Restructuring of LOBO loans

Research for Action made this Rhyddid Gwybodaeth request to Powys County Council as part of a batch sent to 219 authorities

This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.

Roedd y cais yn llwyddiannus.

Research for Action

Dear Powys County Council,

A. How many LOBO loans (number of loans and total principal) has the council restructured, refinanced or for which the terms of the contracts have changed since 2015.

B. For such loans please provide a spreadsheet with the following information (a row for each loan and each parameter listed in a separate column):
1. Internal reference number
2. Principal of the original LOBO loan
3. Initial counter-party of the original LOBO loan
4. Drawdown date of the original LOBO loan
5. Maturity date of the original LOBO loan
6. Date when the LOBO loan was restructured/refinanced
7. Breakage cost or fee paid to the counter-party for the refinancing/restructuring
8. How was the loan restructured/refinanced? (i.e. loan was transformed into fixed rate loan by removing the option, or loan was repaid with a new bank loan, or with a PWLB loan, or other - please specify)
9. Principal of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
10. Maturity date of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
11. Interest rate of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
12. Fair value of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
13. Name of any third-party advisor used for the restructuring/refinancing
14. Fee paid to the advisor for the restructuring/refinancing
15. Name of broker who arranged the restructuring/refinancing
16. Fee paid to the broker for the restructuring/refinancing

C. Please provide copies of new contracts and any other official documents related to the restructuring/refinancing

D. Please provide invoices for the broker fees for the restructuring/refinancing

Yours faithfully,

Ludovica Rogers

Information Compliance, Powys County Council

 

Cyfarwyddwr Strategol: Rheoli Gwybodaeth/
Adnoddau
Information Compliance
Acting Director: Resources
Neuadd Y Sir / County Hall

Spa Road East

Llandrindod Wells

Powys LD1 5LG
  If calling please ask for / Os yn galw
gofynnwch am
 
Information Compliance
 
Tel / Ffôn:  01597 82 7543        
 
Email/Llythyru electronig:
  [1][email address]

  Our ref / Ein cyf:  F2019-0333

Date / Dyddiad:   19/03/19

 

 

Request Accepted

 

FREEDOM of INFORMATION ACT 2000

Reference No: F2019/0333

 

Dear Ms Rogers

 

Thank you for your request for information, received at this office on
18/03/2019, in which you requested details of the following:

 

LOBO Loans          

 

The above is a summary of your request. The full details of the
information sought is provided to the officer to whom the request is
tasked.

 

Your request will now be considered and you will receive a response within
the statutory timescale of 20 working days as defined by the Act, subject
to the information not being exempt or containing a reference to a third
party. In some circumstances Powys County Council may be unable to achieve
this deadline. If this is likely you will be informed and given a revised
time-scale at the earliest opportunity.

 

There may be a fee payable for the retrieval, collation and provision of
the information you request. If this is the case you will be informed and
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remain unanswered.

 

Some requests may also require either full or partial transference to
another public authority in order to answer your query in the fullest
possible way. Again, you will be informed if this is the case.

 

The due date for responding to this request for information is 19/04/2019.

 

Should you need to discuss this further please contact the Information
Compliance Team on 01597 827543.

 

I would like to take this opportunity to thank you for your interest in
Powys County Council.

 

Yours sincerely,

 

Information Compliance Team

 

 

We keep your details safe and we have updated our privacy notice in line
with the requirements set out in General Data Protection Regulations.  We
will only ever use the details you share with us to enable us to undertake
our statutory obligations.  You can find out more by looking on our web
site. [2]https://en.powys.gov.uk/privacy

 

dangos adrannau a ddyfynnir

References

Visible links
1. mailto:[email address]
2. https://en.powys.gov.uk/privacy

Information Compliance, Powys County Council

  Rheoli Gwybodaeth/

Information Compliance

Neuadd Y Sir / County Hall

Spa Road East

Llandrindod Wells

Powys LD1 5LG
  If calling please ask for / Os yn galw gofynnwch am

   

  Tel / Ffôn:  01597 82 7543        

  Email/Llythyru electronig: [1][email address]

Our ref / Ein cyf:  F2019-0333

Date / Dyddiad:   09/04/2019

 

Reference No: F2019-0333

 

 

Dear Ms Rogers

 

Thank you for your request for information dated 05/04/2019 concerning
LOBO Loans

 

This is to inform you that your request has been considered and I can
provide the following response:

 

The Request:

 

The Request/The Response

 

A. How many LOBO loans (number of loans and total principal) has the
council restructured,  refinanced or for which the terms of the contracts
have changed since 2015. No LOBOs have been restructured or refinanced
since 2015.  The interest rates on two existing LOBOs became fixed not
variable.

 

B. For such loans please provide a spreadsheet with the following
information (a row for each loan and each parameter listed in a separate
column):

1. Internal reference number

2. Principal of the original LOBO loan

3. Initial counter-party of the original LOBO loan

4. Drawdown date of the original LOBO loan

5. Maturity date of the original LOBO loan

6. Date when the LOBO loan was restructured/refinanced

7. Breakage cost or fee paid to the counter-party for the
refinancing/restructuring

8. How was the loan restructured/refinanced? (i.e. loan was transformed
into fixed rate loan by removing the option, or loan was repaid with a new
bank loan, or with a PWLB loan, or other - please specify)

9. Principal of new PWLB or bank loan used to refinance the LOBO loan (if
applicable)

10. Maturity date of new PWLB or bank loan used to refinance the LOBO
loan  (if applicable)

11. Interest rate of new PWLB or bank loan used to refinance the LOBO
loan  (if applicable)

12. Fair value of new PWLB or bank loan used to refinance the LOBO loan 
(if applicable)

13. Name of any third-party advisor used for the restructuring/refinancing

14. Fee paid to the advisor for the restructuring/refinancing

15. Name of broker who arranged the restructuring/refinancing

16. Fee paid to the broker for the restructuring/refinancing

 

C. Please provide copies of new contracts and any other official documents
related to the restructuring/refinancing

 

D. Please provide invoices for the broker fees for the
restructuring/refinancing

 

No LOBOs have been restructured or refinanced since 2015 therefore Powys
County Council does not hold any information in relation to LOBO loans
that have altered in 2015 as such section1 is engaged.

 

Under Section 1 of the Freedom of Information Act a public authority is
required to inform you

1 (a) whether the information requested is held by the public authority,
and

(b) to have that information communicated if that is the case.

In this case the information requested is not held.

 

 

We believe that this request is now complete and shall be closed
immediately. Should any further information be requested regarding this
topic, a separate request will need to be submitted.

 

We would like to take this opportunity to thank you for your interest in
Powys County Council.

 

Yours sincerely,

 

Information Compliance Team

 

 

The supply of documents under Freedom of Information does not give the
person or organisation who receives them an automatic right to re-use the
documents in a way that would infringe copyright.

 

You are free to use any information supplied for your own use, including
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For HMSO Guidance Notes on a range of copyright issues, see the Office of
Public Sector Information(OPSI) website.

[2]http://www.opsi.gov.uk/advice/crown-copy...

 

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Compliance. Our complaints procedure is available on request or on our
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If you are still not satisfied following this, you can make an appeal to
the Information Commissioner, who is the statutory regulator. The
Information Commissioner can be contacted at:

 

Information Commissioner's Office

2nd floor

Churchill House

Churchill way

Cardiff

CF10 2HH

Tel: 029 2067 8400

Email: [3][email address]

[4]www.ico.org.uk

 

dangos adrannau a ddyfynnir

References

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3. mailto:[email address]
4. http://www.ico.org.uk/

Research for Action

Dear Powys County Council,
Please provide the information requested for the loans that have been transformed into fixed loans since that means the terms of the loans have changed.
Kind regards,
Ludovica Rogers

Information Compliance, Powys County Council

Good Afternoon,

Thank you for the further clarification, I am currently chasing the service area to provide the correct information.

Many thanks

dangos adrannau a ddyfynnir

Information Compliance, Powys County Council

Hi Helen,
For a further request, can this be sent?
Ann has given us the letter from Barclays confirm that they waived their right.

Many thanks,

Good Afternoon,

I have received some information back from the service area in regards to the loans.
Back in 2016 the bank agreed to waive their rights for variable rates and made the loan a Fixed rate for Powys County Council. Therefore due to the bank waiving their right and not changing the terms of the contract, the contract has not been restructured or refinanced since 2015.

Many thanks
Information Compliance Team

dangos adrannau a ddyfynnir

Research for Action

Dear FOI officer,
My request asks about loans that were "restructured, refinanced or for which the terms of the contracts have changed since 2015." The Barclays loans clearly fall in the third category, so can you please provide the information requested.
Kind regards,
Ludovica Rogers

Information Compliance, Powys County Council

1 Atodiad

Dear Ms Rogers,

Back in 2016 the bank agreed to waive their rights for variable rates. Due to the bank waiving their right the contract terms have changed. I can only apologise that we have not issued the information to you in your initial request. Please find attached the response in an excel spreadsheet and please note that some questions are not applicable because there was no new PWLB or bank loan refinancing the LOBO loan

Once again, we apologise for our missed interpretation of the request and any inconvenience this may have caused.
Kind regards,

Information Compliance Team

dangos adrannau a ddyfynnir

Research for Action

Dear Powys County Council,
Thank you for providing part of the information requested.
However, I am still missing the information requested at point C: can you please provide a copy of the document indicating the changes to the terms of the loans (a letter from Barclays and/or a deed poll from the lawyers).
Kind regards,
Ludovica Rogers

Information Compliance, Powys County Council

1 Atodiad

Dear Ms Rogers,

Apologies I had not attached.
Kind regards,
Information Compliance

dangos adrannau a ddyfynnir