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Arts venue debts to be wiped out Arts venue debts to be wiped out
(9 minutes later)
The assembly government is to wipe out the Wales Millennium Centre's £13.5m debts and treble its annual revenue funding from £1.2m to £3.7m.The assembly government is to wipe out the Wales Millennium Centre's £13.5m debts and treble its annual revenue funding from £1.2m to £3.7m.
The £106m arts venue in Cardiff Bay has been struggling to deal with its overdraft and a funding gap.The £106m arts venue in Cardiff Bay has been struggling to deal with its overdraft and a funding gap.
Heritage Minister Rhodri Glyn Thomas told AMs the historic debt would be written off with unspent funds in the assembly government's coffers.Heritage Minister Rhodri Glyn Thomas told AMs the historic debt would be written off with unspent funds in the assembly government's coffers.
Mr Thomas said the funds would not be at the expense of other arts projects. Mr Thomas said the rescue would not be at the expense of other arts projects.
A government guarantee of the debts had been due to expire next month.A government guarantee of the debts had been due to expire next month.
The centre's auditors had warned that its ability to continue as a going concern was in doubt.The centre's auditors had warned that its ability to continue as a going concern was in doubt.
But Mr Thomas said the arrangement would "not be at the expense" of the arts budget or the arts outside Cardiff, as each of the cultural organisations he was responsible for would receive an increase in funding.But Mr Thomas said the arrangement would "not be at the expense" of the arts budget or the arts outside Cardiff, as each of the cultural organisations he was responsible for would receive an increase in funding.
He said the £106m venue had attracted more than a third of a million paying customers in each of its first three years.He said the £106m venue had attracted more than a third of a million paying customers in each of its first three years.
"It has succeeded in growing the audience for cultural events by attracting customers from all over Wales."It has succeeded in growing the audience for cultural events by attracting customers from all over Wales.
The auditorium inside the Wales Millennium Centre
"I am pleased to announce today that the finance minister has agreed to pay the £13.5m loan that the project received from HSBC."I am pleased to announce today that the finance minister has agreed to pay the £13.5m loan that the project received from HSBC.
"We are also increasing the annual recurrent revenue funding from Government by £2.5 million to £3.7m next year and succeeding years to financial year 2010-2011.""We are also increasing the annual recurrent revenue funding from Government by £2.5 million to £3.7m next year and succeeding years to financial year 2010-2011."
He said it would bring "greater financial security" to the centre and would "safeguard the future of the widely recognised and respected institution".He said it would bring "greater financial security" to the centre and would "safeguard the future of the widely recognised and respected institution".
Three weeks ago Mr Thomas told AMs financial support for the centre was being considered but warned there would be no "open- ended commitments".Three weeks ago Mr Thomas told AMs financial support for the centre was being considered but warned there would be no "open- ended commitments".
The critically-acclaimed venue in Cardiff Bay stages musicals, dance and comedy and is home to the Welsh National Opera and Urdd eisteddfod. The iconic venue stages musicals, dance and comedy and is home to the Welsh National Opera and Urdd eisteddfod.
The warning from auditors that the £106m arts complex in Cardiff Bay was in danger of insolvency emerged on BBC Wales' Dragon's Eye programme last month. The warning from auditors that the arts complex was in danger of insolvency emerged on BBC Wales' Dragon's Eye programme last month.
The programme obtained an unpublished review which said the debt could not be repaid by the venue and should be removed.The programme obtained an unpublished review which said the debt could not be repaid by the venue and should be removed.
The centre said it had been in negotiations with the assembly government for some time. In its annual accounts for 2006 the centre's auditors KPMG said "considerable uncertainty" in achieving a settlement with the assembly government " may cast significant doubt about the group's ability to continue as a going concern." The centre said it had been in negotiations with the assembly government for some time.
In its annual accounts for 2006 the centre's auditors KPMG said "considerable uncertainty" in achieving a settlement with the assembly government " may cast significant doubt about the group's ability to continue as a going concern."
The venue said 6% of its £13 million turnover, around £750,000, comes from public subsidy.The venue said 6% of its £13 million turnover, around £750,000, comes from public subsidy.
It is understood the WMC hopes the assembly government will increase the subsidy to between £3m and £4m a year and repay the £13.5m loan.It is understood the WMC hopes the assembly government will increase the subsidy to between £3m and £4m a year and repay the £13.5m loan.
Meanwhile, the WMC's management had said it was "business as usual" at the venue.Meanwhile, the WMC's management had said it was "business as usual" at the venue.