A: I think the banks look reasonable value at these levels – although there may be another kick down from Wall Street first  – so I would be looking at opportunities to nibble.

I don’t really support the current hypothesis that the "yield trade is over", firstly because the US isn’t going to raise interest rates quickly, and secondly, because there are not a lot of ready investment alternatives.

Which bank? There really aren’t that many differences at the moment between the majors. If you want a call, I rated them as;

1. CBA;

2. Westpac;

3. NAB and

4. ANZ

The broker analysts see it slightly differently, preferring ANZ and then NAB marginally, over WBC and CBA.