Armed forces charities to receive £1.3m from Libor fines

Soldiers, Sailors, Airmen and Families Association given £1.1m as distribution of second tranche of £35m fund is announced

Major Karl Frankland, a trustee of the Felix Fund, on duty in Afghanistan
Major Karl Frankland, a trustee of the Felix Fund, on duty in Afghanistan

Three armed forces charities will receive a share of £1.3m from fines imposed on banks for their involvement in the Libor rate-fixing scandal, the Chancellor George Osborne has announced.

The Felix Fund, Tickets for Troops and the Soldiers, Sailors, Airmen and Families Association are the second tranche of charities to receive a share of the £35m fund.

The first was a £1m donation in December to the Fisher House Project, which will provide accommodation to people whose loved ones are being treated as military patients at the Queen Elizabeth Hospital in Birmingham.

SSAFA will receive £1.1m to fund support groups for families dealing with loss or an injured loved one.

The Felix Fund, launched in 2011 by three serving bomb disposal experts, will receive £65,000 to provide therapeutic "normalisation breaks" for explosive ordnance disposal teams when they return from Afghanistan.

Holly Davis, chief executive of the charity, said: "We are delighted that our extremely brave, selfless and hard-working bomb disposal experts are to benefit from the Libor fines."

Tickets for Troops will receive £160,000 to provide free tickets to musical, sporting, entertainment and cultural events for servicemen and women and those who have been medically discharged.

The government allocated the fund to the Covenant Reference Group to support the Armed Forces Covenant. The remaining funds will be allocated to other charities over the next two years.

Charities can apply for funding and decisions are made by a scrutiny committee.

Speaking at the Fisher House Project on Saturday, Osborne said: "Our servicemen and women make huge sacrifices on behalf of our country and represent the best of British values.

"That’s why it is right that money received from fines banks are paying for attempting Libor manipulation will be used to provide our armed forces, and their families, with the support they need."

The government confirmed in its mid-term review in January, which details plans for the second half of the coalition administration, that it will give the £35m raised in fines on banks to armed forces charities.

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