The FCA said that Deutsche Bank also misled the regulator, which could have hampered its investigation.

“We deeply regret this matter but are pleased to have resolved it. The Bank accepts the findings of the regulators," said Jürgen Fitschen and Anshu Jain, co-CEOs of Deutsche Bank.

“We have disciplined or dismissed individuals involved in the trader misconduct; have substantially strengthened our control teams, procedures and record-keeping; and are conducting a thorough review of the bank’s actions in addressing this matter."

Between January 2005 and December 2010, trading desks at Deutsche Bank manipulated its IBOR submissions across all major currencies. The misconduct involved at least 29 Deutsche Bank individuals including managers, traders and submitters, primarily based in London but also in Frankfurt, Tokyo and New York. Traders at Deutsche Bank used a "three-pronged approach" to attempt to maximise the impact on Euribor.

Members of the bank influenced Deutsche Bank’s submitters to alter the bank’s Euribor submissions, colluded with other banks and requested that they alter their submissions and, on occasion, offered or bid cash in the market to create the impression of a change in the supply of funding in order to influence other panel banks to alter their submissions.

"What is more, Deutsche Bank had defective systems to support the audit and investigation of misconduct by traders. For example, the bank’s systems for identifying and recording traders’ telephone calls and for tracing trading books to individual traders were inadequate. As a result, Deutsche Bank took over two years to identify and produce all relevant audio recordings requested by the FCA," the FCA's statement read.

"Deutsche Bank’s culture allowed such egregious and pervasive misconduct to thrive. We will be relentless in continuing to investigate and bring benchmark manipulation cases until such time as those involved in setting these benchmarks get the message that manipulation will not be tolerated, and the public can be confident in the integrity of these benchmarks,” said Aitan Goelman, CFTC Director of Enforcement.