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Der sektorale Systemrisikopuffer für gewerbliche Immobilienfinanzierungen. Zielgenauigkeit und Folgen für Kreditangebot und Bautätigkeit

Author

Listed:
  • Christian Glocker

    (WIFO)

  • Michael Klien
  • Thomas Url

    (WIFO)

Abstract

Der sektorale Systemrisikopuffer für gewerbliche Immobilienfinanzierungen wird von der Finanzmarktaufsicht bis 2027 schrittweise auf 3,5% angehoben. Dieser Research Brief bewertet die makroökonomischen Implikationen dieser Maßnahme vor dem Hintergrund der gleichzeitig umgesetzten makroprudenziellen Verschärfungen und fehlender systematischer Anzeichen für eine zyklische Überhitzung. Mikroprudenzielle Vorgaben für spezifische Kreditinstitute wären derzeit zielgenauer und verhältnismäßiger als ein pauschal wirkender sektoraler Systemrisikopuffer. Da gewerbliche Immobilienkredite auch Forderungen an gewerbliche Wohnbauträger umfassen, dämpft die makroprudenzielle Politik eine bereits labile Baukonjunktur, sie entfaltet eine mietensteigernde Wirkung und verstärkt die Zinswende der Europäischen Zentralbank.

Suggested Citation

  • Christian Glocker & Michael Klien & Thomas Url, 2026. "Der sektorale Systemrisikopuffer für gewerbliche Immobilienfinanzierungen. Zielgenauigkeit und Folgen für Kreditangebot und Bautätigkeit," WIFO Research Briefs 5, WIFO.
    • Handle: RePEc:wfo:rbrief:y:2026:i:5
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    References listed on IDEAS

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    2. Richter, Björn & Schularick, Moritz & Shim, Ilhyock, 2019. "The costs of macroprudential policy," Journal of International Economics, Elsevier, vol. 118(C), pages 263-282.
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