Comment: Australian banking cartel prospering under APRA's hand 29 July 2015 3:46PM Ian Rogers Comment, Other topics The meeting rooms of the Reserve Bank in Martin Place used to be a convenient co-ordinating point for the custodians of Australia's banking oligopoly.In a post-Wallis world, the APRA floors of 400 George Street in Sydney are now the clearing house for cartel conduct.The determined repricing of many investor and some owner-occupier loans over recent days is a reminder of the methods and purpose of a successful industry.APRA policies are more than mere cover for a bit of gouging.The regulator has to be the proponent and coordinator of this exercise.All banks need more capital by next year, a hefty number at A$10 billion on the low side. Clearly building earnings stretches the options on dividend payout ratios and adds to the supply of capital.APRA's concern with the maintenance of bank dividends is an intriguing feature of the affair.Try this for size:Bank shares are money, as good as cash, gold and the gazillions of stimulated electrons in which society rests so much hope and faith.Yes, bank shares are money, one of the great legacies of the GFC.And APRA is riding shotgun on their credibility as a store of value.Making for a fascinating time in banking and economics.