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2020/21 Update on LOBO loans

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

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Research for Action

Dear East Sussex 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 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, East Sussex County Council

3 Attachments

 

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Yours sincerely

 

Customer Services Team

Communities, Economy and Transport

01273 482913
[1]eastsussex.gov.uk

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East Sussex County Council

Information request
Our reference: 8900170
Your reference: [FOI #765448 email]

show quoted sections

East Sussex County Council

2 Attachments

Information request
Our reference: 8900170
Your reference: [FOI #765448 email]

show quoted sections

Research for Action

Dear East Sussex County Council,
Thank you for the information provided. However, there are parts that are not as requested.

For Part C, please provide the exact payment and not the calculations, as requested:
" 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)."

For Part D, please send the loan contracts as seperate attachments, as I am not able to access them from within the .xls sheet.
Kind regards,
Ludovica Rogers

East Sussex County Council

6 Attachments

Dear Ludovica Rogers
 
Thank you for your emails and apologies that the original response was not
clear.
 
Please find attached an additional spreadsheet answering your question
regarding Part C and each of the 5 agreements referred to for Part D are
also attached.
 
I hope this answers your request but if you have any further questions,
please let us know. 
 
Yours sincerely
 
Freedom of Information Team

Communities, Economy and Transport Department

01273 482913 | 07545 213167
[1]eastsussex.gov.uk

                                                  

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

Dear East Sussex County Council,
Thank you for the information provided. However, there are parts that are
not as requested.

For Part C, please provide the exact payment and not the calculations, as
requested:
" 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)."

For Part D, please send the loan contracts as seperate attachments, as I
am not able to access them from within the .xls sheet.
Kind regards,
Ludovica Rogers

show quoted sections

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