2020/21 Update on LOBO loans

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Research for Action

Dear East Dunbartonshire 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 5 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 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. 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:
17. The date on which the loan was cancelled, refinanced or restructured.
18. The breakage cost for the cancelling, refinancing or restructuring of the loan
19. New interest rate in the case of a restructuring
20. New maturity date in the case of a restructuring.
21. Fairvalue of the new loan at the end of 2016/17
22. Fairvalue of the new loan at the end of 2017/18
23. Fairvalue of the new loan at the end of 2018/19
24. Fairvalue of the new loan at the end of 2019/20
25. Fairvalue of the new loan at the end of 2020/21
26. 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 1998/99 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

East Dunbartonshire Council

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Research for Action

Dear East Dunbartonshire Council,
I should have received a response to my FOI request by 7 June 2021.
Could you kindly update me on the status of my request as soon as possible?
Kind regards,
Ludovica Rogers

East Dunbartonshire Council

Thank you for you Freedom of Information request.

This is an automated response. Your message has been received by East
Dunbartonshire Council.

Your request will be dealt with promptly and a full response will be issued
within 20 working days.

Should you not receive a response within this period, or you have any other
queries about your request please contact: [East Dunbartonshire Council request email] or 0141
578 8057.

DISCLAIMER:
This email and any files transmitted with it are intended for the use of the individual or entity to whom they are addressed. It may contain information of a confidential or privileged nature.

If you have received this email in error please notify the originator of the message and destroy the e-mail.

East Dunbartonshire Council can not be held responsible for viruses, therefore please scan all attachments.

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Further information detailing how East Dunbartonshire holds and uses personal information and copies of privacy notices used throughout the Council are available on our website at:
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The views expressed in this message are those of the sender and do not necessarily reflect those of East Dunbartonshire Council who will not necessarily be bound by its contents.

East Dunbartonshire Council

1 Attachment

East Dunbartonshire Council
Request for Information

Dear Ludovica,

FOI 14126 - LOBO Loans:

Thank you for your request for information. In answer to your enquiry I can
provide the following response on behalf of East Dunbartonshire Council

East Dunbartonshire Council does not currently hold any LOBOs. The Council
has previously held 5 LOBOs two of which have now lapsed. The remaining
LOBOs were converted by Barclays Bank to fixed rate loans with no cost to
the Council or no broker fees incurred. I have attached details of these
fixed rate loans below.
(See attached file: EDC LOBO FOI 14126 30 JUNE 2020.xlsx)
Should you have any questions on the content of the response and would like
the Local Authority to clarify or explain, please do feel free to get in
contact, citing the enquiry reference number above.

If you are dissatisfied with the way in which East Dunbartonshire Council
responded to your request, you are entitled to require the Council to
review its decision. The review will be handled by staff who were not
involved in the original decision. Please note that in order for a review
to take place you must:
· Lodge a written requirement for a review within 40 working days of
the date of this letter
· Include a correspondence address and a description of the original
request and the reason why you are dissatisfied.
· Address your request to the Freedom of Information team :

[East Dunbartonshire Council request email]

The review will be handled by staff who were not involved in the original
decision. You will receive notice of the results of the review within 20
working days of receipt of your request. The notice will state the
findings of the review as well as details of how to appeal to the Scottish
Information Commissioner if you are still dissatisfied with the Council?s
response. You must request an internal review by the Council before a
complaint can be directed to the Scottish Information Commissioner.

Information Management Team
East Dunbartonshire Council
[email address]
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DISCLAIMER:
This email and any files transmitted with it are intended for the use of the individual or entity to whom they are addressed. It may contain information of a confidential or privileged nature.

If you have received this email in error please notify the originator of the message and destroy the e-mail.

East Dunbartonshire Council can not be held responsible for viruses, therefore please scan all attachments.

Any personal data contained in email communications with East Dunbartonshire Council will be processed in accordance with the General Data Protection Regulations 2016/679 ("GDPR") and all other relevant national data protection laws.

Further information detailing how East Dunbartonshire holds and uses personal information and copies of privacy notices used throughout the Council are available on our website at:
https://www.eastdunbarton.gov.uk/council...

The Council?s Data Protection Officer can be contacted at [email address] or on Tel: 0300 123 4510.

The views expressed in this message are those of the sender and do not necessarily reflect those of East Dunbartonshire Council who will not necessarily be bound by its contents.