2020/21 Update on LOBO loans

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Research for Action

Dear Gloucester City 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

Freedom of information team, Gloucester City Council

1 Attachment

Reference: FOI-342336237
Date of request: 15/06/2021
Title of request: LOBO Loans

Dear Ludovica Rogers,

Thank you for your information request. We are considering if it is
appropriate to deal with under the terms of the Freedom of Information Act
2000 or Environmental Information Regulations 2004.

This email is a just a short acknowledgment of your request.   

We aim to respond to your request for information within 20 working days,
if this is not the case, we may be in touch to discuss an extension to
this deadline.

Coronavirus (COVID-19)

Our response to Freedom of Information Requests (FOIs) and Environmental
Information Regulation requests (EIRs) may take longer for us to complete
at the moment because of COVID-19 implications.

Yours sincerely

Freedom of Information Team

Freedom of information team, Gloucester City Council

1 Attachment

Reference: FOI-342336237
Date of request: 15/06/2021
Title of request: LOBO Loans

Dear Ludovica Rogers,

Thank you for your information request. 

Your request is being handled under the Freedom of Information Act 2000
(FOIA).

Q. 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

A. Please see the attached spreadsheet. 

If you are unhappy with the with the response you have received, you can
request an internal review which will be carried out by someone who was
not involved in the original decision. 

Email: [email address]
Telephone: 01452 396 514
Post:
Freedom of Information
Gloucester City Council
PO Box 3252
Gloucester
GL1 9FW

We will not normally accept an application for internal review if it is
received more than 2 months after the date that the reply was issued.

If you remain dissatisfied with the handling of your request, you have a
right to appeal to the Information Commissioner at:

The Information Commissioner's Office,

Wycliffe House,

Water Lane,

Wilmslow,

Cheshire,

SK9 5AF.

Phone: 0303 123 1113    

Website: [1]www.ico.gov.uk  

There is no charge for making an appeal.

Yours sincerely

Freedom of Information Team

References

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