2020/21 Update on LOBO loans

The request was partially successful.

Research for Action

Dear Newham Borough Council,

We would like to ask for an update on your current and historic LOBO loan portfolio.
We are aware that in 2015 you held 27 LOBO loans and that some of these have now been cancelled or transformed into fixed-rate loans. The information requested below is for all the LOBO loans you originally held in 2015.

Please provide:

A. A spreadsheet with one line for each loan annd the related information under each of the following column headings:
1. Reference number
2. Principal
3. Initial counterparty
4. Most recent counterparty
5. Date when the loan was transferred to the most recent counterparty.*
6. Original projection of the total interest that would have been paid over the whole term of the loan (as from the drawdown date to the original maturity date, independently if the loan has now been cancelled or restructured)
7. The name of the Treseary Management Advisor at the time the loan was taken out
8. The name of the broker that strucutred the loan. (we are aware Martin Brokers and Tullet Prebon brokered some of the loans but we would like to know which ones)
9. The fee paid to the broker for the loan.
10. Has the option been exercised?
11. If yes, date when the option was exercised.
12. New interest rate, if the option was exercised and a new rate was accepted.
13. Fairvalue of the loan at the end of the 2015/16 financial year
14. Fairvalue of the loan at the end of the 2016/17 financial year
15. Fairvalue of the loan at the end of the 2017/18 financial year
15. Fairvalue of the loan at the end of the 2018/19 financial year
16. Fairvalue of the loan at the end of the 2019/20 financial year
17. Fairvalue of the loan at the end of the 2020/21 financial year
18. Please indicated if the loan has been cancelled, refinanced, restructured, including cases when the options were removed.
19. The date in which the loan was cancelled, refinanced or restructured.
20. The breakage cost for the cancelling, refinancing or resturcturing of the loan
21. New interest rate in the case of a restructuring
22. New maturity date in the case of a restructuring.
23. Fairvalue of the new loan at the end of 2016/17
24. Fairvalue of the new loan at the end of 2017/18
25. Fairvalue of the new loan at the end of 2018/19
26. Fairvalue of the new loan at the end of 2019/20
27. Fairvalue of the new loan at the end of 2020/21
28. Name of the advisor for the cancelling, refinancing or restructuring of the loan

*Note: If there have been other counterparties during the term of the loan, please indicate in the notes the name of the other counterparties and the date when the loan was transferred to them.

B. Another spreadsheet with one line for each loan showing the following information:
- 1st column: internal reference number
- 2nd column: Principal
- 3rd column: initial interest rate
- 4th column: current interest rate
- Followed by one column for each financial year from 2002/03 to 2020/21 indicating for each loan the total interest payment made in that year.

*Note: Please provide the exact payments and not approximations based on calculations within the spreadsheets, as payments will vary depending on the calculation method (for example if it is a leap year or not).

Kind. regards,

Ludovica Rogers on behalf of Research for Action

London Borough of Newham, Newham Borough Council

 
Information request
Our reference: 6369561

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Dear Ms Rogers
 
Freedom of Information Act 2000
 
Thank you for your request for information that was received on 22 April
2021.
 
We are dealing with your request under the Freedom of Information Act
2000 and we aim to send a response by 21 May 2021.
 
The Freedom of Information Act 2000 may restrict the release of some or
all of the information you have requested. We will carry out an assessment
and if any exemptions apply to some or all of the information you have
requested we will advise you accordingly in our response.  We will also
provide you with details of how you may appeal (if appropriate).
 
Should you require anything further please do not hesitate to contact us.
Yours sincerely
 
[1][email address]
 
 
NOTE: Please do not edit the subject line when replying to this email.
 
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Research for Action

Dear London Borough of Newham,
I have not yet received a response to my FOI request with reference number 6369561.
I should have received a response by 21 May 2021.
Could you kindly provide the information requested as soon as possible?
Kind regards,
Ludovica Rogers

London Borough of Newham, Newham Borough Council

 
Information request
Our reference: 6369561

══════════════════════════════════════════════════════════════════════════

Dear Ms Rogers
 
Freedom of Information Act 2000
 

Thank you for your email and our apologies that we were not able to
respond to your request within the original target date.

We had hoped that we would be able to respond to your request in full by
Friday but unfortunately we are still in the process of considering your
extensive request in light of possible exemptions to part of the response.
Although the Act carries a presumption in favour of disclosure, it
provides exemptions which may be used to withhold information in specified
circumstances.  Some of these exemptions, referred to as 'qualified
exemptions', are subject to a public interest test.  This test is used to
balance the public interest in disclosure against the public interest in
favour of withholding the information. The Act allows us to exceed the 20
working day response target where we need to consider the public interest
test fully. We are still negotiating the scope of the use of Section 43 of
the Act, in respect of information which may be considered as being
commercially sensitive, to enable us to respond to you and supply as much
information as possible, in relation to your request. 

We therefore need to extend the original 20 working day response period.
We will aim to provide you with our full response as soon as possible but
by 21st June at the very latest.

Kind regards                         

 

Information Governance

[1][email address

London Borough of Newham

 

 
Disclaimer
This email contains proprietary confidential information some or all of
which may be legally privileged and/or subject to the provisions of
privacy legislation. It is intended solely for the addressee.
If you are not the intended recipient, an addressing or transmission error
has misdirected this e-mail; you must not use, disclose, copy, print or
disseminate the information contained within this e-mail. Please notify
the author immediately by replying to this email.
Any views expressed in this email are those of the individual sender,
except where the sender specifically states these to be the views of the
London Borough of Newham
This email has been scanned for all viruses and all reasonable precautions
have been taken to ensure that no viruses are present. The London Borough
of Newham cannot accept responsibility for any loss or damage arising from
the use of this email or attachments.

References

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London Borough of Newham, Newham Borough Council

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Freedom of Information request
Our reference: 6369561

══════════════════════════════════════════════════════════════════════════

Dear Ms Rogers
 
Thank you for your request for information received in relation to an
update on LOBO loans.
 
Please accept our apologies for the delay in responding and appreciate
your patience in this matter.
 
Please find attached our response to your request.
 
Yours sincerely
 
 
Information Governance
[1][email address]
 
 
NOTE: Please do not edit the subject line when replying to this email.
 
Disclaimer
This email contains proprietary confidential information some or all of
which may be legally privileged and/or subject to the provisions of
privacy legislation. It is intended solely for the addressee.
If you are not the intended recipient, an addressing or transmission error
has misdirected this e-mail; you must not use, disclose, copy, print or
disseminate the information contained within this e-mail. Please notify
the author immediately by replying to this email.
Any views expressed in this email are those of the individual sender,
except where the sender specifically states these to be the views of the
London Borough of Newham
This email has been scanned for all viruses and all reasonable precautions
have been taken to ensure that no viruses are present. The London Borough
of Newham cannot accept responsibility for any loss or damage arising from
the use of this email or attachments.

References

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1. mailto:[email address]

Research for Action

Dear London Borough of Newham,
Please can you provide the information in spreadsheet format as requested (.xls).
Kind regards,
Ludovica Rogers