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2020/21 Update on LOBO loans

Research for Action made this Rhyddid Gwybodaeth request to Darlington Borough Council

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Research for Action

Dear Darlington 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 6 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 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. 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. The name of the broker who arranged the loan
14. The fee paid to the broker to arrange the loan
15. 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:
16. The date on which the loan was cancelled, refinanced or restructured.
17. The breakage cost for the cancelling, refinancing or restructuring of the loan
18. New interest rate in the case of a restructuring
19. New maturity date in the case of a restructuring.
20. Fairvalue of the new loan at the end of 2016/17
21. Fairvalue of the new loan at the end of 2017/18
22. Fairvalue of the new loan at the end of 2018/19
23. Fairvalue of the new loan at the end of 2019/20
24. Fairvalue of the new loan at the end of 2020/21
25. Name of the advisor for the cancelling, refinancing or restructuring of the loan
26. Fee paid to the advisor for the cancelling, refinancing or restructuring of the loan

B. 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: 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 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

Darlington Borough Council

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Dear Ms Rogers

 

Thank you for your request for information, received 07 June 2021. 

 

We are processing your request in accordance with our Freedom of
Information and Environmental Information Request Procedure, which you can
find on our [2]website.

 

While you could ordinarily expect a full response to your request within
20 working days in light of the restrictions currently in place due to
COVID-19 and the need to target our resources at meeting the needs of the
most vulnerable there may be a delay in you receiving a response.  I
apologise in advance, but trust you can appreciate why we are unable to
provide our usual standard of service during the pandemic.

 

 

Yours sincerely

 

 

Richie Sanderson

Complaints & Information Governance Assistant

(01325) 406777

 

 

dangos adrannau a ddyfynnir

References

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2. https://www.darlington.gov.uk/your-counc...

Research for Action

Dear FOI officer,
Could you kindly update me on the status of my FOI request as I should have received a response by 5 July 2021.
Kind regards,
Ludovica Rogers

Complaints, Darlington Borough Council

Dear Ms Rogers

 

Thank you for your email, please accept my apologies for the delay.

 

I have to the investigating officer to chase this up this afternoon and we
should hopefully be in a position to respond soon.

 

Kind regards

 

Richie Sanderson

Complaints and Information Governance Assistant

 

OPERATIONS GROUP

Darlington Borough Council

Town Hall, DL1 5QT, Rm G15

Darlington, DL1 5QT

Direct Line: 01325 406777 (Ext 6777)

Email: [email address]

Visit: www.darlington.gov.uk

 

P Please consider the environment before printing this e-mail

 

 

dangos adrannau a ddyfynnir

Darlington Borough Council

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[1]{"HashCode":1844345984,"Height":841.0,"Width":595.0,"Placement":"Header","Index":"Primary","Section":1,"Top":0.0,"Left":0.0}

 

Dear Ms Rogers

 

Request Reference: DBC-0729-21 

Please find attached the Council's response to your request for
information.

Please accept my apologies for the delay in response to your request.  

 

Yours sincerely

 

 

Rachel Seddon

Complaints & Information Governance Assistant

(01325) 406777

 

 

dangos adrannau a ddyfynnir

References

Visible links

Nid ydym yn gwybod a yw'r ymateb mwyaf diweddar i'r cais hwn yn cynnwys gwybodaeth neuai peidio - os chi ywResearch for Action mewngofnodwch a gadael i bawb wybod.