2020/21 Update on LOBO loans

The request was successful.

Research for Action

Dear Hillingdon 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 a certain number of LOBO loans and that some of these may now have been cancelled or transformed into fixed-rate loans. The information requested below is for all the LOBO loans you originally held in 2015 and any changes to them since.

Please provide:

A. A spreadsheet in .xls format, with one line for each loan and 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. Has the option been exercised?
7. If yes, date when the option was exercised.
8. Most recent interest rate
9. Fairvalue of the loan at the end of the 2015/16 financial year
10. Fairvalue of the loan at the end of the 2016/17 financial year
11. Fairvalue of the loan at the end of the 2017/18 financial year
12. Fairvalue of the loan at the end of the 2018/19 financial year
13. Fairvalue of the loan at the end of the 2019/20 financial year
14. Fairvalue of the loan at the end of the 2020/21 financial year
15. The name of the Treasury Management Advisor at the time the loan was taken out
16. The name of the broker who arranged the loan
17. The fee paid to the broker to arrange the loan
18. Please indicated if the loan has been cancelled, refinanced, restructured, including cases when the options were removed and the loan was transformed into a fixed-rate 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. For all the loans that have been cancelled, refinanced or restructured, including cases when the options were removed, please provide the following additional information:
19. The date on which the loan was cancelled, refinanced, restructured or the option was removed
20. The breakage cost for the cancelling, refinancing or restructuring 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
29. Fee paid to the advisor for arranging the cancelling, refinancing or restructuring of the loan

C. A second spreadsheet in .xls format, 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: most recent interest rate
- 5th column: Original projection of the total interest to be 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)
- Followed by one column for each financial year, from when the loan was taken out to 2020/21 indicating for each loan the total interest payment made in that year.**

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

D. A copy of all the original loans

Kind regards,

Ludovica Rogers on behalf of Research for Action

Residents Services FOI, Hillingdon Borough Council

Dear Ludovica Rogers,
I am writing in response to your request for information under the Freedom
of Information Act 2000, received on 15/06/2021.
Under the Freedom of Information Act 2000 we have 20 working days to
respond to your requests.  Therefore, the deadline for our response is
13/07/2021.
“Your request for information may be delayed due to urgent operational
responses to dealing with Covid_19 priorities. We apologise for any
inconvenience this may cause. We do remain committed to responding to your
request and will respond as soon as we are able. Should our response to
your request breach the statutory timeframe and you remain unhappy with
our response, you have the right to complain to the Information
Commissioners Office. Their contact details are Information Commissioner's
Office, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF”.
If we require further information or clarification from you to assist us
in responding to your request, or if we require a fee to be paid before we
can respond we will contact you shortly.
Yours sincerely
Riviane Araujo
Members Enquiries Monitoring Officer
Corporate Services and Resources
London Borough of Hillingdon
[1]www.hillingdon.gov.uk

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

From: Research for Action <[FOI #765466 email]>
Sent: 15 June 2021 13:26
To: FOI <[email address]>
Subject: Freedom of Information request - 2020/21 Update on LOBO loans
 
Dear Hillingdon 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 a certain number of LOBO loans and that
some of these may now have been cancelled or transformed into fixed-rate
loans. The information requested below is for all the LOBO loans you
originally held in 2015 and any changes to them since.

Please provide:

A. A spreadsheet in .xls format, with one line for each loan and 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. Has the option been exercised?
7. If yes, date when the option was exercised.
8. Most recent interest rate
9. Fairvalue of the loan at the end of the 2015/16 financial year
10. Fairvalue of the loan at the end of the 2016/17 financial year
11. Fairvalue of the loan at the end of the 2017/18 financial year
12. Fairvalue of the loan at the end of the 2018/19 financial year
13. Fairvalue of the loan at the end of the 2019/20 financial year
14. Fairvalue of the loan at the end of the 2020/21 financial year
15. The name of the Treasury Management Advisor at the time the loan was
taken out
16. The name of the broker who arranged the loan
17. The fee paid to the broker to arrange the loan
18. Please indicated if the loan has been cancelled, refinanced,
restructured, including cases when the options were removed and the loan
was transformed into a fixed-rate 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. For all the loans that have been cancelled, refinanced or restructured,
including cases when the options were removed, please provide the
following additional information:
19. The date on which the loan was cancelled, refinanced, restructured or
the option was removed
20. The breakage cost for the cancelling, refinancing or restructuring 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
29. Fee paid to the advisor for arranging the cancelling, refinancing or
restructuring of the loan

C. A second spreadsheet in .xls format, 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: most recent interest rate
- 5th column: Original projection of the total interest to be 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)
- Followed by one column for each financial year, from when the loan was
taken out to 2020/21 indicating for each loan the total interest payment
made in that year.**

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

D. A copy of all the original loans

Kind regards,

Ludovica Rogers on behalf of Research for Action

-------------------------------------------------------------------

Please use this email address for all replies to this request:
[FOI #765466 email]

Is [email address] the wrong address for Freedom of Information requests
to Hillingdon Borough Council? If so, please contact us using this form:
[2]https://gbr01.safelinks.protection.outlo...

Disclaimer: This message and any reply that you make will be published on
the internet. Our privacy and copyright policies:
[3]https://gbr01.safelinks.protection.outlo...

For more detailed guidance on safely disclosing information, read the
latest advice from the ICO:
[4]https://gbr01.safelinks.protection.outlo...

Please note that in some cases publication of requests and responses will
be delayed.

If you find this service useful as an FOI officer, please ask your web
manager to link to us from your organisation's FOI page.

show quoted sections

FOI, Hillingdon Borough Council

FOI 8915931
Dear Ludovica Rogers, 

I am writing in regard to your request for information below.  I note from
our records that the response to your request is due today. 
Unfortunately, we are unable to respond today and there will be a slight
delay in our response.  Please accept my apologies for this and we will
endeavour to respond as soon as we are able.

If you have any queries regarding this matter, please do not hesitate to
contact me.

If you wish to request an internal review of our response you should
write, within 2 months, to:

Office Managing Partner, Legal Services, Civic Centre, High St, Uxbridge,
UB8 1UW (or via email to [1][email address] marked for the attention of
the Office Managing Partner).

Please remember to quote the reference number above in any future
communications.

If you are not content with the outcome of the internal review, you have
the right to apply to the Information Commissioner for a decision. The
Information Commissioner can be contacted at: Information Commissioner’s
Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF.

Kind regards, 
Data Protection & Freedom of Information Officer | London Borough of
Hillingdon | Legal Services 3E/04
Tel: 01895 55 6351 | FOI Email: [2][email address] | SAR Email: [3][email
address] 
Address: London Borough of Hillingdon Civic Centre, Uxbridge, UB8 1UW

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

From: Residents Services FOI <[email address]>
Sent: 16 June 2021 17:34
To: [FOI #765466 email] <[FOI #765466 email]>
Cc: FOI <[email address]>
Subject: FOI 8915931 - From Ludovica Rogers - Due on 13 July 2021
 
Dear Ludovica Rogers,
I am writing in response to your request for information under the Freedom
of Information Act 2000, received on 15/06/2021.
Under the Freedom of Information Act 2000 we have 20 working days to
respond to your requests.  Therefore, the deadline for our response is
13/07/2021.
“Your request for information may be delayed due to urgent operational
responses to dealing with Covid_19 priorities. We apologise for any
inconvenience this may cause. We do remain committed to responding to your
request and will respond as soon as we are able. Should our response to
your request breach the statutory timeframe and you remain unhappy with
our response, you have the right to complain to the Information
Commissioners Office. Their contact details are Information Commissioner's
Office, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF”.
If we require further information or clarification from you to assist us
in responding to your request, or if we require a fee to be paid before we
can respond we will contact you shortly.
Yours sincerely
Riviane Araujo
Members Enquiries Monitoring Officer
Corporate Services and Resources
London Borough of Hillingdon
[4]www.hillingdon.gov.uk

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

From: Research for Action <[FOI #765466 email]>
Sent: 15 June 2021 13:26
To: FOI <[email address]>
Subject: Freedom of Information request - 2020/21 Update on LOBO loans
 
Dear Hillingdon 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 a certain number of LOBO loans and that
some of these may now have been cancelled or transformed into fixed-rate
loans. The information requested below is for all the LOBO loans you
originally held in 2015 and any changes to them since.

Please provide:

A. A spreadsheet in .xls format, with one line for each loan and 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. Has the option been exercised?
7. If yes, date when the option was exercised.
8. Most recent interest rate
9. Fairvalue of the loan at the end of the 2015/16 financial year
10. Fairvalue of the loan at the end of the 2016/17 financial year
11. Fairvalue of the loan at the end of the 2017/18 financial year
12. Fairvalue of the loan at the end of the 2018/19 financial year
13. Fairvalue of the loan at the end of the 2019/20 financial year
14. Fairvalue of the loan at the end of the 2020/21 financial year
15. The name of the Treasury Management Advisor at the time the loan was
taken out
16. The name of the broker who arranged the loan
17. The fee paid to the broker to arrange the loan
18. Please indicated if the loan has been cancelled, refinanced,
restructured, including cases when the options were removed and the loan
was transformed into a fixed-rate 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. For all the loans that have been cancelled, refinanced or restructured,
including cases when the options were removed, please provide the
following additional information:
19. The date on which the loan was cancelled, refinanced, restructured or
the option was removed
20. The breakage cost for the cancelling, refinancing or restructuring 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
29. Fee paid to the advisor for arranging the cancelling, refinancing or
restructuring of the loan

C. A second spreadsheet in .xls format, 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: most recent interest rate
- 5th column: Original projection of the total interest to be 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)
- Followed by one column for each financial year, from when the loan was
taken out to 2020/21 indicating for each loan the total interest payment
made in that year.**

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

D. A copy of all the original loans

Kind regards,

Ludovica Rogers on behalf of Research for Action

-------------------------------------------------------------------

Please use this email address for all replies to this request:
[FOI #765466 email]

Is [email address] the wrong address for Freedom of Information requests
to Hillingdon Borough Council? If so, please contact us using this form:
[5]https://gbr01.safelinks.protection.outlo...

Disclaimer: This message and any reply that you make will be published on
the internet. Our privacy and copyright policies:
[6]https://gbr01.safelinks.protection.outlo...

For more detailed guidance on safely disclosing information, read the
latest advice from the ICO:
[7]https://gbr01.safelinks.protection.outlo...

Please note that in some cases publication of requests and responses will
be delayed.

If you find this service useful as an FOI officer, please ask your web
manager to link to us from your organisation's FOI page.

show quoted sections

FOI, Hillingdon Borough Council

1 Attachment

FOI 8915931
Dear Ludovica Rogers, 

I am writing in response to your request for information below.

 

Please find attached the information sought.

 

In respect of question D, we have declined to provide the information as
disclosure could prejudice the commercial interests of either the Council
or a third party pursuant to section 43 of the Freedom of Information Act
2000.  

 

We have considered the public interest test in relation to this
information, and we are satisfied that, on balance, the public interest is
in favour of the information being withheld.

If you have any queries regarding this matter, please do not hesitate to
contact me.

If you wish to request an internal review of our response you should
write, within 2 months, to:

Office Managing Partner, Legal Services, Civic Centre, High St, Uxbridge,
UB8 1UW (or via email to [1][email address] marked for the attention of
the Office Managing Partner).

Please remember to quote the reference number above in any future
communications.

If you are not content with the outcome of the internal review, you have
the right to apply to the Information Commissioner for a decision. The
Information Commissioner can be contacted at: Information Commissioner’s
Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF.

Kind regards, 
Data Protection & Freedom of Information Officer | London Borough of
Hillingdon | Legal Services 3E/04
Tel: 01895 55 6351 | FOI Email: [2][email address] | SAR Email: [3][email
address] 
Address: London Borough of Hillingdon Civic Centre, Uxbridge, UB8 1UW

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

From: FOI <[email address]>
Sent: 13 July 2021 18:44
To: [FOI #765466 email] <[FOI #765466 email]>
Cc: Residents Services FOI <[email address]>
Subject: FOI 8915931 - From Ludovica Rogers - Due on 13 July 2021 -
Holding Response
 
FOI 8915931
Dear Ludovica Rogers, 

I am writing in regard to your request for information below.  I note from
our records that the response to your request is due today. 
Unfortunately, we are unable to respond today and there will be a slight
delay in our response.  Please accept my apologies for this and we will
endeavour to respond as soon as we are able. 

If you have any queries regarding this matter, please do not hesitate to
contact me. 

If you wish to request an internal review of our response you should
write, within 2 months, to:

Office Managing Partner, Legal Services, Civic Centre, High St, Uxbridge,
UB8 1UW (or via email to [4][email address] marked for the attention of
the Office Managing Partner).

Please remember to quote the reference number above in any future
communications.

If you are not content with the outcome of the internal review, you have
the right to apply to the Information Commissioner for a decision. The
Information Commissioner can be contacted at: Information Commissioner’s
Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF. 

Kind regards, 
Data Protection & Freedom of Information Officer | London Borough of
Hillingdon | Legal Services 3E/04
Tel: 01895 55 6351 | FOI Email: [5][email address] | SAR Email: [6][email
address] 
Address: London Borough of Hillingdon Civic Centre, Uxbridge, UB8 1UW

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

From: Residents Services FOI <[email address]>
Sent: 16 June 2021 17:34
To: [FOI #765466 email] <[FOI #765466 email]>
Cc: FOI <[email address]>
Subject: FOI 8915931 - From Ludovica Rogers - Due on 13 July 2021
 
Dear Ludovica Rogers,
I am writing in response to your request for information under the Freedom
of Information Act 2000, received on 15/06/2021.
Under the Freedom of Information Act 2000 we have 20 working days to
respond to your requests.  Therefore, the deadline for our response is
13/07/2021.
“Your request for information may be delayed due to urgent operational
responses to dealing with Covid_19 priorities. We apologise for any
inconvenience this may cause. We do remain committed to responding to your
request and will respond as soon as we are able. Should our response to
your request breach the statutory timeframe and you remain unhappy with
our response, you have the right to complain to the Information
Commissioners Office. Their contact details are Information Commissioner's
Office, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF”.
If we require further information or clarification from you to assist us
in responding to your request, or if we require a fee to be paid before we
can respond we will contact you shortly.
Yours sincerely
Riviane Araujo
Members Enquiries Monitoring Officer
Corporate Services and Resources
London Borough of Hillingdon
[7]www.hillingdon.gov.uk

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

From: Research for Action <[FOI #765466 email]>
Sent: 15 June 2021 13:26
To: FOI <[email address]>
Subject: Freedom of Information request - 2020/21 Update on LOBO loans
 
Dear Hillingdon 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 a certain number of LOBO loans and that
some of these may now have been cancelled or transformed into fixed-rate
loans. The information requested below is for all the LOBO loans you
originally held in 2015 and any changes to them since.

Please provide:

A. A spreadsheet in .xls format, with one line for each loan and 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. Has the option been exercised?
7. If yes, date when the option was exercised.
8. Most recent interest rate
9. Fairvalue of the loan at the end of the 2015/16 financial year
10. Fairvalue of the loan at the end of the 2016/17 financial year
11. Fairvalue of the loan at the end of the 2017/18 financial year
12. Fairvalue of the loan at the end of the 2018/19 financial year
13. Fairvalue of the loan at the end of the 2019/20 financial year
14. Fairvalue of the loan at the end of the 2020/21 financial year
15. The name of the Treasury Management Advisor at the time the loan was
taken out
16. The name of the broker who arranged the loan
17. The fee paid to the broker to arrange the loan
18. Please indicated if the loan has been cancelled, refinanced,
restructured, including cases when the options were removed and the loan
was transformed into a fixed-rate 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. For all the loans that have been cancelled, refinanced or restructured,
including cases when the options were removed, please provide the
following additional information:
19. The date on which the loan was cancelled, refinanced, restructured or
the option was removed
20. The breakage cost for the cancelling, refinancing or restructuring 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
29. Fee paid to the advisor for arranging the cancelling, refinancing or
restructuring of the loan

C. A second spreadsheet in .xls format, 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: most recent interest rate
- 5th column: Original projection of the total interest to be 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)
- Followed by one column for each financial year, from when the loan was
taken out to 2020/21 indicating for each loan the total interest payment
made in that year.**

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

D. A copy of all the original loans

Kind regards,

Ludovica Rogers on behalf of Research for Action

-------------------------------------------------------------------

Please use this email address for all replies to this request:
[FOI #765466 email]

Is [email address] the wrong address for Freedom of Information requests
to Hillingdon Borough Council? If so, please contact us using this form:
[8]https://gbr01.safelinks.protection.outlo...

Disclaimer: This message and any reply that you make will be published on
the internet. Our privacy and copyright policies:
[9]https://gbr01.safelinks.protection.outlo...

For more detailed guidance on safely disclosing information, read the
latest advice from the ICO:
[10]https://gbr01.safelinks.protection.outlo...

Please note that in some cases publication of requests and responses will
be delayed.

If you find this service useful as an FOI officer, please ask your web
manager to link to us from your organisation's FOI page.

show quoted sections