Libor

HM Treasury written question – answered on 11th March 2015.

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Photo of Lord Robertson of Port Ellen Lord Robertson of Port Ellen Labour

To ask Her Majesty’s Government how much was received by HM Treasury from the banks in penalties for the manipulation of Libor.

Photo of Lord Robertson of Port Ellen Lord Robertson of Port Ellen Labour

To ask Her Majesty’s Government how much of the money received in penalties for the manipulation of Libor has been distributed to charities.

Photo of Lord Robertson of Port Ellen Lord Robertson of Port Ellen Labour

To ask Her Majesty’s Government what are the names of those people and organisations represented on the Advisory Board in respect of the money received in penalties for the manipulation of Libor.

Photo of Lord Robertson of Port Ellen Lord Robertson of Port Ellen Labour

To ask Her Majesty’s Government whether all money received in penalties for the manipulation of Libor is subject to the advice of the Advisory Board appointed by HM Treasury; and if not, what is the amount distributed outwith the recommendations.

Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury

Since June 2012, the Treasury has received LIBOR fines from the FCA; to date, they have imposed total fines in excess of £450 million relating to its investigations of LIBOR manipulation. This Government promised that this policy would reflect that those who have paid fines in our financial sector, because they demonstrated the very worst of British values, are paying to support those in our Armed Forces and emergency services who demonstrate the very best of British values. We are working with OGDs and relevant charities to ensure that all LIBOR fines received to date will be committed within the life of this Parliament.

The administration of LIBOR fines varies according to the type of organisation applying and receiving the money. In particular, where a Government Department, such as the MoD has been identified as the organisation best suited to deliver the outcome – for example, support for childcare at military establishments – normal Departmental processes have applied. In other circumstances – such as those in support of the Armed Forces Covenant, the Covenant Reference Group – a cross-Whitehall representative body which includes charity representation, provides the guidance on those areas where LIBOR funds could be used to best effect.

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