Thomas Hayes, the former UBS and Citigroup trader, has become the first banker to appear in the court in the massive Libor scandal involving several multi billion pound banks.

Hayes from Caterham in Surrey made an initial appearance at Westminster Magistrates' Court on Thursday only to give his name, date of birth and address. He is being accused of colliding with employees at seven banks and three interdealer brokers for attempting to manipulate yen-Libor interest rates.

The Serious Fraud Office has brought eight counts of conspiracy to defraud against Mr Hayes within the scandal. Allegations involve conspiring with other employees at UBS Securities Japan for rigging the interest rate. He is also accused of conspiracy to defraud with others at Deutsche Bank, RBS and JPMorgan Chase while another accusation is relating to defraud of UBS and ICAP.

Another count of charge are relating to conspiracy to defraud with employees of UBS, RP Martin, Tullett Prebon, Rabobank and HSBC. Four charges relate to the time period between August 8 2006 and December 3 2009 while another eight charges are from the time period between December 2009 and September 2010. The scandal has already forced three banks, RBS, Barclays and UBS to pay more than $2.6bn in fines for trying to manipulate the interest rate.