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£2.6m of bank fines for LIBOR rigging attempts are donated to service charities

Howard Lake | 28 March 2013 | News

The Government has passed £2.6 million to armed forces charities from fines levied on banks for attempting to manipulate the London Interbank Offered Rate (LIBOR) benchmark. This brings the total in bank fines allocated to charities to £7 million.

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.”

Beneficiary forces charities

The charities that received funding from the latest tranche are:

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More fines are to be donated in the future. The Government has invited further applications to the LIBOR Fund in support of the Armed Services. The next deadline for applications is 3 May 2013, and “bids relating to families or mental health will be preferred”.

 

Photo: LIBOR and coins by Lim Yong Hian on Shutterstock.com

 

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