I continue to watch the four banks closely along with other members of the S&P ASX20 http://au.finance.yahoo.com/q/cp?s=%5EATLI

There was a thread up board about the Aussie banks, gee now that I check I started it, I really must find some memory enhancing herbs. http://boards.fool.com/Message.asp?mid=26478322&sort=whole

My opinion hasn't changed, though with the falls this week I should look harder.

The problem for US investors in the Fx rate. At some point the rate will revert to the long term mean of whatever it is, maybe 0.6. So you'd be buying now with around a 35% Fx risk premium (if there is such a thing!) What I mean is that the banks could perform well and due to Fx rate you could do poorly.

US investors also miss out on franking benefits, to simply that's a 30% boost to the dividend for Australian investors. There are no legitimate ways to overcome that.

In summary the banks look good value, but as my Australian investments are very long term I'm happy to wait for one of those 20 pitches some old guy in a bar once told me I'd get.

Best
Dean