News story

LIBOR fines fund Scottish good cause projects

Military good cause projects in Argyll & Bute and Dumfries & Galloway to benefit from LIBOR Fund.

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

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Two military good cause projects in Scotland are amongst sixteen projects across the UK to benefit from the latest allocation of the fines levied on banks for attempting to manipulate the London Interbank Offered Rate (LIBOR) benchmark.

Amongst them is Dame Agnes Weston’s Royal Sailors’ Rests which will receive over £130,000 to employ two community workers to support families. They will also refurbish the Braeholm Family Centre in Helensburgh – which offers accommodation, café, leisure and family/group facilities.

South West Scotland RnR in Dumfries will receive £30,000 to fund activity holidays to help wounded combatants recover from physical, emotional and mental injuries and experiences.

This latest announcement, made by the Chancellor, will benefit the whole armed forces community across the UK, including those currently serving, veterans and families and means that over £9 million has been given to Armed Forces good causes through the 49 charities that have secured funding.

The Secretary of State for Scotland Michael Moore said:

This announcement is fantastic news for very worthy projects in Helensburgh and Dumfries.

These fines, levied on banks for manipulating the LIBOR rates, are being used to provide those serving, veterans and their families with the support they need and further highlights this government’s continued commitment to service personnel and veterans.

Published 12 September 2013