i just think that in some time , say 3-5 years it will be approaching the current historic PE again and will have represented good long term value at these price.

The article in the herald quoting Mark Lister saying there was good value for longer term views - although that doesn't convince me for eg AIA (tourism related) but for pillars of the financial antipodes - I think even though there are clear setbacks coming at a time of intense public dislike stoking the regulatory fire , however possibly the necessity of having strong banks will mollify the financial punishment aspect of the authorities. Who knows, but there would appear to be a lot of provisioning maybe more than will become necessary.

The state needs Westpac and ANZ to do their job of providing credit and intermediating in the system and wont want to knobble them or increase the chance of a failure or even an increase in the perception of likelihood of failure.