In response to an FOI request Transport for London has provided some additional information about the payment arrangements for its £50m Cycle Hire sponsorship agreement with Barclays bank.
As previously reported, the bank is the minority funder of the scheme which is projected to cost the taxpayer at least £225m by 2015/16.
In its latest response, TfL says:
“The first Barclays payment was made on 29 August 2010. Payments are scheduled over the 5 years which Barclays have sponsored the scheme for.
“Invoices are sent to Barclays every 6 months in February/March and August/September time, and payment is due within 20 days of the invoice date. To date, all payments have been made on time.”