Thousands of Naval personnel and their families in Argyll and Bute will benefit from a pay-out of £2 million from fines paid by the banking industry said Alan Reid MP.
"It is fitting that money from the Libor fines is channelled into supporting the military families at the Clyde base," said the Argyll and Bute MP who has welcomed the news from the Treasury.
"This money is going to help rebuild the Drumfork Club, which provides support for the families in married quarters at HM Naval Base Clyde. When family members are away on patrol for long periods this club provides invaluable support; it is an essential part of the social network at the base.
"It is good to see that money from the fines paid by banks, when attempts were made to try and manipulate financial markets, is going to support our military families."
The £2 million will be given to the Royal Navy and Royal Marines Charity. The cash will contribute to a project to rebuild the Drumfork Club in Helensburgh. The current club building is nearly 50-years-old and run down. It lacks much-needed modern facilities and rebuilding the club is urgently required. It is seen as one of the next steps in the strategy to create a thriving Naval Base.
Robert Robson, Chief Executive Officer of The Royal Navy and Royal Marines Charity, said: “A modern, vibrant families hub will create a 21st century environment to support the crucial operational purpose of the Armed Forces through the provision of multiple areas of welfare support to sailors, marines and their families and reflects our charitable objectives and strategic partnership with the Royal Navy. This project reflects the ideals of the Armed Forces Covenant Libor fund to provide benefits to hardworking members of the Armed Forces from the proceeds of bankers’ fines.”
Danny Alexander MP, Chief Secretary to the Treasury, said on Friday: "This £2 million will make a huge difference to thousands of Royal Navy and Royal Marines personnel and their families living in Argyll and Bute. Supporting military families and our brave forces across the UK is a crucial part of this government’s drive to create a fairer society."