Libor bank fines to help fund homes and care for military veterans

17th July 2014

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The Prime Minister David Cameron has announced that some £20m raised from fining the banking industry over the Libor scandal will help fund homes for military veterans.

He said that eight projects will share the cash between them. Earlier this year the Treasury made a further £40m of Libor money – funding from fines imposed on banks – available for charities to bid for to support projects providing accommodation for Armed Forces Veterans.

Five of the projects receiving funding will use it for projects to increase or improve accommodation for veterans who are wounded or injured following their service. These will range from adapting the kitchens and gardens of disabled personnel to give them greater independence in their own homes, to purpose-built accommodation to help blind veterans, his office said in a statement.

Prime Minister David Cameron said: “I am proud to announce the first successful projects that will be supported by the Veterans Accommodation Fund. Our armed forces make huge sacrifices for the nation and it is right that all of us recognise that sacrifice – that is why this government enshrined the Armed Forces Covenant in law.

“One of the greatest worries for our troops when they are wounded or injured is how they and their families will continue with daily life. We should do all we can to take away those worries by providing them with the specialist help and support they need to continue to live their lives, and these projects will help to deliver that.”

Chancellor of the Exchequer George Osborne added: “I am delighted that we are using Libor fines to support these important projects which will make a real difference to the lives of hundreds of armed forces veterans and their families.

“It is right that the money raised from people who demonstrated the worst of values in our society should now be used to help and support those who demonstrate the very best.”

David Cameron’s office said the organisations receiving funding for projects to support accommodation for wounded and injured personnel include:

Three further projects that support care home accommodation for veterans will also receive a share of £3.2m funding:

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