In 2013, the Government made £35 million available to deliver Armed Forces Covenant commitments from fines levied on banks for the attempted manipulation of Libor. The cross-Government Covenant Reference Group, which is chaired by the Cabinet Office and includes representatives from key Government Departments, the Devolved Administrations, the Service charity sector, and the three Service Families Federations, set the priorities for the fund. The first two tranches focused on mental health and support for Service families, while the third tranche was open to any project meeting the principles of the Covenant.<\/p>
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In 2014, a further £40 million of Libor funds were made available specifically to support veterans with a housing need via the Veterans Accommodation Fund (VAF). The criteria and application process for both schemes were published on gov.uk.<\/p>
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Both funds were administered by the Armed Forces Covenant team. Against the agreed priorities, applicants had to demonstrate evidence of need, experience of providing a service and value for money. A decision panel was convened to agree the final allocation of funding.<\/p>
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The panel for the £35 million fund sat three times between 2012 and 2014 and included representatives from the Ministry of Defence Covenant and Financial Governance teams, H M Treasury, COBSEO, the three Service Families Federations, and the Welsh and Scottish Governments.<\/p>
<\/p>
The panel for the VAF sat on 7 July 2014 and included representatives from the Ministry of Defence Covenant and Financial Governance teams, H M Treasury, the Welsh and Scottish Governments, the Army Families Federation, The Royal British Legion and COBSEO Housing Cluster.<\/p>
<\/p>
<\/p>
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The UK and Turks and Caicos Islands governments have agreed a framework for management of public finances that includes principles of good financial management as well as the debt ceilings. Key requirements are that net debt is less than 110 per cent of revenue by the end of the financial year 2015/16 and less than 80 per cent of revenue by the end of the financial year 2018/19, and that debt service is less than 10 per cent of annual operating revenue and liquid assets at least 25 per cent of annual operating revenue.
The Turks and Caicos Islands government has run a surplus for the last two years and continues to be on track to meet the provisions of the agreed framework document. In accordance with the Turks and Caicos Islands legislation, surpluses are paid into a Sinking Fund. The Sinking Fund may only be used for the purposes of paying down debt. However, how the debt is repaid is ultimately a delegated matter for the Turks and Caicos Islands government.<\/p>"}
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