2020/21 Update on LOBO loans

Research for Action made this Freedom of Information request to Conwy County Borough Council

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Research for Action

Dear Conwy County Borough 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 4 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 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. 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 2019/20 financial year
12. Fairvalue of the loan at the end of the 2020/21 financial year
13. 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:
14. The date on which the loan was cancelled, refinanced or restructured.
15. The breakage cost for the cancelling, refinancing or restructuring of the loan
16. New interest rate in the case of a restructuring
17. New maturity date in the case of a restructuring.
18. Fairvalue of the new loan at the end of 2016/17
19. Fairvalue of the new loan at the end of 2017/18
20. Fairvalue of the new loan at the end of 2018/19
21. Fairvalue of the new loan at the end of 2019/20
22. Fairvalue of the new loan at the end of 2020/21
23. Name of the advisor for the cancelling, refinancing or restructuring of the loan

B. 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: 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 2005/06 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).

C. A copy of all the original loans

Kind regards,

Ludovica Rogers on behalf of Research for Action

Uned Llyw-Gwyb / Info-Gov Unit, Conwy County Borough Council

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under the terms of the Freedom of Information Act 2000 you will receive a
response within twenty working days.

[1]Sefyllfa Bresennol Gwasanaethau'r Cyngor   |   [2]Council Services
Current Situation

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Uned Llyw-Gwyb / Info-Gov Unit, Conwy County Borough Council

Dear Requester,

Thank you for your enquiry.

In light of the unprecedented challenges posed by the coronavirus pandemic please be aware that we will continue to make every effort to comply with any relevant timescales that might apply to your enquiry, however the safety and security of the public remains the primary concern and it is with this in mind please be aware that some slippage might occur with regards to the timely provision of any response.

This will be kept to a minimum wherever possible and the Council will review its position in line with directions from Government and Public Health organisations as and when required.

Please ensure all email correspondence is sent to the [Conwy Council request email] email address.

Thanking you in advance for your understanding and patience.

Uned Llywodraethu Gwybodaeth/ Information Governance Unit Cyngor Bwrdeistref Sirol CONWY County Borough Council E-Bost / E-Mail: [Conwy Council request email]

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GACDRG / CFSFOI, Conwy County Borough Council

2 Attachments

Good morning,

Please find attached information in response to your Freedom of Information request.

If you are dissatisfied with the handling of your request, you have the right to ask for an internal review. Internal review requests should be submitted within two months of the date of receipt of this response and should be sent to the address below.

Please ensure all correspondence is sent to this email address.

If you are not content with the outcome of the internal review, or if you are unhappy with this response you may appeal to the Information Commissioner’s Office – Wales, 2nd Floor, Churchill House, Churchill Way, Cardiff, CF10 2HH.

Yours sincerely,

Graham Williams.

Gwasanaethau Ariannol Corfforaethol/Corporate Financial Services
Rhyddid Gwybodaeth/Freedom of Information
Cyngor Bwrdeistref Sirol CONWY County Borough Council
E-Bost/E-Mail: [email address]
Gwê / Web : www.conwy.gov.uk

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

From: Research for Action [mailto:[FOI #757355 email]]
Sent: 21 May 2021 15:26
To: Uned Llyw-Gwyb / Info-Gov Unit <[Conwy Council request email]>
Subject: Freedom of Information request - 2020/21 Update on LOBO loans

Dear Conwy County Borough 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 4 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 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. 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 2019/20 financial year 12. Fairvalue of the loan at the end of the 2020/21 financial year 13. 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:
14. The date on which the loan was cancelled, refinanced or restructured.
15. The breakage cost for the cancelling, refinancing or restructuring of the loan 16. New interest rate in the case of a restructuring 17. New maturity date in the case of a restructuring.
18. Fairvalue of the new loan at the end of 2016/17 19. Fairvalue of the new loan at the end of 2017/18 20. Fairvalue of the new loan at the end of 2018/19 21. Fairvalue of the new loan at the end of 2019/20 22. Fairvalue of the new loan at the end of 2020/21 23. Name of the advisor for the cancelling, refinancing or restructuring of the loan

B. 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: 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 2005/06 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).

C. A copy of all the original loans

Kind regards,

Ludovica Rogers on behalf of Research for Action

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Research for Action

Dear FOI officer,
Thank you for the information provided, however the second spreadsheet covering the information requested in question B.
Could you kindly provide the missing information?
Kind regards,
Ludovica Rogers

GACDRG / CFSFOI, Conwy County Borough Council

Good morning,

I've checked with the section who provided the original information and have been informed that all the information relating to question B was included within the information provided.

Regards,

Graham Williams.

Gwasanaethau Ariannol Corfforaethol/Corporate Financial Services
Rhyddid Gwybodaeth/Freedom of Information
Cyngor Bwrdeistref Sirol CONWY County Borough Council
E-Bost/E-Mail: [email address]
Gwê / Web : www.conwy.gov.uk

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Research for Action

Dear FOI officer,
No, I have not received the information requested in point B.
I have been only provided with interest rates, while I have asked for the yearly payments, from when the loans were taken out up to 2020/21 included.
Can you kindly ask the person responsible to provide the information as requested in .xls format.
Kind regards,
Ludovica Rogers

GACDRG / CFSFOI, Conwy County Borough Council

Good morning,

I've been in contact with the section that originally provided the information and have been informed that we don't hold the data in the format you requested.

Regards,

Graham.

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