Between May 2005 and January 2011, some employees manipulated the bank’s own rates that formed part of the calculation of the published Japanese Yen (JPY), US Dollar (USD) and Great British Pound (GBP) LIBOR rates, the regulator found.

They also colluded with interdealer brokers in attempting to influence the JPY LIBOR submissions of other ‘Panel Banks’, and also colluded with those banks directly in relation to the JPY and USD.

The misconduct at Rabobank – full name Coöperatieve Centrale Raiffeisen -Boerenleenbank B.A. – undermined the integrity of those benchmark reference rates, the FCA said.

In total US and European regulators have fined Rabobank $1.07bn for its role in the scandal.

Chief executive Piet Moerland, who was due to retire next year, will step down early as a result of the banks role in the rate fixing, Reuters have reported, citing Dutch media reported.

Several big name banks have been embroiled in the LIBOR rigging scandal – and have been forced to pay hefty fines as their actions have been discovered.

UBS late last year paid a record fine of $1.5bn, while the interdealer broker Icap last month paid £55m. Barclays paid £290m last year and Royal Bank of Scotland paid £390m earlier this year.