2020/21 Update on LOBO loans

The request was successful.

Research for Action

Dear West Dunbartonshire 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 11 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.

Please provide:

A. A spreadsheet 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. New interest rate, if the option was exercised and a new rate was accepted.
9. Fairvalue of the loan at the end of the 2016/17 financial year
10. Fairvalue of the loan at the end of the 2017/18 financial year
11. Fairvalue of the loan at the end of the 2019/20 financial year
12. Fairvalue of the loan at the end of the 2020/21 financial year
13. Fee paid to the broker for arranging the loan (Prebon Yamane)
14. Please indicated if the loan has been cancelled, refinanced, restructured, including cases when the options were removed.

*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.

For all the loans that have been cancelled, refinanced or restructured, including cases when the options were removed, please provide the following additional information:
15. The date on which the loan was cancelled, refinanced or restructured.
16. The breakage cost for the cancelling, refinancing or restructuring of the loan
17. New interest rate in the case of a restructuring
18. New maturity date in the case of a restructuring.
19. Fairvalue of the new loan at the end of 2016/17
20. Fairvalue of the new loan at the end of 2017/18
21. Fairvalue of the new loan at the end of 2018/19
22. Fairvalue of the new loan at the end of 2019/20
23. Fairvalue of the new loan at the end of 2020/21
24. Name of the advisor for the cancelling, refinancing or restructuring of the loan

B. A second 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
- 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 1999/2000 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

Bethany McKee, West Dunbartonshire Council

1 Attachment

 
[1][IMG]
Dear Sir/Madam
 
This is to acknowledge receipt of your request for information which was
received by West Dunbartonshire Council on 
10/05/2021.                            
 
I have passed it to the relevant department to consider and respond.
 
West Dunbartonshire Council will respond within 20 working days of
receipt, by           
07/06/2021.
 
I also attach a copy of West Dunbartonshire Council current Freedom of
Information charging regime for your information.
 
 
 
 
 
The information contained in this message is confidential and is intended
for the addressee only. If you have received this message in error or
there are any problems please notify the originator immediately at -
[email address] The unauthorised use, disclosure,
copying or alteration of this message is strictly forbidden. West
Dunbartonshire Council will not be liable for direct, special, indirect or
consequential damages arising from alteration of the contents of this
message by a third party or as a result of any virus being passed on.
Unless expressly stated to the contrary, this email and its contents shall
not have any contractually binding effect on West Dunbartonshire Council
or its clients and any writings which are or could form the basis of any
agreement are subject to contract.

References

Visible links
1. http://newintranet.west-dunbarton.gov.uk...

Lesley Anne Haigh, West Dunbartonshire Council

2 Attachments

FAO Ludovica Rogers

 

Hi,

 

Please find attached response to your Freedom of Information request
submitted on 10^th May 2021.

 

Kind Regards

 

Treasury Section

The information contained in this message is confidential and is intended
for the addressee only. If you have received this message in error or
there are any problems please notify the originator immediately at -
[email address] The unauthorised use, disclosure,
copying or alteration of this message is strictly forbidden. West
Dunbartonshire Council will not be liable for direct, special, indirect or
consequential damages arising from alteration of the contents of this
message by a third party or as a result of any virus being passed on.
Unless expressly stated to the contrary, this email and its contents shall
not have any contractually binding effect on West Dunbartonshire Council
or its clients and any writings which are or could form the basis of any
agreement are subject to contract.