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Ministry of Defence: LIBOR

Question for Ministry of Defence

UIN 144826, tabled on 27 January 2021

To ask the Secretary of State for Defence, what information his Department holds on grants made from LIBOR funds awarded through schemes managed by his Department.

Answered on

3 February 2021

In 2012, Her Majesty's Treasury announced that the proceeds from LIBOR fines would be used to support Armed Forces and Emergency Services charities. From 2012 a total of £973 million of LIBOR grants were committed to a large number of organisations, including the Royal British Legion, SSAFA, CAIS Wales, Poppy Scotland and Help for Heroes. In June 2015, the Armed Forces Covenant Fund Trust ran the Ministry of Defence (MOD) schemes with senior defence advisors in HM Treasury to support the HMT LIBOR scheme. Through the Armed Forces Covenant Trust Fund, the MOD has access to accurate and up to date information on grants made from LIBOR funds.