A recent paper estimates that the U.S. banking system’s market value of assets is $ trillion lower than suggested by their book value of assets when accounting for loan portfolios held to maturity. See Jiang, Matvos, Piskorski and Seru (2023). 30. See also Buch (2023). 31. See Bundesanstalt für Finanzdienstleistungsaufsicht (2017). 32. Basel Committee on Banking Supervision (2023). 33. See European Banking Authority (2022).
6 For some households, this additional indebtedness has translated into increased  6  Real consumer credit, including home equity lines of credit, has grown at a 7 per cent pace over the past year, in contrast with the outright declines during the recessions of the early 1980s and 1990s. BIS Review 168/2009  3  financial stress.