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Thousands of naval personnel in Argyll and Bute will benefit from £2 million of UK government support through Libor fines.
Thousands of naval personnel in Argyll and Bute will benefit from £2 million of UK government support through Libor fines, the Chief Secretary to the Treasury Danny Alexander has announced today.
The £2 million to the Royal Navy and Royal Marines Charity will contribute to a project to rebuild the Drumfork Club in Helensburgh, Argyll and Bute, which provides crucial support for Naval families who live in married quarters at HM Naval Base Clyde, particularly whilst their loved ones are away for long periods on submarine patrol.
The current club building is nearly 50 years old and run down, lacking much-needed modern facilities and thus less attractive to families. Rebuilding the club is urgently required as the next step in the emerging strategic vision to create a thriving Naval Base.
This comes as the Chancellor announced £3 million of government funding today to support Naval officers and families in Portsmouth, including £1million for the Royal Navy and Royal Marines Charity.
Danny Alexander, The Chief Secretary to the Treasury said:
I’m delighted that this government has been able to donate money taken as fines to such great causes. This £2 million will make a huge difference to thousands of Royal Navy and Royal Marines personnel and their families living in Argyll and Bute, who provide so much support to our vital submarine operators at HM Naval Base Clyde.
Supporting military families and our brave forces across the UK is a crucial part of this government’s drive to create a fairer society.
Robert Robson, Chief Executive Officer of The Royal Navy and Royal Marines Charity, said:
A modern, vibrant families hub will create a 21st century environment to support the crucial operational purpose of the Armed Forces through the provision of multiple areas of welfare support to sailors, marines and their families and reflects our charitable objectives and strategic partnership with the Royal Navy. This project reflects the ideals of the Armed Forces Covenant Libor fund to provide benefits to hardworking members of the Armed Forces from the proceeds of bankers’ fines.
The Libor fund has been raised through fines imposed on banks for misdemeanours and attempted manipulation of financial markets. This latest allocation builds on £35 million of Libor funding already given to military good causes in previous tranches, £60 million to support Armed Forces personnel, their families and veterans and a further £10 million per annum which has been earmarked from 2015 to support the Armed Forces Covenant.