Nov 22 (Reuters) - UBS AG has reached an immunitydeal with European Union authorities that will protect the Swissbank from further penalties for alleged manipulation of keyinterest rates, the Wall Street Journal reported, citing peoplefamiliar with the matter.
Under the arrangement, UBS is rewarded for cooperating withinvestigators and turning over information about other banks,the Journal reported.
UBS has been granted immunity in a case relating to effortsto manipulate the London interbank offered rate, or Libor,according to WSJ. ()
Authorities in the United States, Britain and elsewhere haveso far fined UBS, Royal Bank of Scotland, Barclays, Rabobank and broker ICAP $3.7billion for manipulating rates.
The Libor and its European cousin (Euribor) are used toprice hundreds of trillions of dollars in assets, from mortgagesto derivatives.
Barclays (BARC)
