Caramel: In small saucepan, stir sugar with water until dissolved over medium high heat. Bring to boil, brushing down sides of pan with clean brush dipped in cold water. Boil, without stirring for about 5 minutes or until amber colour. Pour into an 8 inch (2 L) round cake pan and swirl to coat bottom; set aside to firm up slightly.
Place banana slices carefully over the caramel, covering the entire surface.
In large bowl, whisk liquid eggs, sugar and vanilla extract. Gradually whisk in milk until sugar is dissolved. Pour over caramel.
Place pan in larger pan and place into preheated 350ºF oven. Fill larger pan halfway up the sides with boiling water. Bake for about 45 minutes or until knife inserted in centre comes out clean. Carefully remove pan from oven. Remove cake pan from water and transfer to rack to let cool completely. Cover and refrigerate for at least 4 hours or until completely chilled. Run knife around edge of custard and place serving plate on top. Quickly invert and lift pan off.
Tip: You can make the creme caramel up to 1 day ahead. Do not turn out of pan until ready to serve.
You can make individual creme caramels by dividing the caramel among 8-1/2 cup ramekins and filling with milk mixture and baking as in recipe. Reduce baking time slightly.