Former trade minister Andrew Robb urged the Turnbull government to convene a royal commission into the banks, the Financial Review reports, pressing financial services minister Kelly O'Dwyer on the issue during a closed question-and-answer session at the A50 investors conference in Sydney last Friday.The newspaper reported that Robb said Labor was never going to give up on its push and holding a short commission with limited terms of reference would end the political damage the government was experiencing by defending the banks. He also argued it would be a good opportunity to demonstrate internationally that the banking system was in good shape.O'Dwyer stuck to the government's line, saying a royal commission would cause reputational damage to the banks, erode confidence and threaten the nation's AAA credit rating.Meanwhile, the Greens will present draft legislation and terms of reference for a parliamentary commission of inquiry into banking and financial services to cross-party MPs on Tuesday, the Financial Review also reports.The role of executive pay, "vertically integrated" business models and penalties for misconduct would be key areas of enquiry in otherwise broad-ranging terms of reference. The inquiry would examine the "nature, extent and effect of any misconduct by directors, officers, employees, auditors, actuaries, advisers or agents" in the banking and financial services industry.