A city trader in the UK has been sentenced to 14 years in jail for fixing the rates of interest at which banks lend to each other - the so-called Libor rate.

Tom Hayes had been accused of eight counts of conspiracy to defraud between 2006 and 2010 for setting the rate on which trillions of dollars of financial deals are based.

The Briton worked in Japan for a Swiss and an American bank where he was accused of manipulating the British financial markets.

The Serious Fraud Office said that Hayes bribed traders across 10 lenders into fixing the Libor rate so he could make a profit in a bid to boost his own salary and bonus of up to seven figures.

After a nine-week trial at London's Southwark Crown Court, his conviction means he is the first person to be convicted by a British jury of rigging Libor rates.

Banks, including Britain's part state-owned banks RBS and Lloyds and Barclays, have paid billions in fines for manipulating Libor but until now no individuals had been convicted of a criminal offence.

The 35-year-old former banker with UBS and Citigroup was found guilty of all eight charges.

Hayes - of Fleet, Hampshire in England - stared straight ahead emotionless as the verdicts were read out.

His wife, who has accompanied him to court on several occasions, and his parents sat with their heads bowed while verdicts were delivered.

Libor rates

Around £220 trillion (around €313 trillion) of financial products are linked to Libor rates around the world, including the majority of household mortgages, credit card bills, car loans and saving rates.

The judge Mr Justice Cooke described Hayes as "by nature a gambler" who was driven by a thirst for money.

Prosecuting QC Mukul Chawla said Hayes built up a network of contacts in a bid to find bankers who could help him manipulate the Libor rate to his advantage.

He would "cajole", "beg" and "bribe" brokers through "corrupt", the jury was told.

Mr Chawla said: "On an almost daily basis he set out to dishonestly manipulate or rig Libor at his bank and other banks."

Hayes, described as "extremely intelligent", was paid £1.3m (€1.85m) before tax in salary and bonuses by UBS between September 2006 to December 2009.

Before joining UBS in 2006, he worked for Royal Bank of Scotland and Royal Bank of Canada.

In 2009, he joined Citi after feeling "that UBS were not paying him enough", and went on to receive £3.5m (around €5m) before tax for just nine months' work.

Even after he was sacked, he was allowed to keep his £2.2m (€3.13m) bonus.

He made money for his paymasters by betting against the future value of the Libor rate offered by banks lending Japanese yen but was sacked after his methods were formally reported to senior management.

Hayes claimed that his trades made more than £186m (around €265m) for UBS.

His arrested took place in the UK in December 2012 after his return from Tokyo.

Hayes admitted what he did but claimed it was not dishonest as his bosses knew what he was doing.

The US is also seeking his extradition for offences connected to the American financial system.