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2020/21 Update on LOBO loans

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Research for Action

Dear Stoke on Trent City 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

Stoke on Trent City Council

1 Attachment

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Dear Ludovica Rogers

 

Your request for information ref: SOT-103609

 

Thank you for your request for information about LOBO loans.  Your request
was received by the Information Rights Team on 15 June 2021.  This is
being dealt with under the terms of the appropriate Information Rights
legislation.

 

In some circumstances we may charge for information.  If there is a charge
we will let you know, as you will be required to pay this before we deal
with your request.

 

Some information does not have to be released under this legislation.  We
will check the information you have asked for and send you as much as
possible.  If another person or organisation is named in the information,
we may have to ask their opinion before we decide what we can give you.

 

You should expect to receive a response to your request on or before 13
July 2021 in line with the legislation's 20 working day statutory
deadline.

 

For your information we may publish the response to your request on our
City Council's website, which can be found at the following address:
[1]www.stoke.gov.uk.

 

If you have any queries about this email please do not hesitate to contact
us.

 

You can find details of how we handle your personal information by
visiting [2]www.stoke.gov.uk/dataprotection

 

Yours sincerely

 

Information Rights Team

 

Information Rights

Floor 2 Civic Centre Glebe Street

Stoke-on-Trent ST4 1HH

City of Stoke-on-Trent 

t 01782 232853, 01782 233020, 01782 233732, 01782 235965

e [3][Stoke on Trent City Council request email]

Winner – UK Housing Awards Council of the Year 2019

Stoke-on-Trent City Council is a Fostering Friendly employer. Being a
foster carer is truly life changing. If you have a spare room and spare
time, even as little as one weekend a month, you can make a real
difference to a child’s life. Fostering for Stoke-on-Trent City Council
offers a rewarding career with comprehensive training and guidance. Click
here for more information. For more information about becoming a Fostering
Friendly employer please click here.

link for the first Click here  -
[4]https://www.stoke.gov.uk/info/20044/fost...

link for the second click here -
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Manage your council tax online and sign up for paperless billing with our
new online account at [6]www.stoke.gov.uk/onlineaccount - and access it
using the MyStoke app, putting fly-tipping, and litter reporting in your
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[8]Google Play

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References

Visible links
1. http://www.stoke.gov.uk/
2. http://www.stoke.gov.uk/dataprotection
3. mailto:[Stoke on Trent City Council request email]
4. https://www.stoke.gov.uk/info/20044/fost...
5. https://www.thefosteringnetwork.org.uk/g...
6. http://www.stoke.gov.uk/onlineaccount
7. https://itunes.apple.com/us/app/my-stoke...
8. https://play.google.com/store/apps/detai...

FOI, Stoke on Trent City Council

3 Attachments

Dear Ludovica Rogers

 

Your request for information ref. SOT-103609 

 

We have now considered your request and a copy of the information is
enclosed below and attached.

 

Please note, some of the information is exempt under section 40 of the Act
(personal data) and cannot be provided. This exemption has been applied to
individual names contained within the attached documents.

The information supplied may be used for domestic or journalistic
purposes.  Its use for commercial gain including issuing to the public,
social media or computer blogs may be subject to the issue of a licence
under the Reuse of Public Sector Information Regulations 2015.

 

 

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 with one line for each loan and the related
information under each of the following column headings:

         

1. Reference number – See table below for details

2. Principal – See table below for details

3. Initial counterparty – See table below for details

4. Most recent counterparty – See table below for details

5. Date when the loan was transferred to the most recent counterparty.*
N/A

6. Has the option been exercised? - No

7. If yes, date when the option was exercised. N/A

8. Most recent interest rate – See table below for details

9. Fairvalue of the loan at the end of the 2015/16 financial year –These
details are included within the statement of accounts 2015/16 and can be
found by clicking on the following link -  [1]Accounts

10. Fairvalue of the loan at the end of the 2016/17 financial year –These
details are included within the statement of accounts 2016/17 and can be
found by clicking on the following link -  [2]Accounts

11. Fairvalue of the loan at the end of the 2017/18 financial year –These
details are included within the statement of accounts 2017/18 and can be
found by clicking on the following link -  [3]Accounts

12. Fairvalue of the loan at the end of the 2018/19 financial year –These
details are included within the statement of accounts 2018/19 and can be
found by clicking on the following link -  [4]Accounts

13. Fairvalue of the loan at the end of the 2019/20 financial year –These
details are included within the statement of accounts 2019/20 and can be
found by clicking on the following link -  [5]Accounts

14. Fairvalue of the loan at the end of the 2020/21 financial year – These
details will be included within the statement of accounts 2020/21, which
is due to be published in July 2021

15. The name of the Treasury Management Advisor at the time the loan was
taken out - Sector

16. The name of the broker who arranged the loan - Prebon Marshall Yamane
(UK) Ltd £10m / Tradition (UK) Ltd £10m

17. The fee paid to the broker to arrange the loan - N/A

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. – See table below for details

 

Original Total
Loan principal
Amount Original left on
Lender Internal Principal Date Loan Repayment Interest the loan Restructured
Name Ref (£) Agreed Period Rate (%) (£) / Refinanced
Dexia
Credit
Local 50023729 10,000,000 03/04/2006 60 years 3.84 10,000,000 No
Dexia
Credit
Local 50023699 10,000,000 03/04/2006 60 years 3.84 10,000,000 No

 

*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: N/A

 

19. The date on which the loan was cancelled, refinanced, restructured or
the option was removed N/A

20. The breakage cost for the cancelling, refinancing or restructuring the
loan N/A

21. New interest rate in the case of a restructuring N/A

22. New maturity date in the case of a restructuring N/A

23. Fairvalue of the new loan at the end of 2016/17 N/A

24. Fairvalue of the new loan at the end of 2017/18 N/A

25. Fairvalue of the new loan at the end of 2018/19 N/A

26. Fairvalue of the new loan at the end of 2019/20 N/A

27. Fairvalue of the new loan at the end of 2020/21 N/A

28. Name of the advisor for the cancelling, refinancing or restructuring
of the loan N/A

29. Fee paid to the advisor for arranging the cancelling, refinancing or
restructuring of the loan N/A

 

C. A second spreadsheet with one line for each loan showing the following
information:

- 1st column: internal reference number – See table above for details

- 2nd column: Principal – See table above for details

- 3rd column: initial interest rate – See table above for details

- 4th column: most recent interest rate – See table above for details

- 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) - £384,000 per year per loan

- 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 – These were previously supplied to
you under reference SOT78529. Please find a copy attached.

 

If you are unhappy with the service you have received in relation to your
request and wish to make a complaint or request a review of our decision,
you should write to: The Information Rights Manager, Information Rights
Team, Stoke-on-Trent City Council, Floor 2, Civic Centre, Glebe Street,
ST4 1HH, or email [6][Stoke on Trent City Council request email].

 

If, after contacting us, you are not content with the outcome, you may ask
the Information Commissioner for a decision.  Before doing this, please
see the following link for guidance from the Information Commissioner
relating to how to use your information rights responsibly and
effectively, to enable you to gain the best outcome from the process
- [7]http://ico.org.uk/for_the_public.

 

Generally, the Information Commissioner cannot make a decision unless you
have already used our internal review procedure. The Information
Commissioner can be contacted at: The Information Commissioner’s Office,
Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF, tel: 0303 123
1113 or you can visit their website
at [8]https://ico.org.uk/make-a-complaint/

 

You can find details of how we handle your personal information by
visiting [9]www.stoke.gov.uk/dataprotection

Yours sincerely

 

Information Rights Team

 

Information Rights

City of Stoke-on-Trent

Floor 2  Civic Centre  Glebe Street  Stoke-on-Trent  ST4 1HH

T: 01782 232853, 01782 233020, 01782 233732, 01782 235965

E: [10][Stoke on Trent City Council request email]

 

 

Request

 

Dear Stoke on Trent City 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

 

Winner – UK Housing Awards Council of the Year 2019

Stoke-on-Trent City Council is a Fostering Friendly employer. Being a
foster carer is truly life changing. If you have a spare room and spare
time, even as little as one weekend a month, you can make a real
difference to a child’s life. Fostering for Stoke-on-Trent City Council
offers a rewarding career with comprehensive training and guidance. Click
here for more information. For more information about becoming a Fostering
Friendly employer please click here.

link for the first Click here  -
[11]https://www.stoke.gov.uk/info/20044/fost...

link for the second click here -
[12]https://www.thefosteringnetwork.org.uk/g...

Manage your council tax online and sign up for paperless billing with our
new online account at [13]www.stoke.gov.uk/onlineaccount - and access it
using the MyStoke app, putting fly-tipping, and litter reporting in your
hands at the touch of a button. Available in the [14]App Store and on
[15]Google Play

show quoted sections

 

References

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5. https://www.stoke.gov.uk/directory/27/da...
6. mailto:[Stoke on Trent City Council request email]
7. https://ico.org.uk/for_the_public
8. https://ico.org.uk/make-a-complaint/
9. http://www.stoke.gov.uk/dataprotection
10. mailto:[Stoke on Trent City Council request email]
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14. https://itunes.apple.com/us/app/my-stoke...
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Research for Action

Dear FOI Officer,
Thank you for the information provided.
However, could you kindly provided it in the format requested: a downloadable .xls sheet.
Kind regards,
Ludovica Rogers

FOI, Stoke on Trent City Council

Dear Ludovica Rogers,

Thank you for your email. We have forwarded this to the service and will respond as soon as possible.

Yours sincerely
 
Information Rights Team
 
Information Rights
City of Stoke-on-Trent
Floor 2  Civic Centre  Glebe Street  Stoke-on-Trent  ST4 1HH
T: 01782 232853, 01782 233020, 01782 233732, 01782 235965
E: [Stoke on Trent City Council request email]

show quoted sections

FOI, Stoke on Trent City Council

1 Attachment

Dear Ludovica,

Please find attached a spreadsheet containing this data as requested.

Yours sincerely
 
Information Rights Team
 
Information Rights
City of Stoke-on-Trent
Floor 4  Civic Centre  Glebe Street  Stoke-on-Trent  ST4 1HH
T: 01782 232853, 01782 233020, 01782 233732, 01782 235965
E: [Stoke on Trent City Council request email]

show quoted sections

Research for Action

Dear FOI officer,
Thank you for sending the .xml document. However, it does not contain the information requested.
Can you please read my FOI request carefully and provide in .xml format the information exactly as I requested it.
Kind regards,
Ludovica Rogers

FOI, Stoke on Trent City Council

3 Attachments

Link: [1]File-List

SOT-103609

Dear Ludovica

Please see attached spreadsheets as requested.

Kind regards

INFORMATION RIGHTS TEAM Stoke-on-Trent City Council Civic Centre Glebe
Street Stoke-on-Trent ST4 1HH T: 01782 232853, 233020, 233732, 235976 E:
[Stoke on Trent City Council request email]

 

 

From: Research for Action
Sent: Friday, July 16, 2021 6:02 PM
To: FOI
Subject: RE: Your request for information ref. SOT-103609

 

This message was received from outside the council
STOP.  Were you expecting this email? Does it look genuine?
THINK. Before you CLICK on links or OPEN any attachments

Dear FOI officer,

Thank you for sending the .xml document. However, it does not contain the
information requested.

Can you please read my FOI request carefully and provide in .xml format
the information exactly as I requested it.

Kind regards,

Ludovica Rogers

show quoted sections

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.