By Jonathan Davies

The former City trader accused of rigging the key Libor interest rate has told a court that his senior managers were aware of what he was doing.

"I acted with complete transparency... My managers knew, my manager's manager knew. In some cases the CEO was aware of it," Tom Hayes said.

Mr Hayes is the first trader to face trial for his part in the scandal. The former UBS and Citigroup banker is facing eight counts of conspiracy to defraud between 2006 and 2010. He denies all charges.

The 35-year old said that he did not believe what he was doing to be "wrong", at the time, and stressed that he did not attempt to cover his tracks.

"Greed was the wrong word, hunger is a better word.
"I was hungry to do the best job I could do - because of the performance metric, because that is how you are judged," he told the jury at Southwark Crown Court.