Olympus has acknowledged the banding that can appear in high ISO OM-D E-M5 images shot with the Panasonic 20mm F1.7 lens and says it is working on a fix.
In the meantime, the only solution is to avoid high ISO settings when using that lens. An Olympus spokesperson said, “After checking every possible combination of a body and a lens, we found the phenomena only with this combination (OM-D, E-M5 coupled with the Panasonic 20mm pancake lens). We are continuing to study how we can eliminate this and we recommend for our customers using E-M5 with Panasonic 20mm pancake lens to keep a low ISO to avoid this problem for the time being.’