is anybody buying banks??, page-11

Mitkye. You are right that the mkt 'won't permit (tolerate is possibly better) any further erosion in margin'. But despite locking-in long term funding at a good rate... I can't see how banks can increase margins. Credit growth is down and margins stable. How then can earnings grow? The next few months may be ok for banks but risk is to the downside imo. I agree when you state: "When they move, it will happen quickly." A wheels-up in Europe or drop in confidence will indeed see share prices in banks 'move quickly'. Avoid.