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

first_imgPhoto: LIBOR and coins by Lim Yong Hian on Shutterstock.com Howard Lake | 28 March 2013 | News  51 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. £2.6m of bank fines for LIBOR rigging attempts are donated to service charities Tagged with: banks corporate Finance Funding Royal Navy & Royal Marines Children’s Fund (£25,000)The RAF Widows’ Association (£5,000)The Soldiers, Sailors, Airmen and Families Association (SSAFA) (£207,500, plus £547,000 and £350,000)The National Memorial Arboretum (NMA) (£625,000)The Army Family Federation (AFF) (£238,000)The Navy Family Federation (£343,500)The RAF Family Federation (£235,000)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”. 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 charitiesThe charities that received funding from the latest tranche are: Advertisementlast_img read more