Olympic Games 2012: Finance

Olympics written question – answered on 23rd February 2009.

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Photo of Hugh Robertson Hugh Robertson Shadow Minister (Culture, Media and Sport)

To ask the Minister for the Olympics for what reason the £326 million recently released from the Olympic contingency fund for the athletes village was drawn from the funders; why the £135 million for the International Broadcast Centre/Main Press Centre was drawn from funders and contingency reserves; and if she will make a statement.

Photo of Tessa Jowell Tessa Jowell Minister of State (Cabinet Office) (Olympics and Paymaster General)

holding answer 12 February 2009

The Funders Group contingency is principally for risks that fall outside of the control of the Olympic Delivery Authority (ODA). The recent allocation of Funders Group contingency was to help fund the Olympic village and the international broadcast centre (IBC)/main press centre (MPC) projects, both of which had been affected by the global economic situation, particularly the downturn in the housing and banking markets. This downturn was outside of the ODA's control and therefore Funders' Group contingency is the appropriate source of funding.

A proportion of the funding for the IBC/MPC project (£67 million) was funded from programme contingency. This is because, as part of the restructure of the IBC/MPC project, elements of new scope—including to ensure that the buildings left in legacy have the flexibility to be adapted to a wide range of uses to maximise potential future employment opportunities—and additional project contingency were included.

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