• Question by: Angie Bray
• Meeting date: 07 December 2005

You are saying that it is possible for you to potentially double the amount of money that the LDA may have to spend and that it can easily be met within your normal grants from government? Are you saying that, the interest at least?

• Question by: Angie Bray
• Meeting date: 07 December 2005

Thank you and finally, how much do you reckon that, if you have to borrow the money ' and the Mayor did say to us that he foresaw the most likely scenario for getting the extra money in, that it would be what he called a bridging loan ' if that is where you go, have you made any estimates on how much it will cost to borrow that money?

• Question by: Angie Bray
• Meeting date: 07 December 2005

Let me put it another way. Are you saying that as a result of reassessing the potential financial situation you find yourself in, there is to be reprioritisation of some of the LDA programmes? If that is the case, perhaps you could provide us with the details of which programmes are being reprioritised.

• Question by: Angie Bray
• Meeting date: 07 December 2005

Right, so no current programmes will be touched? What about those just down the road in the pipeline? Are any of those going to be put back, delayed, re-jigged in any shape or form?

• Question by: Angie Bray
• Meeting date: 07 December 2005

I understand that you may want to at times reshape your agenda. However, I just need to ask you ' and let's see if I can get an answer this time: you have mentioned specifically in the answer to me two questions ago that as a result of looking at this new financial situation that you may find yourself in the worst-case scenario or whatever, that you have had discussions with the Board and, as a result of that, you have had to talk about reprioritising some of your programmes. Let me just remind you that the Mayor gave a...

• Question by: Richard Barnes
• Meeting date: 07 December 2005

Would that apply to what I would term project grants and contracts?

• Question by: Valerie Shawcross
• Meeting date: 07 December 2005

Can I say, I agree with that principle but can I just point out that perhaps there may be some problems in as much as there are multiple funding streams with multiple accountabilities for the different sources of that money and there are going to be multiple expenders of those streams? It is becoming quite a complex but a considerably coherent structure. Do you think it would be appropriate to have at the level of the Olympic Board, at the top level oversight, somebody who has a view of the coherence of the auditing and financial control system across the...

• Question by: Valerie Shawcross
• Meeting date: 07 December 2005

We all want a successful Games and obviously we all want an efficient and value-for-money Games, so can I just ask you a little bit more about the financial control processes and the auditing, at two levels? Firstly, as I understand it ' and correct me if I am wrong ' the precept that the GLA will be collecting towards the Olympic project, possibly up to £600 million, and that would be financially accounted for by the GLA's Finance department. Can you tell us a bit more about how deep that accountability will be and whether or not there is...

• Question by: Richard Barnes
• Meeting date: 07 December 2005

Are all grants, projects and contracts subject to competitive tender?

• Question by: Richard Barnes
• Meeting date: 07 December 2005

What would you do where there was potential conflict of interest, say by someone who worked closely with the Mayor but also had an outside interest, which was a preferred bidder?