Intern, Market Risk and Capital Management

Job Description

The Council of Europe Development Bank (CEB), established in 1956, is a multilateral development bank with a unique social mandate from its 43 member states. The CEB finances investment in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable people. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. As a multilateral bank with a triple-A credit rating, the CEB funds itself on the international capital markets. It approves projects according to strict social, environmental and governance criteria, and provides technical assistance. In addition, the CEB receives funds from donors to complement its activities.

The Directorate for Risk & Control (R&C), promotes a strong risk and control culture across the CEB ensuring the Bank’s financial stability by identifying, evaluating, monitoring and reporting all risks across the Bank.

The Risk & Control (R&C) Directorate is looking for an intern for its Market Risk and Capital Management Unit to work on the models used for the fair value of financial instruments, ALM risk, credit provisioning, and capital requirements. S/he will report to the Head of the Market Risk and Capital Management Unit and collaborate closely with colleagues in the R&C Directorate.

Main Responsibilities:

• Calculate the fair value of derivatives and hedged items designated as micro-hedges under IFRS.
• Analyse the impacts of derivatives valuation on P&L and collaterals.
• Calculate IFRS 13 provisions on derivatives (CVA, exit price reserves, etc.).
• Calculate interest rate and liquidity risk indicators (ALM risk).
• Calculate regulatory capital and leverage ratios.
• Develop CEB’s model for IFRS 9 credit provisioning.
• Develop CEB’s economic capital model for credit and market risk.

PROFILE

Academic background:

• Graduated within the past 24 months or currently enrolled in the final academic year at an institute of higher education (ideally at a Master’s level or equivalent).
• Advanced studies in Quantitative Finance, Econometrics, Applied Mathematics, Engineering, or Equivalent.

Professional background and skills:

• Very good knowledge of financial mathematics and statistics.
• Strong analytical quantitative and problem-solving skills.
• Sound understanding of and practical experience working with one or more programming languages (e.g. Python, Matlab, R, VBA, others).
• Ability to learn quickly, reliability, and capacity to deliver.
• Attention to detail, rigor.

Applicants to the CEB Internship Programme are not required to have professional work experience, but any experience relevant to the role would constitute an advantage.

Language skills:

• Excellent command of one of the two CEB official languages (English and French), both oral and written. Working knowledge of the other one is desirable.

Core competencies:

• Adaptability
• Client Orientation
• Communication
• Innovation
• Result Orientation
• Team Work

Nationality:

• Citizen of one of the Bank’s Member States: Albania, Andorra, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Holy See, Iceland, Ireland, Italy, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Republic of Moldova, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Türkiye, Ukraine.

EMPLOYMENT CONDITIONS

Internship duration: The selected candidate will undertake an internship for the duration of 4 months, starting from 15 September 2025. Some flexibility regarding the starting date can be granted to match the Intern’s schedule/requirements of their academic institution.

Internship allowance: lnterns at the CEB are paid 1 800 € per month as a flat-rate indemnity to contribute towards living costs, public transportation and accommodation. Travel expenses or other costs are not met by the Bank.

Admission to an internship does not confer on the intern the status of a CEB staff member, nor does it confer any entitlement to subsequent appointment on a permanent or temporary basis.

Applications from CEB member countries candidates should be made in English or French using the Bank’s online application system at CEB Careers before midnight Paris time on 31 August 2025.

About the Organization

The CEB's mandate The Council of Europe Development Bank (CEB) is a multilateral development bank with a social vocation. Established on 16 April 1956 in order to bring solutions to the problems of refugees, its scope of action has progressively widened to other sectors of action directly contributing to strengthening social cohesion in Europe. The CEB represents a major instrument of the policy of solidarity in Europe, in order to help its 40 Member States achieve sustainable and equitable growth: it thus participates in financing social projects, responds to emergency situations and, in so doing, contributes to improving the living conditions of the most disadvantaged population groups. The CEB contributes to the implementation of socially oriented investment projects through three sectoral lines of action, namely: strengthening social integration managing the environment supporting public infrastructure with a social vocation The CEB enjoys a unique and original position in Europe, both on account of the nature of the projects it finances, the sectors in which it undertakes its action and the geographic scope of its shareholder base. The CEB and the Council of Europe The CEB is based on a Partial Agreement among Council of Europe Member States and, according to its Articles of Agreement, is subject to the Council's overall authority. Signed on 16 April 1956 by eight countries, the Bank is the first of the Partial Agreements to have been concluded. The CEB thus operates within the framework of the Council of Europe and supports its priorities. It is nevertheless a separate legal entity and financially independent. As evidence of these institutional links, the Secretary General of the Council of Europe issues an opinion on admissibility in terms of compliance with the Council of Europe’s political and social objectives for all the projects that the Bank submits to its Administrative Council for approval. These links are also highlighted by the impact that the different Council of Europe Summits, held at the highest level, have had on the CEB’s development. For example, at the outcome of the Third Council of Europe Summit (Warsaw, May 2005), Heads of State and Government expressed their attachment to the CEB's action on behalf of populations in distress and of social cohesion. They also invited the Bank to widen its role to facilitate the consolidation of democracy, promotion of the rule of law and respect for human rights. Over and above the numerous instances of day-to-day interaction, in 2008, a Human Rights Trust Account endowed with two million euros was set up between the CEB, the Council of Europe and Norway. Strategy The CEB carries out its mission within the strategic framework of a formal "Development Plan" that describes the logic underpinning its action and sets forth guidelines for the activity in the medium term in relation to the operational context within which the Bank operates. The current Development Plan covers the period 2010-2014.