UBS fined £940m for rate-rigging

Swiss bank UBS has agreed to pay £940 million in penalties over fixing the Libor interbank lending interest rate. The penalty was agreed with US, UK and Swiss regulators. It is to pay a record £160 million fine to the Financial Services Authority.

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Integrity of Libor of 'fundamental importance'

The integrity of benchmarks such as LIBOR and EURIBOR are of fundamental importance to both UK and international financial markets. UBS traders and managers ignored this.

– Tracey McDermott, FSA director of enforcement

The Libor rate is used to set the interest rates on trillions of dollars in contracts around the world, including mortgages and credit cards.

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