Lloyds Libor fine given to charities

Posted On: 
1st August 2014

Charities are to be handed £100m from Lloyds’ fine for manipulating the Libor rate, the Chancellor has announced.

Among the organisations to benefit are the Royal Marine charity appeal, which will receive £1m, rehabilitation programmes for injured military personnel, and inducements to encourage doctors and nurses to join the military.

“People who have demonstrated the worst of values in the City are going to be helping and supporting those who demonstrate the very best of British values in our armed forces,” George Osborne told reporters.

“Lloyds Bank have been fined £100m for manipulating the market; that is a terrible thing for them to have done but I’m making sure that the money is put to good use. It is going to go and help support soldiers returning with injuries to make sure they get long term care.”