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2020/21 Update on LOBO loans

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Research for Action

Dear Hertfordshire County 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

Information Governance, Hertfordshire County Council

4 Attachments

Dear Ludovica Rogers

 

 

Reference number: FOI/RAP/06/21/21058

 

Thank you for your correspondence of the 15^th June 2021 requesting the
following information:

 

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

 

Your request for information is being considered under the Freedom of
Information Act 2000.  We will respond to your request as quickly as
possible, and by close of 13^th July 2021 at the latest.

 

If you have any questions, please do not hesitate to contact me, quoting
the reference number above.

 

Many Thanks,

 

 

Vicky Hooper
Information Access Practitioner
Information Access Team
Hertfordshire County Council  
216A County Hall, Pegs Lane, Hertford, SG13 8DE, Postal Point:
CH0320
[1][IMG] T: 01992 555848 (Internal: 25848)
E: [Hertfordshire County Council request email]

[2]Hertfordshire County Council Facebook[3]Hertfordshire County
Council Twitter[4]Hertfordshire County Council email updates

I work Monday – Thursday 9.00 – 15.00

 

 

****Disclaimer****

The information in this message should be regarded as confidential and is
intended for the addressee only unless explicitly stated. If you have
received this message in error it must be deleted and the sender notified.
The views expressed in this message are personal and not necessarily those
of Hertfordshire County Council unless explicitly stated. Please be aware
that emails sent to or received from Hertfordshire County Council may be
intercepted and read by the council. Interception will only occur to
ensure compliance with council policies or procedures or regulatory
obligations, to prevent or deter crime, or for the purposes of essential
maintenance or support of the email system.

References

Visible links
1. https://www.hertfordshire.gov.uk/home.aspx
2. https://www.facebook.com/hertscountycoun...
3. http://www.twitter.com/hertscc
4. https://www.hertfordshire.gov.uk/statweb...

Information Governance, Hertfordshire County Council

4 Attachments

Dear  Ludovica Rogers

 

Reference Number: FOI/RAP/06/21/21058

 

Further to our e-mail of acknowledgment dated 16^th June 2021.
Hertfordshire County Council is processing your request for information
under the Freedom of Information Act 2000. 

 

The 20 working day deadline, as outlined by the Act, is 13^th July 2021.

 

Unfortunately, we are still processing your request and will therefore be
unable to meet this deadline.  As a result we would like to extend the
deadline by 10 working days to 27^th July 2021.

 

We apologise for the delay in responding to your request and will
endeavour to provide the requested information before this date if at all
possible.

 

Yours sincerely,

 

 

Vicky Hooper
Information Access Practitioner
Information Access Team
Hertfordshire County Council  
216A County Hall, Pegs Lane, Hertford, SG13 8DE, Postal Point:
CH0320
[1][IMG] T: 01992 555848 (Internal: 25848)
E: [Hertfordshire County Council request email]

[2]Hertfordshire County Council Facebook[3]Hertfordshire County
Council Twitter[4]Hertfordshire County Council email updates

I work Monday – Thursday 9.00 – 15.00

 

 

****Disclaimer****

The information in this message should be regarded as confidential and is
intended for the addressee only unless explicitly stated. If you have
received this message in error it must be deleted and the sender notified.
The views expressed in this message are personal and not necessarily those
of Hertfordshire County Council unless explicitly stated. Please be aware
that emails sent to or received from Hertfordshire County Council may be
intercepted and read by the council. Interception will only occur to
ensure compliance with council policies or procedures or regulatory
obligations, to prevent or deter crime, or for the purposes of essential
maintenance or support of the email system.

References

Visible links
1. https://www.hertfordshire.gov.uk/home.aspx
2. https://www.facebook.com/hertscountycoun...
3. http://www.twitter.com/hertscc
4. https://www.hertfordshire.gov.uk/statweb...

Research for Action

Dear Information Governance,
Could you kindly update me on the status of my request.
Kind regards,
Ludovica Rogers

Information Governance, Hertfordshire County Council

Dear Ludovica Rogers

I would like to apologise for the delay.

The relevant team who will answer this request are still processing your request.

We will need to extend the due date by another 10 days from today which will take you to 18th August 2021.

Again I am sorry for the delay and any inconvenience this may have caused you.

Many Thanks,

Vicky Hooper
Information Access Practitioner
Information Access Team
Hertfordshire County Council  
216A County Hall, Pegs Lane, Hertford, SG13 8DE, Postal Point: CH0320
T: 01992 555848 (Internal: 25848)
E: [Hertfordshire County Council request email]

I work Monday – Thursday 9.00 – 15.00

show quoted sections

Research for Action left an annotation ()

Now due on 18th August 2021.

Information Governance, Hertfordshire County Council

Dear Ludovica Rogers

Reference Number: FOI/RAP/06/21/21058

Following the email below, I want to apologise for the delay with this request. We are still processing your request and hope to provide you with a response in the next 10 days.

Many Thanks,

Vicky Hooper
Information Access Practitioner
Information Access Team
Hertfordshire County Council  
216A County Hall, Pegs Lane, Hertford, SG13 8DE, Postal Point: CH0320
T: 01992 555848 (Internal: 25848)
E: [Hertfordshire County Council request email]

I work Monday – Thursday 9.00 – 15.00

show quoted sections

Research for Action left an annotation ()

Now due on 18 September

Information Governance, Hertfordshire County Council

6 Attachments

Dear Ludovica Rogers

 

 

Reference number: FOI/RAP/06/21/21058

 

 

On 15th June 2021 Hertfordshire County Council received the following 
request for information from you:

 

  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

 

I would like to apologise for the delay of this response and any
inconvenience this may have caused.

The request has been considered under the Freedom of Information Act 2000.
I can confirm that Hertfordshire County Council does hold the information
you have requested.

 

A, B and C are answered in the spreadsheets attached.

 

Following careful consideration, we are withholding the information
requested for question D. The Council considers that this falls within
the  exemption contained in section 43(2) of the Freedom of Information
Act

2000 which relates to Commercial Interests.  As this exemption is a 
qualified exemption, in reaching its decision, the Council has balanced 
the public interest test in the disclosure of information against the 
public interest in withholding it.

 

The factors which we have considered in favour of disclosure are:

 

o There is a public interest in allowing scrutiny of how public money is 
spent and ensuring value for money when purchasing goods and services.

o Facilitate the accountability and transparency of public authorities 
for decisions taken by them including the procurement process.

 

The factors we have considered which are against disclosure are:

 

o The disclosure of the requested information would potentially cause 
detriment to the commercial interests of the contractor and / or  lender.

o The public interest in maintaining good relations between the private 
and public sector, releasing this confidential information negotiated 
under contract would jeopardise the relationship.

o The information could allow future lenders to manipulate their fees  and
negotiations to become more desirable, which would eliminate the 
capability for all lenders to compete fairly, as there is an active
competitive market in which those entities operate.

 

On balance, we consider that the public interest does not favour 
disclosing the requested information as it would or would be likely to 
prejudice the commercial interests of both ourselves and the lenders and 
would negate the whole purpose of the tendering process and inhibit our 
future working relationship.  Disclosure could affect the Council's 
ability to obtain the best rates for such loans in the future and could 
also affect the company’s ability to successfully tender for any
renewable  contract with not only this Council but also other
organisations for which  they may be in the process of tendering.

 

 

If you have any questions, please do not hesitate to contact me, quoting
the reference number on this correspondence. To find out more about
Freedom of Information, please visit
[1]http://www.hertfordshire.gov.uk/your-cou...

 

If you are unhappy with the way the County Council has handled your
request for information you may request an internal review of the request.
This will be carried out by a member of the County Council Legal Services
Team, who has had no prior involvement with the request. Requests for an
internal review should be sent to the Information Governance Unit at the
address above (within 2 months of this correspondence) and should detail
in writing your grounds of appeal.

 

If you are unhappy with the outcome of the internal review you are
entitled to ask the Information Commissioner to investigate your
complaint. You should write to: FOI/EIR Complaints Resolution, Information
Commissioner's Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9
5AF.

 

Yours sincerely,

 

 

 

Vicky Hooper
Information Access Practitioner
Information Access Team
Hertfordshire County Council  
216A County Hall, Pegs Lane, Hertford, SG13 8DE, Postal Point:
CH0320
[2][IMG] T: 01992 555848 (Internal: 25848)
E: [Hertfordshire County Council request email]

[3]Hertfordshire County Council Facebook[4]Hertfordshire County
Council Twitter[5]Hertfordshire County Council email updates

I work Monday – Thursday 9.00 – 15.00

 

 

****Disclaimer****

The information in this message should be regarded as confidential and is
intended for the addressee only unless explicitly stated. If you have
received this message in error it must be deleted and the sender notified.
The views expressed in this message are personal and not necessarily those
of Hertfordshire County Council unless explicitly stated. Please be aware
that emails sent to or received from Hertfordshire County Council may be
intercepted and read by the council. Interception will only occur to
ensure compliance with council policies or procedures or regulatory
obligations, to prevent or deter crime, or for the purposes of essential
maintenance or support of the email system.

References

Visible links
1. http://www.hertfordshire.gov.uk/your-cou...
2. https://www.hertfordshire.gov.uk/home.aspx
3. https://www.facebook.com/hertscountycoun...
4. http://www.twitter.com/hertscc
5. https://www.hertfordshire.gov.uk/statweb...

We don't know whether the most recent response to this request contains information or not – if you are Research for Action please sign in and let everyone know.