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2020/21 Update on LOBO loans

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Research for Action

Dear Kent 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 25 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.

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
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. New interest rate, if the option was exercised and a new rate was accepted.
9. Fairvalue of the loan at the end of the 2016/17 financial year
10. Fairvalue of the loan at the end of the 2017/18 financial year
11. Fairvalue of the loan at the end of the 2018/19 financial year
12. Fairvalue of the loan at the end of the 2019/20 financial year
13. Fairvalue of the loan at the end of the 2020/21 financial year
14. Please indicated if the loan has been cancelled, refinanced, restructured, including cases when the options were removed.

*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.

For all the loans that have been cancelled, refinanced or restructured, including cases when the options were removed, please provide the following additional information:
15. The date on which the loan was cancelled, refinanced or restructured.
16. The breakage cost for the cancelling, refinancing or restructuring of the loan
17. New interest rate in the case of a restructuring
18. New maturity date in the case of a restructuring.
19. Fairvalue of the new loan at the end of 2016/17
20. Fairvalue of the new loan at the end of 2017/18
21. Fairvalue of the new loan at the end of 2018/19
22. Fairvalue of the new loan at the end of 2019/20
23. Fairvalue of the new loan at the end of 2020/21
24. Name of the advisor for the cancelling, refinancing or restructuring of the loan

B. A second spreadsheet 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: current 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 2003/04 to 2020/21 indicating for each loan the total interest payment made in that year.**

**Note: Please provide the exact payments and not approximations based on calculations within the spreadsheets, as payments will vary depending on the calculation method (for example if it is a leap year or not).

Kind. regards,

Ludovica Rogers on behalf of Research for Action

 

Information request
Our reference: 21509053

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Research for Action

Dear Kent County Council,
I should have received a response to my FOI request by 1 June 2021. Could you kindly provide a response as soon as possible.
Kind regards,
Ludovica Rogers

Good morning,
 
Apologies for the delay in responding to your request. We are still
waiting for a response from the Team. I will chase this for you again
today.
 
Kind regards,
 
Mollie Redford
Information Access Officer

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Dear Kent County Council,
I should have received a response to my FOI request by 1 June 2021. Could
you kindly provide a response as soon as possible.
Kind regards,
Ludovica Rogers

show quoted sections

2 Attachments

 

Information request
Our reference: 21509053

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Dear Mr Rogers
 
Thank you for your request for information received on 30 April 2021.
 
Please find attached our response to your request. Apologies for the delay
in responding to you.
 
Yours sincerely
 
 Mollie Redford 
 Information Access Officer 
 
NOTE: Please do not edit the subject line when replying to this email.

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.