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To ask Her Majesty's Government what assessment they have made of the preparedness of the financial services industry to solve the issue of LIBOR-linked loan contracts before 2021.
To ask Her Majesty's Government what assessment they have made of the preparedness of the financial services industry to solve the issue of LIBOR-linked loan contracts before 2021.
The Government is supporting a market – led transition away from LIBOR by end-2021.
UK financial services regulators have said that they will be expecting banks to show that they have eliminated dependency on LIBOR in their lending businesses, have suitable plans to move to non-LIBOR products in new lending well before end-2021, and to explain changes to affected customers.
Motion to consider. Agreed to on question.
Motion to consider. Agreed to on question.
To ask the Chancellor of the Exchequer, if he will list the recipients of LIBOR funding since the inception of the grant scheme in 2012 by (a) country of the UK and (b) sector.
To ask the Chancellor of the Exchequer, if he will list the recipients of LIBOR funding since the inception of the grant scheme in 2012 by (a) country of the UK and (b) sector.
Details of LIBOR funding can be found at the following links:
GOV.UK LIBOR Webpages
https://www.gov.uk/government/publications/libor-funding-applications/libor-grants-2017
https://www.gov.uk/government/publications/libor-funding-applications
https://www.gov.uk/government/news/banking-fines-to-fund-armed-forces-charity-projects
https://www.gov.uk/government/news/libor-fines-to-fund-armed-forces-charity-projects
https://www.gov.uk/government/news/bank-fines-to-be-used-to-support-britains-armed-forces-community
https://www.gov.uk/government/news/more-armed-forces-charities-to-benefit-from-banking-fines
https://www.gov.uk/government/news/100-million-bank-fines-allocated-by-government-to-good-causes
To ask the Chancellor of the Exchequer, how much LIBOR funding he has yet to allocate.
To ask the Chancellor of the Exchequer, how much LIBOR funding he has yet to allocate.
The LIBOR grant scheme was closed following the announcement of the final tranche of funding at Autumn Budget 2017. All LIBOR fines received from the Financial Conduct Authority have been committed.
To ask Mr Chancellor of the Exchequer, how many (a) individuals and (b) organisations have been charged with rigging LIBOR since 2010; and what the outcome was of those charges.
To ask Mr Chancellor of the Exchequer, how many (a) individuals and (b) organisations have been charged with rigging LIBOR since 2010; and what the outcome was of those charges.
The Serious Fraud Office began an investigation into the manipulation of interbank lending rates in 2012.
In relation to EURIBOR, 11 individuals have been charged, five of whom are currently at trial. One defendant has pleaded guilty to the charges. There are currently European Arrest Warrants issued in respect of the remaining five suspects.
In relation to LIBOR, 13 individuals have had criminal proceedings brought against them. Four trials have concluded, which includes a retrial. These trials have resulted in five convictions and eight acquittals.
No organisation has been charged as part of the SFO investigations, but the FCA have fined seven banks a total of over £757m for LIBOR and EURIBOR related misconduct. There have also been enforcement proceedings in other jurisdictions.
I thank the Secretary of State for that answer. Taking that as a yes, how is it that more than half a million pounds of LIBOR funds has been spent by the MOD in support of armed forces welfare, when the Under-Secretary of State for Defence, the right hon. Member for Bournemouth East (Mr Ellwood)—the Minister for Defence people—has said categorically that
“LIBOR funding should not be used to fund Departmental core responsibilities”?
Is it not time for the Secretary of State to admit that it was a serious misjudgment to use LIBOR funds in such a scandalous way? When will his Department be paying back that money?
I thank the Secretary of State for that answer. Taking that as a yes, how is it that more than half a million pounds of LIBOR funds has been spent by the MOD in support of armed forces welfare, when the Under-Secretary of State for Defence, the right hon. Member for Bournemouth East (Mr Ellwood)—the Minister for Defence people—has said categorically that
“LIBOR funding should not be used to fund Departmental core responsibilities”?
Is it not time for the Secretary of State to admit that it was a serious misjudgment to use LIBOR funds in such a scandalous way? When will his Department be paying back that money?
I am sure the hon. Lady is very well aware that the Ministry of Defence does not actually administer LIBOR funding—that is the Treasury. So much of the LIBOR funding has made such a difference, not just to those who have ceased to serve in our armed forces but to those who continue to serve. We are very grateful for the positive impact of that funding on so many of our services.
I am sure the hon. Lady is very well aware that the Ministry of Defence does not actually administer LIBOR funding—that is the Treasury. So much of the LIBOR funding has made such a difference, not just to those who have ceased to serve in our armed forces but to those who continue to serve. We are very grateful for the positive impact of that funding on so many of our services.
I am sure the hon. Lady is very well aware that the Ministry of Defence does not actually administer LIBOR funding—that is the Treasury. So much of the LIBOR funding has made such a difference, not just to those who have ceased to serve in our armed forces but to those who continue to serve. We are very grateful for the positive impact of that funding on so many of our services.
I thank the Secretary of State for that answer. Taking that as a yes, how is it that more than half a million pounds of LIBOR funds has been spent by the MOD in support of armed forces welfare, when the Under-Secretary of State for Defence, the right hon. Member for Bournemouth East (Mr Ellwood)—the Minister for Defence people—has said categorically that
“LIBOR funding should not be used to fund Departmental core responsibilities”?
Is it not time for the Secretary of State to admit that it was a serious misjudgment to use LIBOR funds in such a scandalous way? When will his Department be paying back that money?
On a point of order, Mr Speaker. I fear that the Secretary of State for Defence may have inadvertently misled the House during Defence Questions earlier today when he said that
“the Ministry of Defence does not actually administer LIBOR funding—that is the Treasury.”
On 14 March, in a written answer, the...
On a point of order, Mr Speaker. I fear that the Secretary of State for Defence may have inadvertently misled the House during Defence Questions earlier today when he said that
“the Ministry of Defence does not actually administer LIBOR funding—that is the Treasury.”
On 14 March, in a written answer, the...
To ask Mr Chancellor of the Exchequer, what assessment he has made of progress on the ICE Benchmark Association project to reform the LIBOR Benchmark Methodology; whether the new system will be implemented across all panel banks; and what the communication strategy for that project is.
To ask Mr Chancellor of the Exchequer, what assessment he has made of progress on the ICE Benchmark Association project to reform the LIBOR Benchmark Methodology; whether the new system will be implemented across all panel banks; and what the communication strategy for that project is.
Since the Financial Conduct Authority (FCA) began regulating LIBOR in 2013, significant improvements have been made to the benchmark by its administrator, ICE Benchmark Administration, and the panel banks which submit contributions.
However, given the low levels of activity in the underlying markets which LIBOR seeks to measure, it has been difficult to ensure that submissions to the benchmark are rooted in transaction data, which was a key reform highlighted in the 2014 Financial Stability Board report on Reforming Major Interest Rate Benchmarks.
This is why the government is supporting a market led transition away from LIBOR towards near risk-free rates. Regulator convened working groups led by a cross section of market participants are making good progress towards achieving this aim.
To ask the Secretary of State for Defence, pursuant to the oral contribution of the Parliamentary Under-Secretary of State for Defence of 5 March 2018, Official Report, column 12, when his Department plans to write to the hon. Member for Merthyr Tydfil and Rhymney on its definition of a core...
To ask the Secretary of State for Defence, pursuant to the oral contribution of the Parliamentary Under-Secretary of State for Defence of 5 March 2018, Official Report, column 12, when his Department plans to write to the hon. Member for Merthyr Tydfil and Rhymney on its definition of a core...
I wrote to the hon. Member on 19 March.
To ask the Secretary of State for Defence, pursuant to the oral contribution of the Parliamentary Under-Secretary of State for Defence of 5 March 2018, Official Report, column 12, when it became his policy to pay for additional facilities out of the LIBOR funds.
To ask the Secretary of State for Defence, pursuant to the oral contribution of the Parliamentary Under-Secretary of State for Defence of 5 March 2018, Official Report, column 12, when it became his policy to pay for additional facilities out of the LIBOR funds.
The Ministry of Defence (MOD) is clear that LIBOR funding should not be used to fund Departmental core responsibilities. The funding application form explicitly states that funds cannot be used to top-up existing grants and aids from Government Departments or for projects, activities or services that the State has a legal obligation to provide. The use of LIBOR fines to support additional facilities and programmes over and above the core activities, support, and infrastructure provided by the MOD is entirely consistent with the scope of the LIBOR fund.
Armed Forces related LIBOR grants, including bespoke funds such as the Armed Forces Covenant Fund and Aged Veterans Fund, are committed by HM Treasury and administered by the MOD. Veterans, emergency services charities and other related good causes benefit from hundreds of millions of pounds from LIBOR banking fines. Money given to Departments since 2012 from these fines is ring fenced to be spent on these worthy causes. Funding for centres and facilities is consistent with supporting good causes and is making a difference to the Armed Forces community.
As part of the routine governance of the LIBOR fund, in early 2017 the Treasury commissioned a review of all LIBOR grants committed since 2012. This review, which will include all LIBOR grants made directly by HM Treasury, as well as grants awarded under the Covenant Fund, the Aged Veterans Fund and the Veterans Accommodation Fund, will report in summer 2018. The National Audit Office have been kept fully informed of the progress of the review.
As the Minister responsible for Service people and veterans, I meet regularly with Service charity representatives and discuss a wide range of issues, including funding.
To ask the Secretary of State for Defence, pursuant to the oral contribution of the Parliamentary Under- Secretary of State for Defence of 5th March 2018, Official Report, column 12, how his Department defines (a) additional facilities and (b) core activities.
To ask the Secretary of State for Defence, pursuant to the oral contribution of the Parliamentary Under- Secretary of State for Defence of 5th March 2018, Official Report, column 12, how his Department defines (a) additional facilities and (b) core activities.
The Ministry of Defence (MOD) is clear that LIBOR funding should not be used to fund Departmental core responsibilities. The funding application form explicitly states that funds cannot be used to top-up existing grants and aids from Government Departments or for projects, activities or services that the State has a legal obligation to provide. The use of LIBOR fines to support additional facilities and programmes over and above the core activities, support, and infrastructure provided by the MOD is entirely consistent with the scope of the LIBOR fund.
Armed Forces related LIBOR grants, including bespoke funds such as the Armed Forces Covenant Fund and Aged Veterans Fund, are committed by HM Treasury and administered by the MOD. Veterans, emergency services charities and other related good causes benefit from hundreds of millions of pounds from LIBOR banking fines. Money given to Departments since 2012 from these fines is ring fenced to be spent on these worthy causes. Funding for centres and facilities is consistent with supporting good causes and is making a difference to the Armed Forces community.
As part of the routine governance of the LIBOR fund, in early 2017 the Treasury commissioned a review of all LIBOR grants committed since 2012. This review, which will include all LIBOR grants made directly by HM Treasury, as well as grants awarded under the Covenant Fund, the Aged Veterans Fund and the Veterans Accommodation Fund, will report in summer 2018. The National Audit Office have been kept fully informed of the progress of the review.
As the Minister responsible for Service people and veterans, I meet regularly with Service charity representatives and discuss a wide range of issues, including funding.
To ask the Secretary of State for Defence, if he will list every use of LIBOR funds by his Department.
To ask the Secretary of State for Defence, if he will list every use of LIBOR funds by his Department.
The Ministry of Defence (MOD) is clear that LIBOR funding should not be used to fund Departmental core responsibilities. The funding application form explicitly states that funds cannot be used to top-up existing grants and aids from Government Departments or for projects, activities or services that the State has a legal obligation to provide. The use of LIBOR fines to support additional facilities and programmes over and above the core activities, support, and infrastructure provided by the MOD is entirely consistent with the scope of the LIBOR fund.
Armed Forces related LIBOR grants, including bespoke funds such as the Armed Forces Covenant Fund and Aged Veterans Fund, are committed by HM Treasury and administered by the MOD. Veterans, emergency services charities and other related good causes benefit from hundreds of millions of pounds from LIBOR banking fines. Money given to Departments since 2012 from these fines is ring fenced to be spent on these worthy causes. Funding for centres and facilities is consistent with supporting good causes and is making a difference to the Armed Forces community.
As part of the routine governance of the LIBOR fund, in early 2017 the Treasury commissioned a review of all LIBOR grants committed since 2012. This review, which will include all LIBOR grants made directly by HM Treasury, as well as grants awarded under the Covenant Fund, the Aged Veterans Fund and the Veterans Accommodation Fund, will report in summer 2018. The National Audit Office have been kept fully informed of the progress of the review.
As the Minister responsible for Service people and veterans, I meet regularly with Service charity representatives and discuss a wide range of issues, including funding.
To ask the Secretary of State for Defence, what recent discussions he has had with charities on the use of funding from LIBOR fines.
To ask the Secretary of State for Defence, what recent discussions he has had with charities on the use of funding from LIBOR fines.
The Ministry of Defence (MOD) is clear that LIBOR funding should not be used to fund Departmental core responsibilities. The funding application form explicitly states that funds cannot be used to top-up existing grants and aids from Government Departments or for projects, activities or services that the State has a legal obligation to provide. The use of LIBOR fines to support additional facilities and programmes over and above the core activities, support, and infrastructure provided by the MOD is entirely consistent with the scope of the LIBOR fund.
Armed Forces related LIBOR grants, including bespoke funds such as the Armed Forces Covenant Fund and Aged Veterans Fund, are committed by HM Treasury and administered by the MOD. Veterans, emergency services charities and other related good causes benefit from hundreds of millions of pounds from LIBOR banking fines. Money given to Departments since 2012 from these fines is ring fenced to be spent on these worthy causes. Funding for centres and facilities is consistent with supporting good causes and is making a difference to the Armed Forces community.
As part of the routine governance of the LIBOR fund, in early 2017 the Treasury commissioned a review of all LIBOR grants committed since 2012. This review, which will include all LIBOR grants made directly by HM Treasury, as well as grants awarded under the Covenant Fund, the Aged Veterans Fund and the Veterans Accommodation Fund, will report in summer 2018. The National Audit Office have been kept fully informed of the progress of the review.
As the Minister responsible for Service people and veterans, I meet regularly with Service charity representatives and discuss a wide range of issues, including funding.
To ask the Secretary of State for Defence, which military units have received funding for childcare infrastructure from fines levied on banks in the LIBOR case.
To ask the Secretary of State for Defence, which military units have received funding for childcare infrastructure from fines levied on banks in the LIBOR case.
In autumn 2013 the Chancellor of the Exchequer announced that up to £20 million of LIBOR fines would be provided to the Ministry of Defence in support of infrastructure improvements to childcare settings on the Defence Estate.
The following childcare settings received funding:
Sunshine day nursery, Brize Norton |
RAF Lossiemouth childcare centre |
Medmenham early years, Medmenham |
Benson children and family services (4children) |
RAF Coningsby nursery and kids club, RAF Coningsby |
CYP and Family welfare centre, High Wycombe |
Maple Leaf day care, RAF Digby |
RAF Valley |
Norton Manor Camp, RM Taunton |
Woodentots Nursery, HMS Collingwood |
Dhekelia early years, Dhekelia |
Jumbles crèche, Ayios Nikolaos |
Episkopi early years, Episkopi |
Akrotiri first steps, Akrotiri |
Blackdown pre-school, Blackdown |
Invicta Park, Maidstone |
Thorney Island nursery, Thorney Island |
Chetwynd Barracks pre-school, Chilwell |
Colchester Garrison pre-school and nursery |
Caterpillas, Tidworth |
Perham Down pre-school, Perham Down |
The Haig day nursery |
Noah's Ark under-fives, Bulford |
Sunshine under 5's centre. Chester |
Honeypots under 5's centre, Weeton |
Rhyme Times, Lisburn |
Quetta Park pre-school, Church Crookham |
Sandhurst Station nursery, Sandhurst |
Bovington nursery school, Bovington |
Warminster Garrison nursery, Warminster |
Dolly Mixtures pre-school and crèche, Credenhall |
Dolly Mixtures pre-school and crèche, Hereford |
Chetwynd Teddies nursery, Chilwell |
Kinloss day care centre, Kinloss |
Wimberley Estate childcare centre, Inverness |
Little Jimmies playgroup, Blandford |
Stepping Stones pre-school, Strensall |
Busy Bees, Wimbish |
Yellow Ribbon pre-school, Ripon |
The Beehive, York |
In addition to the £20 million, the following LIBOR grants for improvements to childcare facilities have been awarded:
£24,000 for St. Nicholas Pre-School and Nursery, Colchester Garrison.
£1.9 million for new buildings for pre-school age children of Special Air Service personnel.
£1.85 million awarded to ABF The Soldiers’ Charity for planned childcare improvements in the following locations: South Cerney, Woodbridge, Pirbright, Worthy Down, Abingdon and Andover.
To ask Mr Chancellor of the Exchequer, which charities have received Libor funding in each of the last five years; and how much funding those charities have received.
To ask Mr Chancellor of the Exchequer, which charities have received Libor funding in each of the last five years; and how much funding those charities have received.
1. LIBOR funding is only committed to the following entities:
· Registered Charities
· Community Interest Companies (CIC)
· Armed Forces Units with a Unit Identification Number (UIN)
Details of LIBOR funding can be found at the following links:
GOV.UK LIBOR Webpages
https://www.gov.uk/government/publications/libor-funding-applications
https://www.gov.uk/government/news/banking-fines-to-fund-armed-forces-charity-projects
https://www.gov.uk/government/news/libor-fines-to-fund-armed-forces-charity-projects
https://www.gov.uk/government/news/bank-fines-to-be-used-to-support-britains-armed-forces-community
https://www.gov.uk/government/news/more-armed-forces-charities-to-benefit-from-banking-fines
https://www.gov.uk/government/news/100-million-bank-fines-allocated-by-government-to-good-causes
National Audit Office Report on the ‘Investigation into the management of the Libor Fund’
To ask Mr Chancellor of the Exchequer, which non-charitable entities have received Libor funding in each of the last five years; and how much those entities have received.
To ask Mr Chancellor of the Exchequer, which non-charitable entities have received Libor funding in each of the last five years; and how much those entities have received.
1. LIBOR funding is only committed to the following entities:
· Registered Charities
· Community Interest Companies (CIC)
· Armed Forces Units with a Unit Identification Number (UIN)
Details of LIBOR funding can be found at the following links:
GOV.UK LIBOR Webpages
https://www.gov.uk/government/publications/libor-funding-applications
https://www.gov.uk/government/news/banking-fines-to-fund-armed-forces-charity-projects
https://www.gov.uk/government/news/libor-fines-to-fund-armed-forces-charity-projects
https://www.gov.uk/government/news/bank-fines-to-be-used-to-support-britains-armed-forces-community
https://www.gov.uk/government/news/more-armed-forces-charities-to-benefit-from-banking-fines
https://www.gov.uk/government/news/100-million-bank-fines-allocated-by-government-to-good-causes
National Audit Office Report on the ‘Investigation into the management of the Libor Fund’
To ask Mr Chancellor of the Exchequer, how much funding will be made available for charities in the upcoming round of Libor funding.
To ask Mr Chancellor of the Exchequer, how much funding will be made available for charities in the upcoming round of Libor funding.
The amount of funding which will be made available in the upcoming round of LIBOR grants, ‘LIBOR 2017’, has yet to be confirmed.