LOBO loan details for 2015/16 & 2018/19

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Research for Action

Dear Torfaen Council,

A. Please provide a spreadsheet in .xls format containing the following information for each of the LOBO loans you held in the 2015/16 financial year (please use a row for each loan and a column for each parameter indicated below):
1. Internal reference number
2. Principal
3. Initial counterparty
4. Date loan was signed
5. Drawdown date
6. Maturity date
7. Option period (number of months)
8. Start date for teaser rate (if applicable)
9. Teaser interest rate (if applicable - intended as the discount rate sometimes offered before the initial rate)
10. Start date for initial rate
11. Initial interest rate (intended as the rate set for the term of the loan until the first option is called)
12. First option date
13. Has the option been exercised?
14. Most recent date when option was exercised (if applicable)
15. Interest rate in 2015/16
16. Interest paid in 2015/16
17. Fair value in March 2016
18. Interest rate in 2018/19
19. Interest paid in 2018/19
20. Fair value in March 2019
21. Current counterparty
22. Name of treasury management advisor when the loan was taken out
23. Name of broker who arranged the loan
24. Fee paid to the broker for the loan

B. Please provide copies of:
1. The original LOBO loan contracts
2. The invoices for the broker fees

Kind regards,

Ludovica Rogers

TCBC - Call Torfaen, Torfaen County Borough Council

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TCBC - FOI, Torfaen County Borough Council

Dear Ludovica Rogers

Thank you for your email dated 3rd May 2019, requesting information under the Freedom of Information Act 2000. I have logged your email and will deal with your request in order that we can respond to you within the statutory deadline of 20 working days.

I will contact you further as soon as the relevant information is available.

This correspondence is available in large print, Braille or Welsh. Please contact us for further details or if we can help in any way.

Yours sincerely

Lisa Coles
Senior Business Support Officer (Complaints/FOI) / Uwch Swyddog Cymorth Busnes (Cwynion/Rhyddid Gwybodaeth)
Chief Executive’s Service / Gwasanaeth Y Prif Weithredwr
Torfaen County Borough Council / Cyngor Bwrdeistref Sirol Torfaen
Phone/Ffôn: 01495 761615/ Fax/Ffacs: 01495 766331
Email/E-Bost: [email address]
www.torfaen.gov.uk / Follow us on Twitter / Find us on Facebook

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TCBC - FOI, Torfaen County Borough Council

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Dear Ludovica Rogers

 

Further to your e-mail below, requesting information under the Freedom of
Information Act 2000, I am now in a position to respond to your questions
as follows:

 

A. Please provide a spreadsheet in .xls format containing the following
information for each of the LOBO loans you held in the 2015/16 financial
year (please use a row for each loan and a column for each parameter
indicated below):

 

Please see attached spreadsheet

 

1. Internal reference number

2. Principal

3. Initial counterparty

4. Date loan was signed

5. Drawdown date

6. Maturity date

7. Option period (number of months)

8. Start date for teaser rate (if applicable)

9. Teaser interest rate (if applicable - intended as the discount rate
sometimes offered before the initial rate)

10. Start date for initial rate

11. Initial interest rate (intended as the rate set for the term of the
loan until the first option is called)

12. First option date

13. Has the option been exercised?

14. Most recent date when option was exercised (if applicable)

15. Interest rate in 2015/16

16. Interest paid in 2015/16

17. Fair value in March 2016

18. Interest rate in 2018/19

19. Interest paid in 2018/19

20. Fair value in March 2019

21. Current counterparty

22. Name of treasury management advisor when the loan was taken out   None

23. Name of broker who arranged the loan N/A

24. Fee paid to the broker for the loan N/A

 

B. Please provide copies of:

 

1.      The original LOBO loan contracts  

 

The copies of the LOBO agreements are being withheld under S43(2) –
prejudice to commercial interests.  This exemption applies when
information will be exempt if its disclosure would, or would be likely to,
prejudice the commercial interest of any person.  The exempt information
includes the suppliers commercially sensitive data, releasing this
information could affect their ability to price for and win new business
opportunities and to perform them in a profitable manner within a
commercially competitive market.

 

The disclosure of this information would provide the supplier’s
competitors with sensitive commercial details. They could better cost and
price their activities, in order to set pricing so as to win business in
place of the supplier.  Disclosure of this information would therefore
affect the supplier’s ability to participate competitively in commercial
activity, be effective in negotiations and successfully enter into
transactions with other commercial entities or local authorities.

 

The Exempt Information would also highlight the Authority’s current
commercial arrangements, similarly making it more difficult for the
Authority to obtain best value for its public funds in future in this
market. This would be likely to prejudice the commercial interests of the
Authority and its ability to make the most of its publicly funded budget
when engaging with third party suppliers in this area.

 

The suppliers have advised that the loan contracts are confidential to the
authority and themselves and are of the view that releasing details of the
loan contracts to a third party will damage their legitimate commercial
interests.

 

The authority considers that the exemption contained within section 43(2)
of the FOIA is engaged subject to the public interest test, which means
that the Local Authority has to undertake a balancing exercise and
consider the factors for and against disclosure which we have considered
below; 

 

The factors in favour of disclosure would be transparency and
accountability of public funds and that public money is being used
effectively

 

The factors against disclosure are that the information provided to the
authority is the suppliers confidential information which has been
provided in confidence.  Releasing this information could be damaging to
both the suppliers and the reputation of the authority.  Disclosure could
lead to more public money having to be spent on similar arrangements in
the future because financial details of what may be acceptable for these
types of services have been made available in advance. It would also
therefore be harmful to the fee strategy, negotiating stance and other
resources of both the Authority and the supplier to provide such
confidential and commercially prejudicial details into the public domain
under the FOIA at present.

 

We do not have the authority from the lending organisations to release
this information and having considered those the factors above, the Local
Authority is of the view that the information should be withheld.

 

2. The invoices for the broker fees   

Not applicable.

 

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Commissioner’s Office (Wales), 2nd Floor, Churchill House, Churchill Way,
Cardiff, CF10 2HH. Telephone 016 2554 5297 or Fax 029 2067 8399 or e-mail
[email address].

 

Yours sincerely

 

 

Lisa Coles

Senior Business Support Officer (Complaints/FOI) / Uwch Swyddog Cymorth
Busnes (Cwynion/Rhyddid Gwybodaeth)

Chief Executive’s Service / Gwasanaeth Y Prif Weithredwr

Torfaen County Borough Council / Cyngor Bwrdeistref Sirol Torfaen

Phone/Ffôn: 01495 761615/ Fax/Ffacs: 01495 766331

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