£4m in bank fines is donated to Navy’s charity

Howard Lake | 30 January 2015 | News

The Royal Navy and Royal Marines Charity is to receive £4 million from the government, funded by fines levied on banks for manipulating the London Interbank Offered Rate (LIBOR) financial benchmark.
George Osborne MP, Chancellor of the Exchequer, announced £2 million of funding for the charity on a visit to Portsmouth.
£1 million will be spent on supporting personnel and their families through projects such as refurbishing family spaces in naval buildings at Gosport and the renovation of buildings in HMS Nelson in Portsmouth to provide accommodation for families. Another £1 million will fund other projects including including help for the Naval Families Federation, which provides support and guidance for Naval Service families.
This morning Danny Alexander MP, Chief Secretary to the Treasury, announced a further £2 million to the charity to contribute to the rebuilding of the Drumfork Club, a community centre in Helensburgh, Scotland.
George Osborne said:

“It is fitting that the money paid in fines by people who demonstrated the poorest values in our society is used to support those who demonstrate the very best. Servicemen sacrifice so much to keep our nation safe and we will invest into projects such as refurbishing the Mess at HMS Sultan and renovating the Navy Mews so they can spend times with their loved ones when they are deploying.”

The Royal Navy and Royal Marines Charity is the strategic partner charity of the Royal Navy.

Libor fines donated to charities

Until this announcement, £35 million of Libor funding had been granted to military good causes in previous tranches, £60 million to support Armed Forces personnel, their families and veterans, and a further £10 million per annum which has been earmarked from 2015 to support the Armed Forces Covenant.

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