Bank fine cash for Royal Navy families
The Government will use some of the money collected from the LIBOR fines to help Royal Navy personnel in Argyll and Bute. The Government will contribute £2 million to the Royal Navy and Royal Marines Charity in Argyll and Bute, which provides support for Naval families who live in married quarters at HM Naval Base Clyde.
The Libor fund has been raised through fines imposed on banks for misdemeanours and attempted manipulation of financial markets. This latest allocation builds on the £35 million of Libor funding already given to the armed forces community, £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. The Government is keen to ensure that the money raised by the LIBOR fines is used for good causes.
Danny Alexander, The Chief Secretary to the Treasury said:
‘I’m delighted that this Government has been able to donate money taken as fines to such great causes. This £2 million will make a huge difference to thousands of Royal Navy and Royal Marines personnel and their families living in Argyll and Bute, who provide so much support to our vital submarine operators at HM Naval Base Clyde. Supporting military families and our brave forces across the UK is a crucial part of this Government’s drive to create a fairer society.’