I agree with all you said Mongrel. Last short word on it - then...

I agree with all you said Mongrel. Last short word on it - then I'll let the market speak for itself - for the last 15 years it's been a no brainer to buy and hold bank shares - the more the better - but look what has happened in the 15 years - population growth, branch closures to save $$, huge IT rollouts such as netbanking and mobile banking - saving $$, massive property price rises causing greater size loans - hence more interest charged - falling interest rates to multi decade lows, not to mention falling equity to loan ratios which works like a highly geared margin loan when things are good. I think the next 15 years are going to be very different. As Buffett has said "if history was a guide to the future all librarians would be millionaires"! Good luck all.