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22 March 2013

Government reveals more armed forces charity projects to be funded by LIBOR fines

The Chancellor and Secretary of State for Defence have today announced that more causes and charities supporting the armed forces community are to benefit from fines levied on banks for attempting to manipulate the London Interbank Offered Rate (LIBOR) benchmark. The Government has allocated £2.6 million of funds today, bringing the total amount given to date to over £7 million.

The charities named today will be the last to benefit from the first tranche of funding allocated, but further applications to the LIBOR Fund in support of the Armed Forces are invited with effect from today.

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.”

Defence Secretary Philip Hammond said:
“It is fitting that the Armed Forces should benefit from these fines paid by financial institutions. I am pleased that our service charities are being recognised in this way.”

Today’s selected causes and charities are:

This follows the announcement at Budget that:

The Government had previously allocated funding to:

Notes for Editors

  1. The Armed Forces Covenant sets out the relationship between the nation, the state and the armed forces. It recognises that the whole nation has a moral obligation to members of the armed forces and their families and it establishes how they should expect to be treated.
  2. The Government allocated £35 million to the Covenant Reference Group to support the Armed Forces Covenant. The remaining funds will be allocated over the next two years.
  3. Further applications to the LIBOR Fund in support of the Armed Forces are invited with effect from tomorrow. Further information including criteria and guidance for this next tranche is available at www.gov.uk/the-armed-forces-covenant.

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