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Olympic Games 2012: Finance

Volume 475: debated on Thursday 8 May 2008

To ask the Minister for the Olympics what consultations the Government have undertaken with financial institutions on financing the 2012 Olympics; and what the cost of such consultations was. [203651]

The Government Olympic Executive has received informal advice, at no cost from financial institutions, on the possibilities for financing the 2012 Olympic and Paralympic Games.

The International Broadcast Centre/Main Press Centre and the Olympic Village are developer-led projects in which the developer is responsible for bank and equity funding. The Olympic Delivery Authority has taken and will continue to take appropriate advice on the nature of these transactions but does not have direct contractual relations with any financial institutions, and consequently has not paid for any advice from them.