Scotland, along with other devolved countries Wales and Northern Ireland, could lay claim to hundreds of millions of pounds as their rightful equivalent to London's Olympic regeneration money, it has emerged.

Scotland may claim up to £165m under the Barnett Formula, a mechanism designed in the 70's and used by the treasury to distribute public expenditure between Scotland, Wales and Northern Ireland.

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The idea was tabled during a Joint Ministerial Committee meeting between Alex Salmond, Scotland's First Minister, justice secretary Jack Straw, Wales' First Minister Rhodri Morgan and Northern Ireland First Minister, Peter Robinson.

"Wales, Scotland and Northern Ireland were united in believing that they should be eligible for consequentials under the Barnett Formula as a result of the London 2012 Olympics. The situation remains unresolved, but the First Minister said that the JMC was set up to solve disputes such as this and that it would feature in future meetings," a Welsh Assembly Government statement said.

But a Scottish Government spokesman said net that at this point any claim for Olympic money was just a suggestion, and that it is not clear how much, if any, money the country would receive.

(GK/JM)