Military Charities will be allocated Libor fines

14 December 2013 Last updated at 23:56 Share this pageEmailPrint

Libor fines allocated to military charities

The latest tranche of money gathered from UK banks in Libor fines has been allocated to 24 military charities.

The £12m instalment will be used to fund projects including housing and mental health support schemes for military veterans.

It means a total of £35m has now been distributed to 96 charities from fines imposed on the banking industry for rigging the benchmark interest rate.

During the Autumn Statement a further £100m was made available.

Chancellor George Osborne said of the latest instalment: “It is right that money paid in fines by people who demonstrated the worst of the values in our society is now being used to help and support those who demonstrate the very best.”

The biggest donation, of more than £2.5m, will go to Veterans First Point – a charity staffed by military veterans – to establish a number of mental health support centres in Scotland.

‘Debt of gratitude’
Houses for Heroes Scotland has been awarded £1.9m to build low-rent houses for wounded forces personnel and their families.

Welsh charity Change Step will receive nearly £1m to develop and fund a support network for veterans for the next two years.

And homeless veterans in Wales will be provided with resettlement and employment opportunities by Alabare Christian Care, which was awarded £976, 269.

In Liverpool, AF&V Launchpad was awarded £907,632 to provide accommodation to veterans and help them secure work.

Elsewhere, Defence Medical Welfare Service will use nearly £900,000 to provide forces personnel across the UK with additional hospital welfare and psychosocial support.

The Royal Navy Service Family Accommodation will use £800,000 to fund upgrades to 15 play parks across Royal Navy estates and Combat Stress will use £575,268 to provide a 24-hour helpline for veterans.

During the Autumn Statement, the chancellor announced that a further £100m distribution of Libor fines would “reflect our society’s debt of gratitude to our servicemen and women, and their families” and would be extended to those who “care for the work of our police, fire and ambulance services”.

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