During the trial, he had claimed that many of his colleagues knew that banks acted in their commercial interest when making their daily submissions to the Libor-setting process.
As the extent of the Libor fraud became clear, more than one hundred traders or brokers were fired or suspended. The convictions are a major victory for the Serious Fraud Office, which has been pursuing investigations into the Libor scandal for four years.
In other released instant chats, Tan made it clear that the Libor fixing process had become a highly lucrative money making cartel. He also warns that the resignation of a senior executive was possible as part of a settlement.
He was convicted of leading a conspiracy by recruiting traders and brokers at other banks to manipulate Libor, and was sentenced to fourteen years in prison.
He was sentenced to 14 years in prisonreduced on appeal to 11 years, but all six of his alleged co-conspirators were acquitted in January. On 11 December, the UK's Serious Fraud Office said three men had been arrested in connection with its continuing investigations into Libor.
Equally I noted that we continued to see others in the market posting rates at levels that were not representative of where they would actually undertake business. Over one hundred traders or brokers have been fired or suspended, and twenty-one have been charged.
At the same time, most of the fraudulent collusion occurred between Hayes and traders at Royal Bank of Scotland RBSwhich is majority owned by UK taxpayers, to affect submissions across multiple institutions. Its statement came ahead of the FSA's final report on how to reform Libor, due to be published on 28 September.
In September, following the collapse of Lehman Brothers, the Bank of England had a conversation with a senior Barclays official, in which the Bank raised questions about Barclays' liquidity position and its relatively high Libor submissions.