Page last updated at 17:56 GMT, Tuesday, 14 October 2008 18:56 UK

2012 contingency funds released

Artist's impression of the Olympic Village
The village will house athletes during the 2012 Games

Ministers have released 95m in contingency funding for the London 2012 Olympic Village in east London following the global financial crisis.

Games organisers had only secured half of the 1bn needed for the Stratford athletes' village and Hackney media centre, it was revealed last month.

The Olympic Delivery Authority (ODA) and the two builders involved have not agreed a final contract for the sites.

The overall budget for the 2012 Games is 9.3bn.

The contingency funding makes up 2.2bn of that.

A spokesman for the ODA said: "Work on the village continues on schedule and piling has been completed on the first three blocks.

Regeneration scheme

"95m of interim funding has been allocated to the ODA from contingency to enable building to progress."

He added: "Discussions on long-term funding arrangements are continuing in what is clearly a very difficult economic environment."

Athletes will stay in the 3,000-home Olympic Village during the 2012 games - the biggest component of the 500-acre Olympic Park - which is being built by Australian firm Lend Lease.

The media centre - to be built by Carillion Igloo - will house 20,000 broadcasters, photographers and journalists.

Hugh Robertson, the shadow Olympics minister, said: "If the taxpayer is funding this now, then the government needs to ensure that the taxpayers have a greater share of the equity when the village is sold off as housing after the Games."

After the Games the village will become part of the overall Stratford City regeneration scheme, which will include a shopping centre and up to 3,300 new homes.

The original budget for the 2012 Olympics was 3.4bn but this was increased to 9.3bn last year.


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