For example, these linkages may be stronger now than in the past because financial innovation has made it easier and less costly for households to tap their accumulated housing equity. Third, a pronounced deceleration in house prices could have an outsized effect on consumer confidence, and such a decline in confidence could be an additional damping force on consumption.
Under EU legislation, ABN AMRO was allowed to have dealings with said counterparties. Nonetheless, the United States’ OFAC regime imposed certain limitations. Further investigations by the bank made it clear that these procedures were aimed at not including certain client-specific information from the relevant payment instructions.