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  In 1994, Barclays bank was one of the first banks to issue capital market instruments that were tied to a real estate
index, thus providing the bank with a means to hedge its exposure to the real estate market. Other banks are
following slowly, but concentrating on inter-bank transactions, e.g., with asset-backed securities.major parts of the puzzle—e.g., operating risks—are still hard to integrate.  If real estate risk
management is further developing as described above, it should not be too complicated to integrate
the real estate market risk because after all it is just one more market risk.
Finally, it will be important for the future development of real estate risk management that
the instruments produce results that are meaningful and can easily be interpreted and used by the
banks‘ employees.  At the end of the day the success of risk management does not depend on the
degree of sophistication of its tools, but on a culture in which risk is consciously dealt with and the

chances and limits of risk management are understood.

4.  References

Allen, Linda/Jagtiani, Julapa, Risk and Market Segmentation in Financial Intermediaries’ Returns,
working paper no. 96-36, University of Pennsylvania Wharton School Financial
Institutions Center, 1996.
Allen, Marcus T./Madura, Jeff/Wiant, Kenneth J., Commercial bank exposure and sensitivity to the
real estate market, in: Journal of Real Estate Research, 10 (1995) 2, 129-140.
Bae, Sung C., Interest Rate Changes and Common Stock Returns of Financial Institutions--
Revisited, in: The Journal of Financial Research, 8 (1990) 1, 71-79.
Capozza, Dennis R./Schwann, Gregory M., The Value of Risk in Real Estate Markets, in: Journal of
Real Estate Finance and Economics , 3 (1990) 2, 117-140.
Cole, Rebel A./Fenn, George W., Did commercial real estate lending cause the banking crisis?, in:
Real Estate Finance, 11 (1994) 3, Fall, 59-68.
Froland, Charles/Gorlow, Robert/Sampson, Richard, The market risk of real estate, in: Journal of
Portfolio Management, 12 (1986) 3, Spring, 12-19.
Ghosh, Chinmoy/Guttery, Randall S./Sirmans, C. F., The Olympia and York Crisis – Effects on the
Financial Performance of US and Foreign Banks, in: Journal of Property Finance, 5 (1994)
2, 5-46.
He, Ling T./Myer, F. C. Neil/Webb, James R., The Sensitivity of Bank Stock Returns to Real
Estate, in: Journal of Real Estate Finance and Economics, 12 (1996) 2, 203-220.
Hies, Michael/Oertmann, Peter, Interest Rate Sensitivity of German Mortgage Banks--Does bank
regulation have an influence?, working paper, University of St. Gallen/Switzerland Swiss
Institute of Banking and Finance, March 1995.
Lausberg, Carsten, Die Immobilienmarktsensibilität von Bankaktienrenditen, Hohenheim
University, Department of Banking, working paper no. 1/97, Stuttgart 1997, (presented at
the 1st
 Conference of the Swiss Society for Financial Market Research, St.
Gallen/Switzerland, Oct. 10 thru 11, 1997).
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