The Paris appeal court today ruled that Mr Kerviel was solely responsible for the €4.9billion loss -- the biggest in trading history -- because he had evaded internal controls to make colossal, one-way bets of up to €50billion on European stock-market futures.

Mr Kerviel, now earning €30,000 a year in a computer company, is expected to seek leave to appeal to France's highest court, the Cour de Cassation. In theory, even if he handed over all his after-tax earnings, it would take him around 300,000 years to repay his losses to SocGen.

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