Nearly £100 million paid as fines by a bank will be given to charities, the Prime Minister and Chancellor have announced. Charities supporting the Armed Forces community and other charitable bodies and organisations, such as the Youth United Network, will receive the funds.
The fines were levied by UK regulators on Lloyds Banking Group this week for manipulation of financial benchmarks including the London Interbank Offered Rate (LIBOR).
Charities have already benefited from bank fines, including £2.6m in March 2013.
This round of grants will support activities including:
- The Royal Marine’s charity appeal, which will receive a £1 million donation in its 350th year
- Ministry of Defence physical and psychological rehabilitation programmes, which will receive an additional £10 million to help ensure wounded soldiers carry on getting the long term support they need
- Military doctor/nursing training and bursary payments will receive extended funding
Chancellor George Osborne said:
“I’m pleased to be able to allocate the fines paid by Lloyds Bank to help charities and good causes supporting our Armed Forces community. We’re using the money raised from fines on those who demonstrated the very worst of values in our society to support those who demonstrate the very best”.
£300m in fines coming to charities
In total the government will be allocating over £300 million received from the fines paid by banks to support the Armed Forces Covenant and wider organisations and charitable bodies.
Photo: LIBOR and coins by Lim Yong Hian on Shutterstock.com
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