With the regulatory spotlight shifting to off-balance-sheet risk, bankers and investors have shown keen interest in assessing banks' swap exposure to Olympia & York Developments Ltd., the crippled real estate developer.

Gerald Corrigan, president of the Federal Reserve Bank of New York, told bankers in January that "the growth and complexity of off-balance-sheet activities and the nature of the credit, price, and settlement risk they entail should give us all cause for concern."

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