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Bank claim: Libor fines go to forces

Chancellor George Osborne has announced that the fines collected from the libor rigging scandal will go to the armed forces.

The provision to donate the fines to the armed forces was outlined in the Budget on March 20th.

These funds will go towards Christmas boxes and for aiding with mental health services, which deal with issues such as post traumatic stress disorders that are common among people who serve in warzones.

Mr Osborne said: “Those who have paid fines in our financial sector because they demonstrated the very worst values are paying to support those in our armed forces who demonstrate the very best of British values.”

The Financial Services Authority (FSA) is responsible for collecting banking fines in the UK. Included in the fines that FSA collected last year are those from Libor.

Banks around the world, including those in the UK, were alleged to be involved in fixing the global benchmark rate for which all banking transactions are set.

Royal Bank of Scotland (RBS) and Barclays were both fined by regulators, including the FSA, for libor rigging.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801560204-ADNFCR

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