The UK Tube improvements contracts managed by Metronet before its collapse will be permanently managed by London Underground Limited (LUL), according to senior officials.
Transport Secretary Andrew Adonis and Mayor of London Boris Johnson confirmed that LUL will handle all asset management decisions, with private sector involvement to continue through the contracts managed by LUL.
The contracts, to manage the Bakerloo, Central, Victoria, Waterloo & City and the sub-surface lines of the Tube were transferred to Transport for London (TfL) in May 2008 on an interim basis after the collapse of Metronet.
An independent advisory panel will now be set up to review all aspects of TfL's investment programme excluding the operation of services.
Transport secretary Andrew Adonis said these new arrangements will give London Underground the stability and certainty it needs to deliver the investment programme inherited from Metronet and with it the improvements so critical to growth and prosperity in London.