By Jonathan Davies

Deutsche Bank has been given a record $2.5 billion (£1.66bn) by the US and UK over attempts to maniupate interest rates.

The German banking giant will pay $2bn to US regulators and a further £227m to the Financial Conduct Authority (FCA) in the UK.

Deutsche Bank was one of a number of banks involved in the scandal surrounding the manipulation of interest rates. In 2012, Swiss bank UBS was paid $1.5bn as a settlement and in the UK, Barclays paid $453m.

Georgina Philippou, the FCA's acting director of enforcement and market oversight, said: "This case stands out for the seriousness and duration of the breaches by Deutsche Bank - something reflected in the size of today's fine.

"One division at Deutsche Bank had a culture of generating profits without proper regard to the integrity of the market. This wasn't limited to a few individuals but, on certain desks, it appeared deeply ingrained."

"Deutsche Bank's failings were compounded by them repeatedly misleading us. The bank took far too long to produce vital documents and it moved far too slowly to fix relevant systems and controls," Ms Philippou added.

Juergen Fitschen and Anshu Jain, co-chief executives of Deutsche Bank, said: "We deeply regret this matter but are pleased to have resolved it... We have disciplined or dismissed individuals involved in the trader misconduct; have substantially strengthened our control teams, procedures and record-keeping; and are conducting a thorough review of the bank's actions in addressing this matter."