Libor scandal hits Switzerland's UBS

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World news explained

Thursday 20 December 2012

Libor scandal hits Switzerland's UBS

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A man walks past a logo of Swiss bank UBS in Zurich

Reuters/Arnd Wiegmann/Files

By Hayley Corbett

The Swiss bank UBS has been fined 1.5 billion euros by regulators for manipulating key global interest rates. UBS was found to have rigged the Libor - the rate at which banks lend each other money. The fine follows a similar fine for British bank Barclays of nearly 350 million euros in June. That was also for manipulating the Libor rates. With more than a dozen other banks implicated in the Libor scandal, more fines are expected, explains analyst Jan Randolph.