IOC reports $588 million in financial reserves

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LONDON (AP) -- IOC President Jacques Rogge says the Olympic committee's financial situation remains solid with reserves of $558 million.

Rogge presented details of the finances in his report Tuesday at the opening of the International Olympic Committee's three-day general assembly ahead of the London Games.

The reserves figure is down from the $592 million reported at the previous IOC session in Durban, South Africa, a year ago. The decline is likely due to fluctuations in currency exchange rates.

The financial reserves, which have grown from $105 million in 2001, are designed to allow the IOC to continue operating for four years in the event of an Olympics being canceled.