Fines paid by British banks for fixing Libor are to pay (in part) for eight projects across the UK to
assist the provision of specialist accommodation for injured military veterans.
Banks who have been fined over the scandal include Barclays for
£290 million and RBS for £391 million (figures include EU and US fines).
With the Government planning to use £20 million of fines for the project, there is a significant residual amount left (if it has not been used already) to fund other projects to benefit the UK.
The use for the fines may be seen by many as being a nice sentiment as the bank which is now owned by the UK taxpayer in the most-part, can finally give something meaningful back to the country.
For more information about any of the above or for practical advice on this or any other aspect of banking and financial disputes, please contact
Tim Gower or
of the Berg Banking Litigation Team on 0161 833 9211 or email them at
TimG@berg.co.uk or JohnC@berg.co.uk
(The information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Berg or any of its partners or employees. Professional legal advice should
be obtained before taking, or refraining from taking, any action as a result of this article.)