Written question asked by Oliver Colvile (Conservative) on Tuesday, 3 December 2013, in the House of Commons. It was due for an answer on Monday, 16 December 2013 (named day). It was answered by Anna Soubry (Conservative) on Monday, 16 December 2013 on behalf of the Ministry of Defence.
Armed Forces Covenant
- Question
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To ask the Secretary of State for Defence how much funding from LIBOR fines has been distributed to military charities to support the Armed Forces Covenant to date.
- Answer
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The Chancellor of the Exchequer allocated an initial £35 million from fines levied on banks for attempting to manipulate the LIBOR interest rate to the Covenant Reference Group, to fund projects supporting the armed forces community. He recently announced
that additional LIBOR funding will be made available to the Covenant totalling £10 million per year in perpetuity from financial year 2015-16.
There have been three tranches of bids for funding from the £35 million LIBOR monies and some £34.8 million has been distributed. Of this some £26.8 million went to service charities, a further £5.1 million to bids from Service organisations and £2.9 million to other charities and benevolent organisations. This initial LIBOR fund is now closed with no further tranches for bids planned.
Secondary information
- Type
- Written question
- Reference
- 901494; 572 cc474-5W
- Session
- 2013-14
- Related items
- Unstarred
- Yes
- Subjects
- Fines Armed forces covenant LIBOR
- Contains statistics
- Yes
- Link
- View this Written question on www.publications.parliament.uk
Librarians' tools
- Timestamp
- 2022-07-04 16:42:17 +0100
- URI
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