UBS is expected to pay more than $450m (£280m) over claims some of its employees attempted to fix Libor rates, according to reports.

The New York Times said the bank was close to a settlement with US and British authorities. A company spokesman declined to comment on media reports and did not give any further details. He reiterated: "We are fully co-operating with authorities in the US and Britain in connection with Libor investigations."

A payment of approximately £280m would fall within the range of provisions. At the end of its third quarter UBS had set aside £600m for litigation, regulatory and similar matters. UBS was the first bank globally to report suspected rate rigging, and has said it has received conditional immunity from some authorities for co-operating in their investigations.