Rabobank said on Thursday it would ‘voluntarily’ refrain from deducting its €775m fine for manipulating Libor interest rates against tax.

‘The full amount will be paid by Rabobank,’ CFO Bert Bruggink said at the presentation of the bank’s 2013 figures. ‘We do not think it appropriate that the taxpayer should fund this.’

Rabobank booked net profit of just over €2bn in 2013, down 2% on 2012. The results were depressed by lower valuations in the property portfolio, the reorganisation of the local branch network and the Libor fines.