On the other hand, the decline in saving rates could reflect a structural shift in household saving and spending behavior. Continued financial liberalization and innovation have made it easier for Americans to borrow, particularly against their real estate wealth, and this easing may have led to greater consumption.
It was also felt that individual banks had a number of issues specific to their banks that they would wish to discuss. It was reported to us during the presentations that banks were more willing to share their individual views with us, which enabled us to have a better understanding of real issues.