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

LOBO loan borrowing, restructuring or refinancing

We're waiting for Jamie Mann to read recent responses and update the status.

Dear Clackmannanshire Council,

I'm interested in obtaining information regarding your council's LOBO loan borrowing and if/ how this borrowing has been restructured or refinanced by either the lending bank(s) or the council.

Please provide the following information/ loan parameters below in Microsoft XL format:

1) How much of your council's LOBO loan debt has been repaid and refinanced? Please list the LOBO loans that have been refinanced by counterparty, notional amount, original maturity and date of restructuring.

2) Please disclose the break cost paid to the bank counterparty for each loan restructuring and the discount rate used in each valuation.

3) Please disclose any additional PWLB borrowing undertaken to finance LOBO loan restructuring, including the maturities and coupon rates of new PWLB loans.

4) Please disclose the name of any third-party adviser used on the restructuring.

5) Please provide original, modified, and/or restructured loan contracts, including:

a) LOBOs converted into fixed rate loans

b) LOBOs/fixed rate loans converted into PWLB loans

c) LOBOs that have not been refinanced

6) Please provide the name of the broker used for each loan restructuring, and the relevant brokerage fee paid.

7) Please confirm whether your council have applied for any “statutory overrides” or “capitalisation requests” in relation to the accounting for LOBO loans in the council's annual accounts.

Please provide the:

a) Date/year

b) Subject/scope of each override

c) Result of each formal application for a statutory override

I'd appreciate it if you could acknowledge the above requests and inform me of the latest date of which you are required to answer my request by (20 days from the date of receipt).

Thanks for your help,

Jamie Mann

Ann Dickson, Clackmannanshire Council

1 Atodiad

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| Clackmannanshire Council, Kilncraigs, Alloa, Clackmannanshire FK10 ||
| 1EB                                     ||
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To:
Mr. Jamie Mann Contact: Ann Dickson
Tel. No: 01259 450000
Ref: RES03EAB04
Date: 14/02/2019

Dear Mr. Mann

Freedom of Information : RES03EAB04

I acknowledge receipt of your request for information which was received
on 13/02/2019 about LOBO Loans and Borrowing.   It will be forwarded to
the appropriate Council Service for action and you should receive a
response, or a request for clarification by 13/03/2019. If there is a need
to clarify anything relating to your request, colleagues will contact you.
 

If you have any queries about this letter, please contact me.  

Yours sincerely

Ann Dickson

dangos adrannau a ddyfynnir

References

Visible links
1. http://www.clacks.gov.uk/
2. http://twitter.com/clackscouncil
3. http://www.facebook.com/officialclackman...

Ann Dickson, Clackmannanshire Council

1 Atodiad

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| Clackmannanshire Council, Kilncraigs, Alloa, Clackmannanshire FK10 ||
| 1EB                                     ||
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To:
Mr. Jamie Mann Contact: Ann Dickson
Tel. No: 01259 450000
Ref: RES03EAB04
Date: 14/02/2019

Dear Mr. Mann

Freedom of Information : RES03EAB04

I acknowledge receipt of your request for information which was received
on 13/02/2019 about LOBO Loans and Borrowing.   It will be forwarded to
the appropriate Council Service for action and you should receive a
response, or a request for clarification by 13/03/2019. If there is a need
to clarify anything relating to your request, colleagues will contact you.
 

If you have any queries about this letter, please contact me.  

Yours sincerely

Ann Dickson

dangos adrannau a ddyfynnir

References

Visible links
1. http://www.clacks.gov.uk/
2. http://twitter.com/clackscouncil
3. http://www.facebook.com/officialclackman...

Ann Dickson, Clackmannanshire Council

1 Atodiad

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| Clackmannanshire Council, Kilncraigs, Alloa, Clackmannanshire FK10 ||
| 1EB                                       ||
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To:
Mr. Jamie Mann Contact: Ann Dickson
  Tel. No: 01259 450000
Ref: RES03EAB04
Date: 13/03/2019

Dear Mr. Mann

Freedom of Information Enquiry: RES03EAB04

1) None - no refinancing, none repaid
2) N/A
3) N/A
4) N/A - no restructuring
5) Exemption claimed under Section 33(1)(b) - prejudices substantially the
commercial interests of organisation - both ourselves and the lenders
6) Not available as beyond the retention period for financial records
7) No applications

Yours sincerely,

Ann Dickson

+------------------------------------------------------------------------+
| If you are not satisfied with this response, you may contact the |
| Council’s Head of Resources and Governance seeking a review of your |
| request. within 40 working days of receiving the response (the |
| address is: Clackmannanshire Council, Kilncraigs, Alloa FK10 1EB. |
| (Email address: [Clackmannanshire Council request email]). If you are not satisfied with |
| the outcome of the review you have the right to appeal directly to |
| The Scottish Information Commissioner, Kinburn Castle, Doubledykes |
| Road, St. Andrews, Fife KY16 9DS, or online |
| www.itspublicknowledge.info/Appeal within 6 months. |
+------------------------------------------------------------------------+

dangos adrannau a ddyfynnir

References

Visible links
1. http://www.clacks.gov.uk/
2. http://twitter.com/clackscouncil
3. http://www.facebook.com/officialclackman...

Hi Ann

Thank you for the information so far.

I would now like to ask for an internal review regarding the original LOBO loans contracts, so please could you pass this on to the person responsible for it.

With respect to refusal to provide copies of the original LOBO loan contracts, I refer you to the arguments in favour of disclosure made by the ICO regarding similar requests.

See for example:

ICO Decision Notice, Swansea
https://ico.org.uk/media/action-weve-tak...
ICO Decision Notice, Cornwall
https://ico.org.uk/media/action-weve-tak...
ICO Decision Notice, Kingston Upon Thames
https://ico.org.uk/media/action-weve-tak...
ICO Decision Notice, Solihull
https://ico.org.uk/media/action-weve-tak...

In particular, I would like to draw the council's attention to the following excerpt from the ICO Decision Notice relating to Cornwall Council's use of S43(2):

"Balance of the public interest

"31. The Commissioner has given due weighting to the commercial interests which the exemption is designed to protect. He acknowledges that, particularly at a time where there is significant public spending constraints, authorities should be able to engage in activities which promote the best use of limited monies without this being prejudiced by disclosure.

"32. However, by the same token, the Commissioner is mindful that the agreements in question relate to long term loans (40 years plus) for sums which exceed hundreds of million pounds and which bind the council to make substantial repayments. It is not the Commissioner’s role to determine whether the council has acted appropriately in its pursuance of LOBO loans but the need for the public to be reassured by being able to scrutinize relevant information, particularly when such large sums are involved, is a strong public interest factor.

"33. In relation to the proposed likely damage to the council’s commercial interests, the Commissioner considers that, whilst this is a genuine concern and carries some weight, it is too vaguely formulated in the face of the more concrete public interest in holding decision-making about vast public expenditure to account. He also considers that disclosure of the information when set against the difficulties envisaged by the council, would be more likely to improve competition amongst lenders and assist public authorities in securing more favourable borrowing rates.

"34. In relation to the potential damage to the commercial interests of the lenders, the Commissioner is mindful that, beyond the somewhat generic arguments provided in support of the engagement of the exemption, no specific public interest arguments have been submitted.

"35. In terms of the relationship with the council, the Commissioner considers it very unlikely that lenders would wish to deny themselves access to potentially lucrative public sector lending agreements or, in the specific case of the council, would want to withdraw from a long term agreement.

"36. In relation to the benefits of disclosure to the lenders’ competitors and the resulting damage to the lenders’ ability to negotiate favourable rates, the Commissioner has not been provided with public interest arguments which specifically identify the severity of or extent of such prejudice. The Commissioner notes the complainant’s argument that negotiations and agreements would be predicated on existing market conditions and the specific state of the council’s accounts and requirements. The Commissioner is not persuaded that there is a significant public interest in maintaining the exemption to avert the disclosure of information which is unlikely to have significant or well defined ill-effects.

"37. In light of the above and, having weighed the relevant factors, the Commissioner considers that the public interest balance in this case is weighted towards disclosing the withheld information."

Unless your council can offer a more robust argument than Cornwall, Swansea, Solihull and Kingston Upon Thames Councils that the potential prejudice to the council's commercial interests outweigh the public interest in disclosure, then please can you lift this exemption and provide me with the information I originally requested?

Should the documents still be withheld, I will refer the decision to the Scottish Information Commissioner.

Please also note that the majority of councils across the UK have provided the full un-redacted LOBO loan contracts.

Yours sincerely,

Jamie

Dana Scjalokaite, Clackmannanshire Council

1 Atodiad

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| Clackmannanshire Council, Kilncraigs, Alloa, Clackmannanshire FK10 ||
| 1EB                                       ||
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To:
Mr. Jamie Mann Contact: Dana Scjalokaite
Tel. No: 01259 450000
Ref: RES03EAB04
Date: 14/03/2019

Dear Mr. Mann

Freedom of Information : RES03EAB04

I acknowledge receipt of your request for a review which was received on
14/03/2019 about LOBO Loans and Borrowing.   It will be forwarded to the
appropriate Council Service for action and you should receive a response,
or a request for clarification by 11/04/2019. If there is a need to
clarify anything relating to your request, colleagues will contact you.  

If you have any queries about this letter, please contact me.  

Yours sincerely

Dana Scjalokaite

dangos adrannau a ddyfynnir

References

Visible links
1. http://www.clacks.gov.uk/
2. http://twitter.com/clackscouncil
3. http://www.facebook.com/officialclackman...

Many thanks Dana,

All the best,

Jamie

Dana Scjalokaite, Clackmannanshire Council

3 Atodiad

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| Clackmannanshire Council, Kilncraigs, Alloa, Clackmannanshire FK10 ||
| 1EB                                       ||
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To:
Mr. Jamie Mann Contact: Dana Scjalokaite
  Tel. No: 01259 450000
Ref: RES03EAB04
Date: 11/04/2019

Dear Mr. Mann

Freedom of Information Review: RES03EAB04

Please see attached.

Yours sincerely,

Dana Scjalokaite

(See attached file: RES03EAB04.pdf)(See attached file: Review
RES03EAB04.doc)

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|  If you are not satisfied with the outcome of the review you have |
| the right to appeal directly to The Scottish Information |
| Commissioner, Kinburn Castle, Doubledykes Road, St. Andrews, Fife |
| KY16 9DS, or online www.itspublicknowledge.info/Appeal within 6 |
| months. |
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dangos adrannau a ddyfynnir

References

Visible links
1. http://www.clacks.gov.uk/
2. http://twitter.com/clackscouncil
3. http://www.facebook.com/officialclackman...

Hi Dana,

Many thanks for this. As you do not hold original contracts for al Lobos, please can you provide detail of all the Lobos your Council holds or has held in Microsoft Excel spreadsheet format?

Thanks for your help,

Jamie

Hi Dana,

Please can you clarify whether the council has provided all the Barclays modification letters in relation to ‘waivers’ held?

As the council does hold the loan arrangement letter in relation to Dexia, please can you confirm that you have provided all the information the council has in regards to this?

If not, please can you provide this information in Microsoft Excel spreadsheet format?

Yours faithfully,

Jamie Mann

FOI, Clackmannanshire Council

Hi Jamie,

You've received all the information we hold.

Kindest regards,

Dana

Dana Scjalokaite
Governance Support Assistant

[1]Inactive hide details for Jamie Mann ---13/05/2019 15:32:30---Hi Dana,
Please can you clarify whether the council has providedJamie Mann
---13/05/2019 15:32:30---Hi Dana,  Please can you clarify whether the
council has provided all the Barclays modification lett

From: Jamie Mann <[FOI #552368 email]>
To: FOI requests at Clackmannanshire Council <[Clackmannanshire Council request email]>
Date: 13/05/2019 15:32
Subject: Re: Freedom of Information request - LOBO loan borrowing,
restructuring or refinancing - Dana

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

Hi Dana,
Please can you clarify whether the council has provided all the Barclays
modification letters in relation to ‘waivers’  held?
As the council does hold the loan arrangement letter in relation to Dexia,
please can you confirm that you have provided all the information the
council has in regards to this?
If not, please can you provide this information in Microsoft Excel
spreadsheet format?
Yours faithfully,
Jamie Mann

dangos adrannau a ddyfynnir

Thanks for clarifying Dana.

All the best,

Jamie Mann

Hi Dana,

In the original Lobo documents for the Barclays loans, there are no borrowing rates listed. Please can you clarify these?

Yours sincerely,

Jamie Mann

FOI, Clackmannanshire Council

Would you like us to log a new FOI as this is beyond the 40 days deadline
for clarification.?

From:        Jamie Mann <[FOI #552368 email]>
To:        FOI <[Clackmannanshire Council request email]>
Date:        06/12/2019 17:46
Subject:        Re: Freedom of Information request - LOBO loan borrowing,
restructuring or refinancing - Dana

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

Hi Dana,
In the original Lobo documents for the Barclays loans, there are no
borrowing rates listed. Please can you clarify these?
Yours sincerely,
Jamie Mann

dangos adrannau a ddyfynnir

Yes please,

Yours sincerely,

Jamie Mann

Ann Dickson, Clackmannanshire Council

1 Atodiad

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| Clackmannanshire Council, Kilncraigs, Alloa, Clackmannanshire FK10 ||
| 1EB                                     ||
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To:
Mr. Jamie Mann Contact: Ann Dickson
Tel. No: 01259 450000
Ref: PAR0384F0A
Date: 17/12/2019

Dear Mr. Mann

Freedom of Information : PAR0384F0A

I acknowledge receipt of your request for information which was received
on 16/12/2019 about LOBO Loans.   It will be forwarded to the appropriate
Council Service for action and you should receive a response, or a request
for clarification by 17/01/2020. If there is a need to clarify anything
relating to your request, colleagues will contact you.  

If you have any queries about this letter, please contact me.  

Yours sincerely

Ann Dickson

dangos adrannau a ddyfynnir

References

Visible links
1. http://www.clacks.gov.uk/
2. http://twitter.com/clackscouncil
3. http://www.facebook.com/officialclackman...

Ann Dickson, Clackmannanshire Council

2 Atodiad

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| Clackmannanshire Council, Kilncraigs, Alloa, Clackmannanshire FK10 ||
| 1EB                                       ||
+------------------------------------------------------------------------+

To:
Mr. Jamie Mann Contact: Ann Dickson
  Tel. No: 01259 450000
Ref: PAR0384F0A
Date: 14/01/2020

Dear Mr. Mann

Freedom of Information Enquiry: PAR0384F0A

Thank you for your information request dated 16/12/2019.

I am happy to supply you with the information you requested.

 

Yours sincerely

Ann Dickson

(See attached file: FOI PAR0384F0A Dated 16-12-2019.xlsx)

+------------------------------------------------------------------------+
| If you are not satisfied with this response, you may contact the |
| Council’s Head of Resources and Governance seeking a review of your |
| request. within 40 working days of receiving the response (the |
| address is: Clackmannanshire Council, Kilncraigs, Alloa FK10 1EB. |
| (Email address: [Clackmannanshire Council request email]). If you are not satisfied with |
| the outcome of the review you have the right to appeal directly to |
| The Scottish Information Commissioner, Kinburn Castle, Doubledykes |
| Road, St. Andrews, Fife KY16 9DS, or online |
| www.itspublicknowledge.info/Appeal within 6 months. |
+------------------------------------------------------------------------+

Received with thanks Ann,

Yours faithfully,

Jamie Mann

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