Media playback is unsupported on your device

UBS 'has taken remedial measures'

19 December 2012 Last updated at 17:31 GMT

Swiss banking giant UBS has agreed to pay $1.5bn (£940m) to US, UK and Swiss regulators for attempting to manipulate the Libor inter-bank lending rate.

It becomes the second major bank to be fined over Libor after Barclays was ordered to pay $450m to UK and US authorities in the summer.

Regulators worldwide are investigating a number of banks for rigging Libor.

US attorney general Eric Holder said UBS had pleaded guilty to the charges and had taken "significant steps" to help investigators uncover Libor rigging.