Barclays Plc was fined 290 million pounds ($453.2 million), thelargest penalties ever imposed by regulators in the U.S. and U.K.,after admitting it submitted false London and euro interbankoffered rates.

Chief Executive Officer Robert Diamond and three lieutenantswill forgo their bonuses as a result, Britain's second-biggest bankby assets said in a statement today. Derivatives traders requestedthe false submissions in the Libor and Euribor setting process, asthey were “motivated by profit and sought to benefit Barclays'trading positions,” Britain's Financial Services Authoritysaid.

The settlements with the FSA, the U.S. Commodities FuturesTrading Commission and U.S. Department of Justice are the first inan international investigation into whether banks tried tomanipulate Libor, the benchmark rate for $360 trillion ofsecurities, to hide their true cost of borrowing. Citigroup Inc.,Royal Bank of Scotland Group Plc, UBS AG, ICAP Plc, Lloyds BankingGroup Plc and Deutsche Bank AG are among firms that are beingprobed by regulators worldwide into how Libor is set.