ASIC bank rate inquiry nearing conclusion

The corporate watchdog's three-year investigation into alleged manipulation of the so-called bank bill swap rate by banks is nearing the finish line.

"Our investigations are at an advanced stage. We have not come to a final conclusion on whether there is need for us to take action and enforce the law," Australian Securities and Investment Commission commissioner Cathie Armour told a Senate committee on Thursday.

Known in financial circles as BBSW, it is the daily interest rate set by banks for day-to-day inter-bank business and is the basis for pricing commercial loans.