£2.6m of bank fines for LIBOR rigging attempts are donated to service charities
Howard Lake | 28 March 2013 | News
The Government has passed £2.6 million to armed forces charities from fines levied on banks for attempting to manipulate the London Interbank Offered Rate (LIBOR) benchmark. This brings the total in bank fines allocated to charities to £7 million.
The Chancellor said: “Our servicemen and women make huge sacrifices on behalf of our country. That is why it is right that those who have paid fines in our financial sector because they demonstrated the very worst values are paying to support those in our armed forces who demonstrate the very best of British values.”
Beneficiary forces charities
The charities that received funding from the latest tranche are:
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- Royal Navy & Royal Marines Children’s Fund (£25,000)
- The RAF Widows’ Association (£5,000)
- The Soldiers, Sailors, Airmen and Families Association (SSAFA) (£207,500, plus £547,000 and £350,000)
- The National Memorial Arboretum (NMA) (£625,000)
- The Army Family Federation (AFF) (£238,000)
- The Navy Family Federation (£343,500)
- The RAF Family Federation (£235,000)
More fines are to be donated in the future. The Government has invited further applications to the LIBOR Fund in support of the Armed Services. The next deadline for applications is 3 May 2013, and “bids relating to families or mental health will be preferred”.
Photo: LIBOR and coins by Lim Yong Hian on Shutterstock.com
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.