Tom Hayes, the first person to be convicted after trial for the manipulation of LIBOR, has been ordered to pay a confiscation order of £878,806 at Southwark Crown Court.

Hayes was convicted of eight counts of conspiracy to defraud in August 2015 and sentenced to 14 years in prison, later reduced to 11 years on appeal.

During the confiscation proceedings, the court was asked to consider three questions: whether the defendant had benefited from relevant criminal; if so, what the value of the benefit he obtained was; and what sum was recoverable from him.

Mr Justice Cooke, who oversaw the trial and confiscation proceedings, found that Hayes would not have been rated as highly as he was by UBS and Citi if he had not achieved success in the manipulation of LIBOR and therefore would not have been rewarded as highly as he was but for that activity. He thought that it could not be known what the LIBOR would have been but for Hayes' attempts to manipulate it. In deciding on the extent of the criminal benefit, he evaluated the extent to which Hayes’ attempt to manipulate LIBOR had on his overall trading activities and the effect this would have had on the profit/loss position of his employers and the effect that this had on his remuneration.

After considering the above factors, the judge set the final amount to be confiscated at £878,806. The total available assets are £1,705,167.56. If Hayes does not pay on time he will go to prison for three years. Costs will be determined at a later date.