LONDON (Reuters) - Swiss bank UBS (>> UBS Group AG) said it has settled a probe by U.S. authorities over alleged rigging of currency markets and will pay $342 million to the Federal Reserve.

UBS and another four banks are facing a combined bill of more than $5 billion in a settlement with U.S. and British authorities over FX manipulation.

UBS said it would also pay a $203 million penalty and plead guilty to criminal charge with the U.S. Department of Justice, but that relates to manipulation of Libor benchmark interest rates. The DoJ terminated a 2012 non-prosecution agreement with UBS over Libor because of its forex misconduct.

In November, six of the world's biggest banks were fined $4.3 billion for alleged manipulation of forex rates.

Here is a breakdown of penalties on the banks for forex manipulation:

UBS : $1.141 billion

May: $342 million to the U.S. Federal Reserve

November: $799 million ($371 million to FCA, $290 million to CFTC and $138 million disgorgement to Finma)

Citi (>> Citigroup Inc)

November: $1.018 billion ($358 million to FCA, $310 million to CFTC and $350 million to OCC)

JPMorgan (>> JPMorgan Chase & Co.)

November: $1.012 billion ($352 million to FCA, $310 million to CFTC and $350 million to OCC)

Royal Bank of Scotland (>> Royal Bank of Scotland Group plc)

November: $634 million ($344 million to FCA and $290 million to CFTC)

Barclays (>> Barclays PLC)

Settlement expected on Wednesday

HSBC (>> HSBC Holdings plc)

November: $618 million ($343 million to FCA and $275 million).

Bank of America (>> Bank of America Corp)

November: $250 million (all OCC)

Authorities:

FCA = Britain's Financial Conduct Authority

CFTC = U.S. Commodity Futures Trading Commission

OCC = U.S. Office of the Comptroller of the Currency

DOJ = U.S. Department of Justice

Fed = U.S. Federal Reserve

Finma = Switzerland's Finma

(Compiled by Steve Slater and Jamie McGeever. Editing by Jane Merriman)