May 15, 2020 / 7:56 AM / 17 days ago

BRIEF-Transport For London Says Funding Requirement To Be Kept Under Review Throughout Period To Oct 17

May 15 (Reuters) - Transport for London:

* TRANSPORT FOR LONDON - COVID-19 GOVERNMENT SUPPORT PACKAGE

* TRANSPORT FOR LONDON - DUE TO LOCKDOWN MEASURES, PASSENGER DEMAND DECLINED STEEPLY, WITH A 95 PER CENT REDUCTION IN JOURNEYS ON LONDON UNDERGROUND

* TRANSPORT FOR LONDON - DUE TO LOCKDOWN MEASURES, PASSENGER DEMAND DECLINED STEEPLY, WITH 85 PER CENT REDUCTION IN JOURNEYS ON LONDON’S BUSES

* TRANSPORT FOR LONDON - OVERALL OPERATING INCOME LOSS OF AROUND 90 PER CENT INCLUDING NON-PASSENGER INCOMES, SUCH AS ADVERTISING REVENUE

* TRANSPORT FOR LONDON - SEVERITY OF COVID-19 IMPACT IS SUCH THAT IT WILL NOT BE ABLE TO FULLY MITIGATE LOSS WITHOUT EXTERNAL SUPPORT

* TRANSPORT FOR LONDON - FUNDING GAP OF UP TO £1.9BN IN FIRST HALF OF 2020/21 AND OVER £3.0BN OVER FULL YEAR

* TRANSPORT FOR LONDON - WITH RESPECT TO CROSSRAIL PROJECT, EXISTING FUNDING PACKAGE AGREED IN DECEMBER 2018 WILL CONTINUE TO APPLY

* TRANSPORT FOR LONDON - EXTRAORDINARY SUPPORT GRANT OF £1.095BN PAYABLE UNDER SECTION 101 OF GREATER LONDON AUTHORITY (GLA) ACT 1999

* TRANSPORT FOR LONDON - INCREMENTAL BORROWING BY TRANSPORT FOR LONDON FROM PUBLIC WORKS LOAN BOARD OF £505M ( “PWLB LOAN”)

* TRANSPORT FOR LONDON - FUNDING REQUIREMENT WILL BE KEPT UNDER REVIEW THROUGHOUT PERIOD TO 17 OCTOBER 2020 Source text for Eikon: Further company coverage:

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