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Olympic Games 2012: Finance

Volume 486: debated on Thursday 15 January 2009

To ask the Minister for the Olympics on what dates since January 2008 the Olympic Delivery Authority contacted the Treasury Funders Group on access to the Olympic contingency fund. (247356)

The funders group met in July 2008 to consider the impact that the economic downturn was likely to have on the Olympic village project and met again in October 2008 to review the situation further.

In December the funders group were requested via correspondence to approve the release of contingency to fund additional seating requirements in the handball arena and additional building works in the Olympic Stadium.

The next London 2012 Olympic and Paralympic games annual report will be produced in the near future and will include fully updated financial information, including the outcomes of agreed contingency requests. Thereafter, we will publish a quarterly financial update which will include any changes to published budgets.