The question is whether today’s statistics are keeping up with this dynamic development and whether they accurately reflect reality, ie the overall risk allocation and risk concentration in financial systems. At the end of the day, all financial risk is borne by private households. All the risks that financial institutions carry in their balance sheets are effectively held by their shareholders.
These shareholders are ultimately private households, even if a chain of ownership relations may conceal this fact. The same holds true for risks assumed by the government or its institutions. The taxpayer, ie again private households, is the true holder of governments’ financial risk. Thus, talking of a “risk transfer to the household sector” is slightly incorrect.