ANZ and NAB have struck an eleventh-hour deal with ASIC over its Federal Court action in which it claims that ANZ, NAB and Westpac engaged in unconscionable market conduct in 2010-2012 by manipulating the bank bill swap rate (BBSW), the key interest rate benchmark for interbank lending.

ANZ is expected to cop a $50m fine, while NAB will pay $10m plus ASIC’s legal costs of $20m (my God!) Westpac however, is fighting the case.

Will this help stave off calls for a banking Royal Commission?