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2020/21 Update on LOBO loans

Research for Action made this Freedom of Information request to North East Lincolnshire Council as part of a batch sent to 117 authorities

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Research for Action

Dear North East Lincolnshire 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 (NELC), North East Lincolnshire Council

Dear Sir / Madam

 

I am pleased to acknowledge your request for information, which has been
allocated the reference number NELC/21725/2122

Your request has been passed to the relevant department and you can expect
your response within the 20 working day limit. If it will take us longer
than 20 working days to respond to you, we will inform you of this and
provide you with the expected date for receiving a response.

 

Further information about how we will deal with your Freedom of
Information requests is available on our website at:

 

[1]https://www.nelincs.gov.uk/your-council/...

 

Please feel free to contact me if you require any further information or
assistance quoting the reference number above.

Yours sincerely

 

North East Lincolnshire Council

 

 

 

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Freedom Of Information (NELC), North East Lincolnshire Council

Dear Sir / Madam

 

Further your freedom of information request, reference, 21725_2122.

 

Please accept my apologies for the delay in responding to your request. 
We aim to get a response to you by 21^st July 2021.

 

If you require any further assistance please contact me.

 

Kind regards

 

Adele Beharrell, Techincal Professional Advisor, Information Governance
and Complaints Team, North East Lincolnshire Council

 

From: Freedom Of Information (NELC)
Sent: 15 June 2021 16:20
To: 'Research for Action' <[FOI #765492 email]>
Subject: Freedom of Information request - 2020/21 Update on LOBO loans -
NELC/21725/2122

 

Dear Sir / Madam

 

I am pleased to acknowledge your request for information, which has been
allocated the reference number NELC/21725/2122

Your request has been passed to the relevant department and you can expect
your response within the 20 working day limit. If it will take us longer
than 20 working days to respond to you, we will inform you of this and
provide you with the expected date for receiving a response.

 

Further information about how we will deal with your Freedom of
Information requests is available on our website at:

 

[1]https://www.nelincs.gov.uk/your-council/...

 

Please feel free to contact me if you require any further information or
assistance quoting the reference number above.

Yours sincerely

 

North East Lincolnshire Council

 

 

 

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Research for Action left an annotation ()

Now due 21^st July 2021

Freedom Of Information (NELC), North East Lincolnshire Council

2 Attachments

Dear Sir / Madam

 

Thank you for your information request, reference number NELC/21725/2122.
I can confirm that North East Lincolnshire Council holds the following
information:

 

Please see the attached spreadsheets, note that update information is
highlighted. Information requested under Section D has already been
provided to under your previous response 13422/1920 and remains current
due to there being no alterations to any of the loans in the intervening
period.

 

If you believe that your request for information has not been handled in
accordance with the Freedom of Information Act, you have the right to
request an internal review by the Council. If you wish to request an
internal review, please write to us detailing the reasons why. Please be
clear about which elements of the Council’s response or handling of the
request you are unhappy with, and would like the Council to address during
the internal review process.  If following this you are still dissatisfied
you may contact the Office of the Information Commissioner.

 

Yours sincerely

 

North East Lincolnshire Council

 

 

 

 

 

 

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