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EU authorises TfL Metronet payout

The European Commission has officially authorised the rescue aid granted by Transport for London to the Metronet Companies (Metronet Rail BCV Limited and Metronet Rail SSL Limited in administration).

The Metronet Companies have since April 2003 been responsible, pursuant to long-term public-private partnership, for replacing and upgrading most of the infrastructure on nine of twelve London Underground lines.

On 18 July 2007, after they ran into serious financial difficulties, both Metronet Companies went to administration. On the same day the public authority (TfL) made an emergency funding available to the Metronet Companies in order to ensure the safe running of the London Underground.

The London Underground, with approximately three million passenger journeys per day (and four million passenger journeys a day in peak times), is a vital part of London’s transport system.

Following a detailed examination of the notification submitted by the UK authorities, the Commission has found that the aid designed to rescue the Metronet Companies is compatible with the Community State aid rules. The aid amounts in total to £897 (€ 1,329) million.

Source: DeHavilland