Deutsche Bank settled a long-running investigation into the manipulation of interest rates with US and UK authorities by paying a record $2.5 billion fine, regulators said on Thursday.

The giant German lender also agreed to plead guilty to US criminal charges and acknowledged that its internal monitoring systems were insufficient to prevent the manipulation of the London interbank offered rate, or Libor, a benchmark for interest rates on trillions of dollars of financial contracts, according to statements from regulators on Thursday.