resources
of G2
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code G2-1
Academic level of the Foundation course
module
Type Module component; quantitative content 50%, English-language content 20%, legal
content 10%
ECTS credits 4 ECTS
Academic workload 120 hours, of which 54 contact hours (72x45-minute teaching sessions) and 66
hours of independent study
Teaching methods Lectures, exercises, independent study
Lecturer responsible for Professor Nicole Jung
the module
Academic objectives Students will be able to describe problems relating to operational resource man-
agement using the appropriate terminology and solve such problems. They will gain
an overview of operational functions, their interconnections and the underlying is-
sues regarding decision-making and be able to apply business administration meth-
ods to them.
Preliminary reading G Wöhe, U Döring: Einführung in die allgemeine Betriebswirtschaftslehre,
Munich: Vahlen, latest edition.
D Vahs, J Schäfer-Kunz: Einführung in die Betriebswirtschaftslehre, Stuttgart: Schäf-
fer-Poeschel, latest edition.
C Homburg, H Krohmer: Grundlagen des Marketingmanagements, Wiesbaden:
Gabler, latest edition.
Supplementary reading:
G Bamberg, A G Coenenberg: Betriebswirtschaftliche Entscheidungslehre, Munich:
Vahlen, latest edition.
H Jung: Allgemeine Betriebswirtschaftslehre, Munich: Oldenbourg, latest edition.
M Schweitzer: Einleitung: Grundfragen, in: F X Bea, Allgemeine Betriebswirtschafts-
lehre, Volume 1, Stuttgart: Lucius & Lucius, latest edition.
G2-1a Introduction to business administration
Syllabus Introduction to general business administration
Operational target systems and strategies
Fundamentals of decision-making theory and operations research
Constitutive operational decisions
G2-1b Business administration in key operational functions
Syllabus Decision-making in procurement
Decision-making in production
Decision-making in marketingDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
15
Module component Bookkeeping, cost accounting and
of G2 financial statements
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code G2-2
Academic level of the Foundation course
module
Type Module component; quantitative content 50%, English-language content 0%, legal
content 20%
ECTS credits 4 ECTS
Academic workload 120 hours, of which 57 contact hours (76x45-minute teaching sessions) and 63
hours of independent study
Teaching methods Lectures, exercises, independent study
Lecturer responsible for Professor Anke Lenk
the module
Academic objectives This module covers accounting tasks in general and bookkeeping tasks in particular.
Students will learn double-entry bookkeeping as well as how to make entries in stock
accounts and profit and loss accounts. They will practise and gain a greater under-
standing of double-entry bookkeeping on the basis of selected transactions by indus-
trial enterprises and credit institutions. The lectures will provide an initial insight into
the accounting, and in particular the financial statements, of industrial enterprises,
credit institutions and the Deutsche Bundesbank. Students will learn about the com-
monly used cost accounting systems and will practise and apply their knowledge in a
wide range of practical exercises and examples.
Preliminary reading Coenenberg et al: Jahresabschluss und Jahresabschlussanalyse, latest edition.
Deutsche Bundesbank: Grundsätze zur Rechnungslegung der Deutschen Bundes-
bank, latest edition.
D Schuster: Rechnungswesen und Controlling der Kreditinstitute, latest edition.
J Weber, B Weißenberger: Einführung in das Rechnungswesen, latest edition.
G Wöhe et al: Einführung in die Allgemeine BWL, latest edition.
J Wüstemann: Buchführung case by case, latest edition.
G2-2a Introduction to double-entry bookkeeping and financial statements
Syllabus Introduction to the (legal) basis of bookkeeping and financial statements
Inventories and stocktaking
Generally accepted accounting principles
Fundamentals and techniques of double-entry bookkeeping
Booking selected transactions
G2-2b Accounting structure at credit institutions and the Deutsche Bundesbank
Syllabus Legal basis; organisation and entry processes
Entries for credit institutions' lending and deposit business
Insight into the preparation of credit institutions' financial statements
Accounting structure at the Deutsche Bundesbank
G2-2c Introduction to cost and performance accounting
Syllabus Fundamentals of cost accounting
Cost-type, cost-centre, cost-unit accounting as full-cost accounting
Revenue and expenditure accountingDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
16
Module Introduction to the banking industry
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code G3
Academic level of the Foundation course
module
Type Mandatory module; quantitative content around 18%, English-language content
around 53%, legal content around 20%
ECTS credits 8 ECTS
Academic workload 240 hours, of which 106.5 contact hours (142x45-minute teaching sessions) and
133.5 hours of independent study
Examination date At the end of the study stage
Mode of examination Written exam; covering tasks from module components G3-1 and G3-2
Preparation time 180 minutes
(percentage of English) (50)
Prerequisites ---
(Potentially) followed by A3 Payment transactions
A4 Credit and banking supervision
A5 Monetary economics (EN)
V4 Organisation, human resources management and contract managementDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
17
Module component Structure of the banking system and fundamentals of the banking in-
of G3 dustry
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code G3-1
Academic level of the Foundation course
module
Type Module component; quantitative content 15%, English-language content 10%, legal
content 10%
ECTS credits 4 ECTS
Academic workload 120 hours, of which 54 contact hours (72x45-minute teaching sessions) and 66
hours of independent study
Teaching methods Lectures, independent study
Lecturer responsible for Professor Andreas Igl
the module
Academic objectives Students will understand the fundamentals of credit institutions' lending and deposit
business, the settlement of their transactions and those of their customers, as well
as the most important underlying legal relationships and framework between cus-
tomers, credit institutions and banking supervisors. In this context, students will
learn about account management, deposit business and payment transactions, fund
and asset investments, lending and cross-border transactions. Moreover, they will
gain an overview of the structure and functioning of the banking sector and of de-
posit guarantee schemes in Germany.
Preliminary reading Hartmann-Wendels, T., u.a.: Bankbetriebslehre, latest edition.
Supplementary reading:
Büschgen, H.E., u.a.: Bankbetriebslehre, latest edition.
Cecchetti, S.G./ Schoenholtz, K.L.: Money, Banking and Financial Markets, latest
edition.
Ettmann, B./Wolff, K./Wurm, G: Kompaktwissen Bankbetriebslehre, latest edition.
Grill, H./Perczynski, H.: Wirtschaftslehre des Kreditwesens, latest edition.
Syllabus Functions of banks in an economy
Selected legal framework of the banking industry
Business models, strategy / targets, banking policy, accreditation
Market overview: Germany / EU / world
Account management and Balance sheet and Profit & Loss
Introduction into banking supervision and supervisory structure
Governance in Institutes und Institute groups
Lending business: lending and loan types
Deposit taking business
Brokerage + Foreign business
Clients + Marketing
Special topics (FinTech, Brexit, Climate risks)
.Deutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
18
Module component Introduction to Central Banking (EN)
of G3
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code G3-2
Academic level of the Foundation course
module
Type Module component; quantitative content 20%, English-language content 95%, legal
content 30%
ECTS credits 4 ECTS
Academic workload 120 hours, of which 52.5 contact hours (70x45-minute teaching sessions) and 67.5
hours of independent study
Teaching methods Lectures, seminars, independent study
Lecturer responsible for Uwe Schollmeyer
the module
Academic objectives The students will learn about the organisation, structure and objectives of the Eu-
rosystem and the ECB. They will acquire detailed knowledge of monetary policy
instruments, in particular regarding the function and effects of these instruments,
counterparties and collateral. Furthermore, they will be able to present the Deutsche
Bundesbank's view on the use of individual instruments and to defend against criti-
cism. The main language of instruction and examination of this course is English.
Preliminary reading ECB: The implementation of monetary policy in the euro area: General documenta-
tion on Eurosystem monetary policy instruments and procedures, latest edition.
Supplementary reading:
ECB: The monetary policy of the ECB, latest edition.
H K Scheller: The European Central Bank – history, role and functions, latest edi-
tion.
G3-2a Central banks: structure, organisation, functions and institutional framework
Syllabus EMU, the ECB and the euro
Central banking in EMU: legal, institutional and organisational aspects
The Treaty of Maastricht (convergence criteria, excessive deficit procedures)
G3-2b The role of the national central banks in the Eurosystem
Syllabus The role of the national central banks in the Eurosystem and the European
Systemic Risk Board (ESRB)
Deutsche Bundesbank: history, role and functions
G3-2c The monetary policy instruments of the Eurosystem
Syllabus The monetary policy framework
Open market operations, standing facilities, procedures and tenders
Eligible counterparties, eligible assets and minimum reservesDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
19
Module Introduction to the legal system: Basic Law, Civil Code and Commer-
cial Code
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code G4
Academic level of the Foundation course
module
Type Mandatory module; quantitative content 0%, English-language content 0%, legal
content 100%
ECTS credits 5 ECTS
Academic workload 150 hours, of which 67.5 contact hours (90x45-minute teaching sessions) and 82.5
hours of independent study
Examination date At the end of the study stage
Mode of examination Written exam;
Preparation time 120 minutes
(percentage of English) (0)
Teaching methods Lectures, group work, exercises, independent study
Lecturer responsible for Hans Friedrich Paul
the module
Prerequisites ---
(Potentially) followed by A3 Payment transactions
A4 Credit and banking supervision
V4 Organisation, human resources management and contract management
Academic objectives Students will understand the fundamentals of our legal system. They will have
knowledge of legal sources and be able to develop criteria to determine whether
these pertain to public or civil law. They will be able to describe the protective effects
of the Basic Law, the national objectives and government bodies anchored therein,
as well as their mandate and functioning; they will also be able to distinguish be-
tween a state and other types of society. Moreover, they will understand the oppor-
tunities for citizens to play a role in various regional or local authorities. In addition,
students will understand the fundamentals of the Civil Code, the Commercial Code
and company law. They will have the ability to analyse problems relating in particular
to contract law and company law, to develop solutions to case studies and present
these. They will know how to defend their solutions against criticism using legal ar-
guments and be able to develop alternative solutions. Students will be capable of
using the available textbooks to acquire knowledge independently.
Preliminary reading W Kallwass and P Abels: Privatrecht, Munich, latest edition.
A Katz: Staatsrecht: Grundkurs im öffentlichen Recht (Jurathek Studium), latest edi-
tion.
G4a Fundamentals of political science and German constitutional law
Syllabus Legal sources
Concept, features and types of state
Fundamental rights and organisation of the state pursuant to the Basic Law
G4b Fundamentals of civil law
Syllabus Introduction to the German legal system
Introduction to civil law (contract law, legal obligations and property law)
G4c Fundamentals of commercial and company law
Syllabus Introduction to commercial law (commercial undertakings and intermediaries)
Introduction to company law (definition of company, partnership, corporation and
cooperatives)Deutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
20
Module Principles of economics (EN)
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code G5
Academic level of the Foundation course
module
Type Mandatory module; quantitative content 50%, English-language content 50%, legal
content 0%
ECTS credits 5 ECTS
Academic workload 150 hours, of which 66 contact hours (88x45-minute teaching sessions) and 84
hours of independent study
Examination date At the end of the study stage
Mode of examination Written exam;
Preparation time 120 minutes
(percentage of English) (50)
Teaching methods Lectures, exercises, independent study
Lecturer responsible for Professor Matthias Goeken
the module
Prerequisites ---
(Potentially) followed by A5 Monetary economics (EN)
Academic objectives Students will understand the principles and methodologies of economics and will be
able to explain and assess the benefits and limitations of models used for economic
analysis. They will understand the basic principles of economic activity, the differ-
ences between micro and macroeconomic analysis and will acquire the tools neces-
sary to analyse and interpret economic trends, including problems related to mone-
tary economics. The main language of instruction and examination of this course is
English.
Preliminary reading N G Mankiw, M P Taylor: Economics, latest edition.
N G Mankiw: Macroeconomics, latest edition.
G5a Basic concepts (EN)
Syllabus Basic principles
Markets and governments
G5b Microeconomics (EN)
Syllabus Theory of consumer choice
Company behaviour and industrial organisation
Markets for the factors of production
Economics of labour markets
Income inequality
G5c Macroeconomics (EN)
Syllabus Aggregate supply and demand
Measuring economic activity
Business fluctuations
Economic growthDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
21
2.2 Advanced study
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Foundation Advanced In-depth Practical In-depth Practical
P1 P1 P2 BT
course study study 1 study 3 study 2 study 4
Module name (including module components) ECTS Contact Workload Examination
hours (number of Preparation time
(45-minute hours) (percentage of
teaching ses- English)
sions)
A1: Quantitative methods 6 112 180 Written exam
(Mandatory module) 180 minutes
A1-1: Information technology: management 3 56 90
and processes
A1-2: Financial mathematics and statistics: 3 56 90
deepening of knowledge
A2: Business administration: deepening of 7 130 210 Written exam
knowledge 180 minutes
(Mandatory module) (50)
A2-1: Single-entity and consolidated financial 4 72 120
statements, IFRS
A2-2: Theory of corporate finance (EN) 3 58 90
A3: Payment transactions 6 108 180 Written exam
(Mandatory module) 180 minutes
A4: Credit and banking supervision 9 170 270 Written exam
(Mandatory module) 180 minutes
A4-1: Lending business and loan collateral 4 74 120
A4-2: Fundamentals of banking and financial 5 96 150
services supervision
A5: Monetary economics (EN) 5 90 150 Written exam
(Mandatory module) 120 minutes
(70)
Total 33 610 990 5 module ex-
amsDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
22
^
Module Quantitative methods
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code A1
Academic level of the Advanced study
module
Type Mandatory module; quantitative content around 83%, English-language content
around 25%, legal content 0%
ECTS credits 6 ECTS
Academic workload 180 hours, of which 84 contact hours (112x45-minute teaching sessions) and 96
hours of independent study
Examination date At the end of the study stage
Mode of examination Written exam; covering tasks from module components A1-1 and A1-2
Preparation time 180 minutes
(percentage of English) (0)
Prerequisites G1 Methodological foundations
(Potentially) followed by V2 Analysis of financial statements and financial instruments
V3 Financial markets and international economics (EN)
V5 Banking, securities and insurance supervision
W5 Financial Econometrics
W6 Process and project managementDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
23
Module component Information technology: management and processes
of A1
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code A1-1
Academic level of the Advanced study
module
Type Module component; quantitative content 60%, English-language content 30%, legal
content 0%
ECTS credits 3 ECTS
Academic workload 90 hours, of which 42 contact hours (56x45-minute teaching sessions) and 48 hours
of independent study
Teaching methods Lectures (sometimes using PCs), exercises, independent study
Lecturer responsible for Professor Giselher Pankratz
the module
Academic objectives Students will become proficient in using standard workstation software applications.
This includes
basic functions of workflow management using Lotus Notes, and
the use of VBA in Excel to solve practical quantitative problems.
After completing the module, students will understand the theoretical foundations of
IT management and have basic knowledge of system analysis as well as of process
and project management. Beyond this, students will be familiar with basic IT security
management issues.
Preliminary reading K C Laudon et al: Wirtschaftsinformatik, latest edition.
Supplementary reading:
H Krcmar: Einführung in das Informationsmanagement, latest edition.
I Sommerville: Software Engineering, latest edition.
M Kofler et al: Excel 2007 programmieren, latest edition.
A1-1a Business administration application systems
Syllabus Introduction to programming
Practical programming examples using VBA
Business administration applications using VBA
Introduction to workflow management using Lotus Notes
A1-1b Introduction to IT and project management
Syllabus Introduction to project management (including terminology and definitions relat-
ing to project organisation, project definition, phases and life cycle)
Introduction to IT management (objectives, tasks, instruments)
Theoretical foundations of process and system analysis (including application
exercises)
Introduction to IT security managementDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
24
Module component Financial mathematics and statistics: deepening of knowledge
of A1
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code A1-2
Academic level of the Advanced study
module
Type Module component; quantitative content 100%, English-language content 20%, legal
content 0%
ECTS credits 3 ECTS
Academic workload 90 hours, of which 42 contact hours (56x45-minute teaching sessions) and 48 hours
of independent study
Teaching methods Lectures, independent study, group work
Lecturer responsible for Professor Annabelle Kehl-Beckmann
the module
Academic objectives Students will acquire an in-depth understanding of the content, structure and func-
tioning of securities, financial instruments and foreign exchange in terms of financial
mathematics. They will be capable of performing independent, methodologically
sound analyses and valuations of such instruments and will be able to take on an
active role in projects relating to portfolio management, capital markets and corpo-
rate finance. Students will grasp the issues of relevance to central banks with regard
to measures of concentrations, analysis of time series and multi-dimensional distri-
butions, as well as the processes for calculating indices. They will master regression
and seasonal adjustment techniques as well as fundamental statistical estimation
and test methods.
Preliminary reading L Fahrmeir, R Künstler, I Pigeot, G Tutz: Statistik: Der Weg zur Datenanalyse,
Springer, Berlin Heidelberg New York, latest edition.
J C Hull: Optionen, Futures u. andere Derivate, latest edition.
K Bosch: Elementare Einführung in die angewandte Statistik, latest edition.
Supplementary reading:
T Heidorn: Finanzmathematik in der Bankpraxis, latest edition.
A Klenke: Wahrscheinlichkeitstheorie, latest edition.
G Bamberg et al: Statistik, latest edition.
J Franke et al: Statistics of Financial Markets, latest edition.
A1-2a Financial mathematics II
Syllabus Value at risk and risk measures
Calculating effective interest rates for cash securities, fixed-income securities
and other structured products
Introduction to equity analysis
Introduction to option pricing theory
Analysis and valuation of selected financial derivatives
A1-2b Statistics II
Syllabus Measures of concentration
Simple and composite indices
Ratios for multi-dimensional distributions
Correlation and statistical independence
Regression equations
Simple forecasting methods
Seasonal adjustment methods
Statistical test and estimation methodsDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
25
Module Business administration: deepening of knowledge
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code A2
Academic level of the Advanced study
module
Type Mandatory module; quantitative content around 75%, English-language content
around 50%, legal content 25%
ECTS credits 7 ECTS
Academic workload 210 hours, of which 97.5 contact hours (130x45-minute teaching sessions) and
112.5 hours of independent study
Examination date At the end of the study stage
Mode of examination Written exam; covering tasks from module components A2-1 and A2-2
Preparation time 180 minutes
(percentage of English) (50)
Prerequisites G1 Methodological foundations
G2 Introduction to business administration
(Potentially) followed by V1 Bank and central bank management
V2 Analysis of financial statements and financial instruments
V5 Banking, securities and insurance supervision
W2 Case studies on financial supervisionDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
26
Module component Single-entity and consolidated financial statements, IFRS
of A2
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code A2-1
Academic level of the Advanced study
module
Type Module component; quantitative content 60%, English-language content 10%, legal
content 60%
ECTS credits 4 ECTS
Academic workload 120 hours, of which 54 contact hours (72x45-minute teaching sessions) and 66
hours of independent study
Teaching methods Lectures, independent study
Lecturer responsible for Professor Anke Lenk
the module
Academic objectives Students will gain an overview of the accounting requirements for credit institutions
and other business enterprises in accordance with the German Commercial Code
and IAS/IFRS, both for single-entity and consolidated financial statements. They will
master the key balance sheet recognition, valuation and disclosure requirements
under the German Commercial Code (Handelsgesetzbuch or HGB) and IAS/IFRS,
the differences between them, and how to apply them. They will understand how
reporting an item in the balance sheet impacts on other parts of the financial state-
ment and will be able to understand and apply the consolidation measures used in
group accounting.
Preliminary reading H Bieg: Bankbilanzierung nach HGB und IFRS, latest edition.
A G Coenenberg: Jahresabschluss und Jahresabschlussanalyse, latest edition.
K Küting, C Weber: Der Konzernabschluss, latest edition.
B Pellens et al: Internationale Rechnungslegung, latest edition.
P Scharpf, M Schaber: Handbuch Bankbilanz, latest edition.
A Wagenhofer: Internationale Rechnungslegungsstandards – IAS/IFRS, latest editi-
on.
A2-1a Commercial and tax-law-based financial statements
Syllabus Objectives and purposes of financial statements
The relationship between commercial and tax balance sheets
Principles of proper accounting
Balance sheet disclosure, recognition and valuation requirements (mandatory,
prohibited and optional items) and how they are reflected in the profit and loss
account and notes
A2-1b Financial statements according to IFRS and group accounting
Syllabus Objectives and purposes of financial statements according to IFRS
Recognition and valuation requirements for selected balance sheet items in
IFRS financial statements
Disclosure requirements according to IFRS
Introduction to consolidated financial statements
Basis, definition and methods of consolidation pursuant to the German Com-
mercial Code and IAS/IFRS
A2-1c Financial statements of credit institutions
Syllabus Recognition and valuation requirements pursuant to the German Commer-
cial Code (including the Regulation on the Accounting of Credit Institutions
(Verordnung über die Rechnungslegung der Kreditinstitute) for selected
items in credit institutions’ financial statements
Recognition and valuation requirements pursuant to IFRS for selected items in
credit institutions’ financial statements
Disclosure requirements pursuant to the German Commercial Code and IFRSDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
27
Module component Corporate finance (EN)
of A2
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code A2-2
Academic level of the Advanced study
module
Type Module component; quantitative content 90%, English-language content 100%,
legal content 0%
ECTS credits 3 ECTS
Academic workload 90 hours, of which 43.5 contact hours (58x45-minute teaching sessions) and 46.5
hours of independent study
Teaching methods Lectures, independent study, analysing case studies in groups
Lecturer responsible for Professor Beate Jüttner-Nauroth
the module
Academic objectives Students will gain an overview of a wide range of issues of potential relevance to the
financing and investment policies of businesses. They will understand the various
financing alternatives and be able to critically assess them. They will be able to as-
sess the application conditions and limitations of the models covered (including port-
folio efficiency, capital asset pricing and optimal leverage ratio), in order to correctly
interpret model results. Students will also be capable of applying their theoretical
knowledge of the methods and specialist subject matter to practice-related tasks.
The main language of instruction and examination of this course is English.
Preliminary reading S Benninga: Financial Modeling, latest edition.
R A Brealey et al: Principles of Corporate Finance, latest edition.
Supplementary reading:
P O Christensen et al: Economics of Accounting, Volume I: Information in Markets,
latest edition.
S Trautmann: Investitionen, latest edition.
Syllabus Financial planning
Debt and equity financing, mezzanine capital
Making investment decisions using the net present value rule
Valuing bonds and stocks
Portfolio diversification
CAPM, efficient market
Payout policy and capital structure
Cost of (equity) capital
Mergers, corporate control and governanceDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
28
Module Payment transactions
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code A3
Academic level of the Advanced study
module
Type Mandatory module; quantitative content around 10%, English-language content
around 5%, legal content around 45%
ECTS credits 6 ECTS
Academic workload 180 hours, of which 81 contact hours (108x45-minute teaching sessions) and 99
hours of independent study
Examination date At the end of the study stage
Mode of examination Written exam
Preparation time 180 minutes
(percentage of English) (0)
Teaching methods Lectures, independent study
Lecturer responsible for Uwe Schollmeyer
the module
Prerequisites G3 Introduction to the banking industry
G4 Introduction to the legal system: Basic Law, Civil Code and Commercial Code
(Potentially) followed by V1 Bank and central bank management
V3 Financial markets and international economics (EN)
W3 Case studies on payment transactions
Academic objectives Students will gain an understanding of account management at the Deutsche Bun-
desbank and have an overview of the structure of a bank account, the key account
types, the legal problems of terminating an account and those relating to banking
secrecy and the disclosure of bank account information. They will understand the
structure of payment systems (gross and net settlement, large-value and retail pay-
ment systems), securities settlement infrastructures (central counterparties, central
custodians, trade reporting offices) and the most important cashless payment in-
struments (credit transfer, direct debit, payment cards).
Preliminary reading Berndsen, R.J.: Financial Market Infrastructures an Payments, e-book, 2018
European Central Bank: The Payment System, Frankfurt am Main, 2010.
W Grill, H Perczynski, H Grill: Wirtschaftslehre des Kreditwesens, latest edition.
Verbeck, D.: Einführung in die Bargeldökonomie der Bundesrepublik Deutschland,
Stuttgart, 2017
A3a Cash and cashless payment instruments
Syllabus Definition of cash and cashless payments
Legal basis of cash and cashless transactions
A3b Account and portfolio management and prevention and control of money laundering
and terrorism financing
Syllabus Bank account, bank secrecy and bank inquiry
Account and portfolio management at Deutsche Bundesbank
Money Laundering Act (Geldwäschegesetz) including covenants
A3c Infrastructure of Financial Markets
Syllabus Liquidity and risks in inter-bank payment transactions
European and international settlement of payment and security settlement sys-
tems, innovations in the sector of financial infrastructures
Management of monetary policy securities in the Eurosystem
Supervision of financial market infrastructure and payment systems
A3d Cash logistics
Syllabus Concepts of logistics,
Cash cycle,
Managing branch cash offices
Cash planning and supply
A3e Cash and cashless payment organization of central banks
Syllabus Corporate strategy and role of central banks in payment transactions
Types of money supply, monitoring of cash recycling
Emergency planning, business continuity
Branches and gold deposits of selected central banksDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
29
Module Credit and banking supervision
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code A4
Academic level of the Advanced study
module
Type Mandatory module; quantitative content around 35%, English-language content
around 10%, legal content around 72%
ECTS credits 9 ECTS
Academic workload 270 hours, of which 127.5 contact hours (170x45-minute teaching sessions) and
142.5 hours of independent study
Examination date At the end of the study stage
Mode of examination Written exam; covering tasks from module components A4-1 and A4-2
Preparation time 180 minutes
(percentage of English) (0)
Prerequisites G3 Introduction to the banking industry
G4 Introduction to the legal system: Basic Law, Civil Code and Commercial Code
(Potentially) followed by V1 Bank and central bank management
V2 Analysis of financial statements and financial instruments
V3-2 International economics and international governance (EN)
V4 Organisation, human resources management and contract management
V5 Banking, securities and insurance supervision
W2 Case studies on financial supervisionDeutsche Bundesbank University of Applied Sciences
Module catalogue for the "Zentralbankwesen / Central Banking" degree programme
Valid from starting date: 1 October 2020
30
Module component Lending business and loan collateral
of A4
Degree programme Bachelor of Science, "Zentralbankwesen / Central Banking" degree programme
Code A4-1
Academic level of the Advanced study
module
Type Module component; quantitative content 15%, English-language content10%, legal
content 50%
ECTS credits 4 ECTS
Academic workload 120 hours, of which 55.5 contact hours (74x45-minute teaching sessions) and 64.5
hours of independent study
Teaching methods Lectures, independent study
Lecturer responsible for Professor Andreas Igl
the module
Academic objectives Students will gain an understanding of the structure and possible uses of traditional
financial products (including types of loan, placement of securities) in banks' lending
business. They will have knowledge of the major credit substitutes (including loans
on credit, leasing, factoring, forfaiting, ABS) and hybrid financial instruments (includ-
ing subordinated loans, participation certificates) and their possible uses at non-
bank institutions. Students will acquire an overview of the key legal issues relating to
lending business. They will be able to assess the nature and structure of loan collat-
eral (personal guarantees and physical collateral) as well as their advantages and
disadvantages.
Preliminary reading M Schulte et al: Die Praxis des Kreditgeschäfts, latest edition.
C P Claussen: Bank- und Börsenrecht, latest edition.
Supplementary reading: R A Brealey et al: Principles of Corporate Finance, latest
edition.
C Henking, C Bluhm, L Fahrmeier: Kreditrisikomessung – Statistische Grundlagen,
Methoden und Modellierung, latest edition.
B Rudolph, B Hofmann, A Schaber, K Schäfer: Kreditrisikotransfer – Moderne In-
strumente und Methoden, latest edition.
A4-1a Traditional lending business
Syllabus Definition of credit, credit risks, Banking Act provisions on lending business
Borrowing potential and creditworthiness
Long, medium and short-term money lending operations, loans on credit opera-
tions
Credit monitoring, auditing and organisation pursuant to MaRisk
Loan collateral from a banking operations perspective
A4-1b Credit substitutes and hybrid financing instruments
Syllabus Overview of types of financing instruments
Leasing, factoring, forfaiting
Asset-backed securities (true sale and synthetic securitisation)
Corporate finance (including placement facilities)
Mezzanine financing instruments
Special forms of corporate financing
Introduction to credit risk measurement
A4-1c Loan agreements and loan collateral
Syllabus Legal issues relating to the lending business
Concluding credit agreements
Duty of credit institutions to advise and provide information
Interest claim and other key contractual elements, notice of withdrawal of credit
Consumer loans and other key types of loan
Legal aspects of loan collateral
Types and legal differences
Surety and guarantee, joint liability and letter of comfort
Liens, collateral transfer, security assignment
Mortgages on property, in particular land charges serving as collateralYou can also read
