£20m in Bank Fines to Fund Military Veteran Homes

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£20m in Bank Fines to Fund Military Veteran Homes

Money that has been raised by fining the banking industry, almost £20 million, will be put toward funding specialist accommodation for military veterans.

David Cameron has confirmed that the money will go towards paying for eight projects across the UK. New homes or apartments will be created in Edinburgh, South London and Wales.

Libor Fines

The money that is being put toward this has been raised from the fines that banks have had to pay after being involved in the Libor scandal; this was after they were found to have been altering inter-bank lending rates.

Speaking about the new scheme, Prime Minister David Cameron said: “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.”

Projects

• The projects that the cash is going toward will include:
• £8.6m to accommodate 418 more veterans and families in south London and Edinburgh.
• £1.25m for five purpose-built apartments in Llandudno and Conwy for vulnerable veterans with sight or limb loss.
• £2.5m for a new dementia unit for up to 30 veterans in Broadstairs, Kent.
• £6m for 65 units of temporary, supported and independent accommodation in Colchester, Essex.
• £550,000 to improve conditions, including lighting suitable for people with dementia, in Scotland.
• £400,000 to adapt the kitchens and gardens in the homes of 20 wheelchair dependent, lifetime disabled veterans and their families.
• £240,000 to adapt 30 bathrooms for disabled and older veterans in West London.
• £112,000 to replace windows at accommodations in Kent.

David Cameron is also expected to open up a new, permanent World War One gallery at the Imperial War Museum as part of the commemorations of the centenary of the conflict.

Also, emergency service charities, search and rescue lifeboat services, scouts, guides, cadets and St John Ambulance are also set to be given a share of the fines.

To read more about how the fines that the banks have been hit with are being put to god use, check this story out about how D-Day veterans are going to benefit.

Banking Fines