An inquisition of Australian banking sector chief executives by a clutch of MPs takes the stage this week in Canberra. The heads of ANZ, Commonwealth Bank, National Australia Bank and Westpac all have three hours or so allotted across three days of hearings in Canberra by the House of Representatives' Standing Committee on Economics. Ian Narev, CEO of CBA, is first up tomorrow afternoon. As the first of two commentaries on this process today alludes, Narev may need to be the best prepared of the four banking sector chiefs dragged into the Turnbull government's alternative to an industry royal commission. The terms of reference for the "Review of the Four Major Banks" by the House economics committee are the work of the treasurer, Scott Morrison - it being the Cabinet rather than the lower house of parliament that's asked for this inquiry. To head off assumptions on what's this week's three day hearings, the terms of reference (trimmed and rephrased for readability) are: â€¢    domestic and international financial market developments as they relate to the Australian banking sector; â€¢    developments in prudential regulation, including capital requirements, and how these affect Australian banks;  â€¢    the costs of funds, impacts on margins and the basis for bank pricing decisions; and •    how individual banks and the banking industry as a whole responded to issues previously raised in Parliamentary and other inquiries.  The detail on the final dot point above makes specific reference to the Australian Bankers Association's April 2016 six point plan to enhance consumer protections and spruiks "Government reforms and actions by regulators" a reference to improved funding for ASIC. The mention of "issues previously raised in Parliamentary and other inquiries" gives a licence to members of the committee to raise almost any topic they like. "Constructive defaults" - a fascination of some industry critics and a topic near impermeable to thorough analysis by past parliamentary inquiries - is covered by this item.