Fundraising news, ideas and inspiration for professional charity fundraisers

£2.6m of bank fines for LIBOR rigging attempts are donated to service charities

£2.6m of bank fines for LIBOR rigging attempts are donated to service charities

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:

  • 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

 

Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world's first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Research massive growth in giving.

Get free email updates

Keep up to date with fundraising news, ideas and inspiration with a weekly or daily email. [Privacy]

* We do not share your email or personal details.
" />