Dutch cooperative bank Rabobank is ‘on track’ to settle allegations it helped to manipulate key benchmark interbank interest rates by as early as next month, reports the Financial Times.

Sources told the paper the settlement with the US, British and Dutch authorities is likely to be less than the £390m paid by the Royal Bank of Scotland in February.

Rabobank sacked four members of staff suspected of involvement in Libor fixing in 2008 and 2011, and said at the presentation of its half-yearly figures in August it had made provisions for Libor.

The Libor rate is the interest rate which banks use to lend money between themselves.