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To ask the Secretary of State for Defence, which charitable projects based in Northern Ireland have benefited from the Armed Forces Covenant (Libor) Fund.
To ask the Secretary of State for Defence, which charitable projects based in Northern Ireland have benefited from the Armed Forces Covenant (Libor) Fund.
To ask the Secretary of State for Defence if he will provide details of the projects supported by the Armed Forces Covenant (LIBOR) Fund since its inception; and how much funding has been given to each of those projects.
To ask the Secretary of State for Defence if he will provide details of the projects supported by the Armed Forces Covenant (LIBOR) Fund since its inception; and how much funding has been given to each of those projects.
The £35 million LIBOR fund has now closed with the majority of the money being allocated in support of a total of 97 projects. A copy of the document detailing those projects and the funding they have received is as follows. A small sum is being held back for contingency purposes.
Armed Forces Covenant LIBOR Fund—Successful projects
The importance of the covenant to the Government was highlighted by the decision of the Chancellor to transfer £35 million from fines levied on the banks for attempting to manipulate LIBOR to the MOD for use in supporting the armed forces community.
The aim of the fund is to support the two principles of the armed forces covenant:
that members of the armed forces community should not face disadvantage in comparison to other citizens;
that special consideration is appropriate in some cases, especially for those who have given most such as the injured and the bereaved.
Over three tranches of Libor funding 97 successful projects have received a total of nearly £35 million to support their work. A summary of the successful bids can be found in this spreadsheet.
| LIBOR
fund
value | £35,000,000.00 | Number
of
projects | Number
of unique
orgs |
| Tranche
One agreed
bids | £7,229,900.00 | 16 | 12 |
| Tranche
Two agreed
bids | £15,539,869.53 | 57 | 54 |
| Tranche
Three agreed
bids | £12,083,910.89 | 24 | 21 |
| Total
spend | £34,853,680.42 | 97 | 81 |
To ask the Secretary of State for Defence what steps his Department takes to audit or monitor the outcomes of successful applications to the Armed Forces Covenant (Libor) Fund.
To ask the Secretary of State for Defence what steps his Department takes to audit or monitor the outcomes of successful applications to the Armed Forces Covenant (Libor) Fund.
The Ministry of Defence administers the £35 million LIBOR Fund on behalf of the Cabinet Office-led Covenant Reference Group. Successful projects are funded on the basis of a standard set of terms and conditions plus additional measures as appropriate. Those who receive funding are required to produce regular monitoring reports, and to retain financial data for audit purposes.
Budget statement 19 March 2014. Ways and means resolution. Agreed to on question.
Budget statement 19 March 2014. Ways and means resolution. Agreed to on question.
I can report today that the economy is continuing to recover, and recovering faster than forecast. We set out our plan, and together with the British people we held our nerve. After the mess we were left, we are putting Britain right, but the job is far from done. Our...
I can report today that the economy is continuing to recover, and recovering faster than forecast. We set out our plan, and together with the British people we held our nerve. After the mess we were left, we are putting Britain right, but the job is far from done. Our...
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The independent statistics show that under this Government income inequality is at its lowest level for 28 years, lower than at any single moment under Labour. Thanks to my right hon. Friend the Prime Minister’s leadership we have driven the international efforts to develop tough new global tax rules that...
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What progress he has made on using funding from LIBOR fines to benefit former and serving military personnel.
What progress he has made on using funding from LIBOR fines to benefit former and serving military personnel.
The short answer is that a great deal of progress has been made. As Members will know, in December 2012 the Chancellor transferred £35 million from fines levied on the banks following the LIBOR scandal. The whole of that £35 million has now been allocated to almost 100 projects that will provide support to members of the armed forces community. In addition, we can now look forward to the £40 million recently announced for the veterans accommodation fund, the £20 million about which I have already given details and, in perpetuity, £10 million each year for our service charities.
What progress he has made on using funding from LIBOR fines to benefit former and serving military personnel.
What progress he has made on using funding from LIBOR fines to benefit former and serving military personnel.
The short answer is that a great deal of progress has been made. As Members will know, in December 2012 the Chancellor transferred £35 million from fines levied on the banks following the LIBOR scandal. The whole of that £35 million has now been allocated to almost 100 projects that will provide support to members of the armed forces community. In addition, we can now look forward to the £40 million recently announced for the veterans accommodation fund, the £20 million about which I have already given details and, in perpetuity, £10 million each year for our service charities.
The short answer is that a great deal of progress has been made. As Members will know, in December 2012 the Chancellor transferred £35 million from fines levied on the banks following the LIBOR scandal. The whole of that £35 million has now been allocated to almost 100 projects that will provide support to members of the armed forces community. In addition, we can now look forward to the £40 million recently announced for the veterans accommodation fund, the £20 million about which I have already given details and, in perpetuity, £10 million each year for our service charities.
The short answer is that a great deal of progress has been made. As Members will know, in December 2012 the Chancellor transferred £35 million from fines levied on the banks following the LIBOR scandal. The whole of that £35 million has now been allocated to almost 100 projects that will provide support to members of the armed forces community. In addition, we can now look forward to the £40 million recently announced for the veterans accommodation fund, the £20 million about which I have already given details and, in perpetuity, £10 million each year for our service charities.
What progress he has made on using funding from LIBOR fines to benefit former and serving military personnel.
I am grateful to my hon. Friend for her answer. Will some of the money from the LIBOR fines be used to deal with the awful mental illness that comes to those who have lost loved ones in conflict, and to help the families of those who have suffered mental health problems after spending time overseas in conflict areas?
I am grateful to my hon. Friend for her answer. Will some of the money from the LIBOR fines be used to deal with the awful mental illness that comes to those who have lost loved ones in conflict, and to help the families of those who have suffered mental health problems after spending time overseas in conflict areas?
I am happy to confirm that Cruse Bereavement Care, a wonderful charity that comforts bereaved people—not only service families but anyone who has lost someone—has received £500,000 of LIBOR funding. An additional £2.77 million has gone to Combat Stress, and SSAFA has a number of projects that have benefited, to the tune of £2 million. I hope that shows that we take this work very seriously.
I am happy to confirm that Cruse Bereavement Care, a wonderful charity that comforts bereaved people—not only service families but anyone who has lost someone—has received £500,000 of LIBOR funding. An additional £2.77 million has gone to Combat Stress, and SSAFA has a number of projects that have benefited, to the tune of £2 million. I hope that shows that we take this work very seriously.
I am happy to confirm that Cruse Bereavement Care, a wonderful charity that comforts bereaved people—not only service families but anyone who has lost someone—has received £500,000 of LIBOR funding. An additional £2.77 million has gone to Combat Stress, and SSAFA has a number of projects that have benefited, to the tune of £2 million. I hope that shows that we take this work very seriously.
I am grateful to my hon. Friend for her answer. Will some of the money from the LIBOR fines be used to deal with the awful mental illness that comes to those who have lost loved ones in conflict, and to help the families of those who have suffered mental health problems after spending time overseas in conflict areas?
Finding the right accommodation for veterans who have been wounded or injured is an important part of upholding the duty we owe them for their sacrifice. What assistance is the Ministry of Defence providing to ensure that veterans with a housing need are properly supported?
Finding the right accommodation for veterans who have been wounded or injured is an important part of upholding the duty we owe them for their sacrifice. What assistance is the Ministry of Defence providing to ensure that veterans with a housing need are properly supported?
As I have explained, £40 million of LIBOR funding has been set aside specifically for what we are calling the veterans accommodation fund. It will make a big difference, and is available to fund the building of purpose-built accommodation and the purchase
or refurbishment of existing housing. The bid criteria have been published and the fund is open for applications now.
As I have explained, £40 million of LIBOR funding has been set aside specifically for what we are calling the veterans accommodation fund. It will make a big difference, and is available to fund the building of purpose-built accommodation and the purchase
or refurbishment of existing housing. The bid criteria have been published and the fund is open for applications now.
As I have explained, £40 million of LIBOR funding has been set aside specifically for what we are calling the veterans accommodation fund. It will make a big difference, and is available to fund the building of purpose-built accommodation and the purchase
or refurbishment of existing housing. The bid criteria have been published and the fund is open for applications now.
Finding the right accommodation for veterans who have been wounded or injured is an important part of upholding the duty we owe them for their sacrifice. What assistance is the Ministry of Defence providing to ensure that veterans with a housing need are properly supported?
To ask the Minister for the Cabinet Office pursuant to the Autumn Statement of 5 December 2013, Official Report, column 1106, which police service-related charities will receive funds from LIBOR fines in 2014; and what criteria are used to determine which organisations receive such funds.
To ask the Minister for the Cabinet Office pursuant to the Autumn Statement of 5 December 2013, Official Report, column 1106, which police service-related charities will receive funds from LIBOR fines in 2014; and what criteria are used to determine which organisations receive such funds.
In the autumn statement the Chancellor of the Exchequer, my right hon. Friend the Member for Tatton (Mr Osborne), announced that LIBOR fines will be invested in providing support for emergency services personnel and their dependents who are injured, suffering ill-health, or bereaved, during or as a result of active service for the public. £10 million will be sustainably invested through Voluntary, Community, and Social Enterprise organisations across the UK.
To ask the Secretary of State for Defence how many bids were submitted to the Armed Forces Covenant (LIBOR) Fund in each year since 2012; and how many such bids were successful.
To ask the Secretary of State for Defence how many bids were submitted to the Armed Forces Covenant (LIBOR) Fund in each year since 2012; and how many such bids were successful.
I am pleased to confirm that we have now allocated almost £35 million through the covenant LIBOR fund to support charities and others in delivering 97 projects that will benefit the armed forces community. The fund is now closed, and a small residual sum is being held for contingency purposes. The grants were made in three tranches between December 2012 and December 2013.
In June 2013, the Chancellor of the Exchequer announced that the Government was making a permanent financial commitment to the Armed Forces Covenant through a new fund worth £10 million per year. This will be made available from April 2015 and officials are currently working on the design of the new scheme. Details will be announced later this year.
The requested breakdown is provided in the following table:
| Armed
Forces Covenant (LIBOR) Fund
Applications | ||||
| Tranche | Number
of
applications | Value
of applications (£
million) | Applications
supported | Value
of supported applications (£
million) |
| One | 138 | 158 | 16 | 7.2 |
| Two | 245 | 100 | 57 | 15.5 |
| Three | 291 | 119 | 24 | 12.1 |
| Total | 674 | 377 | 97 | 34.8 |
To ask the Attorney-General how many bankers (a) formerly and (b) currently employed by the Royal Bank of Scotland are being investigated for (i) fraud and (ii) other criminal acts in respect of (A) the authorisation of the misselling of financial products and (B) Libor rate manipulation.
To ask the Attorney-General how many bankers (a) formerly and (b) currently employed by the Royal Bank of Scotland are being investigated for (i) fraud and (ii) other criminal acts in respect of (A) the authorisation of the misselling of financial products and (B) Libor rate manipulation.
It would not be appropriate to give this information while investigations are ongoing.
To ask the Attorney-General what recent discussions the Serious Fraud Office has had with its US counterparts about co-ordinating their investigations into Libor manipulation.
To ask the Attorney-General what recent discussions the Serious Fraud Office has had with its US counterparts about co-ordinating their investigations into Libor manipulation.
The SFO and US Department of Justice liaise regularly in relation to Libor. It is not SFO's policy to comment on current investigations.
To ask Her Majesty’s Government how much money has been allocated from LIBOR-fixing fines to military charities in (1) England, (2) Scotland, (3) Wales and, (4) Northern Ireland.[HL4244]
To ask Her Majesty’s Government how much money has been allocated from LIBOR-fixing fines to military charities in (1) England, (2) Scotland, (3) Wales and, (4) Northern Ireland.[HL4244]
I can confirm that the £35m of LIBOR fines announced by the Chancellor in October 2012 has been allocated in the following way:
(1) In England 37 Charities received £10,556,547.63.
(2) In Scotland 12 Charities received £5,455,310.00.
(3) In Wales 3 Charities received £2,406,846.89.
(4) In Northern Ireland 1 Charity received £50,000.00.
In addition, 40 UK wide projects were awarded £16,167,817.90.
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.
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.
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.