17 July 2012
Last updated at 13:26 GMT
The company may lose £50m from the £284m contract because it could not supply enough guards.
Mr Buckles said police and the military would be reimbursed for providing personnel to plug the gaps.
The cost of accommodation for troops would also be covered and the G4S chief said bonuses would be paid to military personnel if this was deemed appropriate.
He made the comments after 3,500 extra troops had to be deployed to meet the firm's shortfall. Police have also helped fill gaps left by G4S.
'Very sorry' Locog chairman Lord Coe said it was not for him to say whether Mr Buckles should resign.
During the committee hearing, Labour's David Winnick told the chief executive: "It's a humiliating shambles, Mr Buckles."
"I cannot disagree with you," Mr Buckles replied.
The chief executive told MPs he was "very sorry" for what had happened.
When asked why he was still in the post, Mr Buckles said: "It's not about me; it's about delivering the contract. I'm the right person to ensure that happens."
The G4S boss said he was told about recruitment problems by his team on 3 July.
He said it was difficult as the numbers changed on a daily basis but as they "dug into data day by day we realised the pipeline and people we thought we could deliver, we couldn't".
Mr Buckles said he was "shocked" to find this out and returned immediately from a holiday in the US.
He said it was on 11 July that he realised the contract not be delivered - the same day Home Secretary Theresa May says she was informed of the problems.
Staff missing G4S had been contracted to supply about 10,000 members of staff.
Mr Buckles told MPs his company had about 4,200 people "working on the ground" and expected that at least 7,000 people would be in place for the Games.
"Clearly we regret signing it [the contract] but now we have got to get on and deliver it," he said.
G4S, by its own admission, stands to lose up to £50m on the contract, worth a total of about £280m, after being unable to provide the staff it had been contracted to deliver.
But Mr Buckles said G4S still planned to take its £57m management fee, saying: "We still expect to deliver a significant amount of staff."
"I find that astonishing," the committee chairman, Labour MP Keith Vaz, replied.
Mr Buckles said the company was no longer bidding for the security contracts for the next football World Cup and the next Olympics, both of which take place in Brazil. He said the decision had been taken last week.
There have been a number of developments as preparations for the Games continue:
Troops are being deployed to make up the shortfall due to G4S failures
Their tasks include guarding ticketed venues at Box Hill, where
thousands are expected to watch cyclist Mark Cavendish go for Britain's
first gold medal on Saturday 28 July.
However, G4S said it had "many more than 20" members of staff there.
Earlier, commenting on the security situation following G4S's staffing problems, Metropolitan Police Assistant Commissioner Chris Allison told BBC Radio 4's Today programme that the "basic plan" for the Games remained "exactly the same", albeit with "a different mix of people".
'Quick reaction' Mrs May told the Commons on Monday that G4S had "repeatedly" promised they would exceed targets.
The home secretary reiterated that the government only knew on Wednesday that there would not be enough G4S security guards and had reacted quickly.
In her statement to MPs, Mrs May denied the company had "deliberately deceived" the government, insisting the firm's problem was "workforce supply and scheduling".
The Ministry of Defence has confirmed army officials have met G4S over security.
Police, meanwhile, have had to deploy extra officers at short notice from eight UK forces to do Olympic security work after the company's staff failed to turn up to venues.
G4S said security was tightened at venues before staff were assigned but that this was being rectified over the "coming days" and should lead to the withdrawal of police from roles assigned to private security.
London 2012: G4S's Nick Buckles regrets taking contract
Nick Buckles of G4S: ''I'm the best person at the moment to take this through to its final conclusion''
The
head of security firm G4S has said he regrets the firm ever took on the
Olympic security contract, as he agreed it had been a "humiliating
shambles".
Chief executive Nick Buckles told the Home Affairs Select Committee G4S had taken it on to enhance its reputation.The company may lose £50m from the £284m contract because it could not supply enough guards.
Mr Buckles said police and the military would be reimbursed for providing personnel to plug the gaps.
The cost of accommodation for troops would also be covered and the G4S chief said bonuses would be paid to military personnel if this was deemed appropriate.
He made the comments after 3,500 extra troops had to be deployed to meet the firm's shortfall. Police have also helped fill gaps left by G4S.
'Very sorry' Locog chairman Lord Coe said it was not for him to say whether Mr Buckles should resign.
During the committee hearing, Labour's David Winnick told the chief executive: "It's a humiliating shambles, Mr Buckles."
"I cannot disagree with you," Mr Buckles replied.
The chief executive told MPs he was "very sorry" for what had happened.
When asked why he was still in the post, Mr Buckles said: "It's not about me; it's about delivering the contract. I'm the right person to ensure that happens."
He said it was difficult as the numbers changed on a daily basis but as they "dug into data day by day we realised the pipeline and people we thought we could deliver, we couldn't".
Mr Buckles said he was "shocked" to find this out and returned immediately from a holiday in the US.
He said it was on 11 July that he realised the contract not be delivered - the same day Home Secretary Theresa May says she was informed of the problems.
Staff missing G4S had been contracted to supply about 10,000 members of staff.
Mr Buckles told MPs his company had about 4,200 people "working on the ground" and expected that at least 7,000 people would be in place for the Games.
"Clearly we regret signing it [the contract] but now we have got to get on and deliver it," he said.
G4S, by its own admission, stands to lose up to £50m on the contract, worth a total of about £280m, after being unable to provide the staff it had been contracted to deliver.
But Mr Buckles said G4S still planned to take its £57m management fee, saying: "We still expect to deliver a significant amount of staff."
"I find that astonishing," the committee chairman, Labour MP Keith Vaz, replied.
Mr Buckles said the company was no longer bidding for the security contracts for the next football World Cup and the next Olympics, both of which take place in Brazil. He said the decision had been taken last week.
There have been a number of developments as preparations for the Games continue:
- An insider from the committee organising the Olympics (Locog) has told the BBC that it failed to deal with the problems at G4S despite warnings over the last 18 months.
- Meanwhile, the Olympic torch is passing through East Sussex and Kent on Tuesday
- And weather forecasters have predicted that the jet stream, which brought heavy rain to much of the UK in recent weeks, may be moving, leading to dry and warm weather next week.
- Heathrow airport had its busiest day on Monday, handling nearly a quarter of a million passengers, as Olympic athletes and officials started arriving
- Those arriving were the first to use dedicated Games Lanes on the M4, with the Olympic Route Network covering London's roads.
Troops are being deployed to make up the shortfall due to G4S failures
However, G4S said it had "many more than 20" members of staff there.
Earlier, commenting on the security situation following G4S's staffing problems, Metropolitan Police Assistant Commissioner Chris Allison told BBC Radio 4's Today programme that the "basic plan" for the Games remained "exactly the same", albeit with "a different mix of people".
'Quick reaction' Mrs May told the Commons on Monday that G4S had "repeatedly" promised they would exceed targets.
The home secretary reiterated that the government only knew on Wednesday that there would not be enough G4S security guards and had reacted quickly.
In her statement to MPs, Mrs May denied the company had "deliberately deceived" the government, insisting the firm's problem was "workforce supply and scheduling".
Mr Vaz said the hearing was an attempt to find out all the facts.
He said it was important to hear G4S's explanation for its shortcomings, as well as hearing from other parties, such as Locog.The Ministry of Defence has confirmed army officials have met G4S over security.
Police, meanwhile, have had to deploy extra officers at short notice from eight UK forces to do Olympic security work after the company's staff failed to turn up to venues.
G4S said security was tightened at venues before staff were assigned but that this was being rectified over the "coming days" and should lead to the withdrawal of police from roles assigned to private security.
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