On Wed, 13 Feb 2008 13:02:43 -0800 (PST), Mizter T
wrote:

One could develop this further - the recent "global credit crunch"
could have led TfL to believe they're going to have a harder time
borrowing money in the future, so instead they've cashed in the £250
million and now have it to spend on other things - and there are a
great many other projects that are yearning for that cash, perhaps
particularly so in the context of the strain that Crossrail will put
on TfL's finances.

This latter point about TfL's budget overall is the key point. There are
massive pressures post 2010 despite the recently announced government
settlement. Anything that can free up cash is sensible in that context.

Not so sure about the global credit crunch - TfL generally has a very
good rating in terms of its debt and overall financial management. There
is usually a report on this in the TfL Board Papers.
--
Paul C