Dear North Lanarkshire Council,
For each of the Lender Option, Borrower option (LOBO) loans North Lanarkshire Council currently has on its books, and for any historical LOBO loans, please provide:
1) Loan principal?
2) Maturity date?
3) Trade date when the loan was signed?
4) Initial interest rate?
5) Current stepped-up interest rate and step-up date where applicable?
6) Any formula or structure determining the interest rate where applicable?
7) The first LOBO option call date?
8) The LOBO option call frequency?
9) Day count convention used for calculation of interest payments?
10) The original broker of the loan and fee paid?
11) Broker and fee paid for any subsequent restructuring?
12) The relevant bank or financial institution(s) which issued each LOBO loan?
13) The name of the Treasury Management Advisor who advised on each LOBO loan
14) Where available, the original unredacted LOBO loan contracts.
I acknowledge receipt of your request which is receiving attention.
I shall contact you again when I am in a position to respond more fully to your request.
For Freedom of Information Co-ordinator
North Lanarkshire Council
Dear Ms Knuutila
I refer again to your e-mail dated 14 February 2017 seeking information in relation to North Lanarkshire Council’s Lender Option, Borrower Option (LOBO) loans.
Having investigated, please find attached a spreadsheet setting out information identified relative to your request.
I can advise that North Lanarkshire Council, having regard to the provisions of Section 21 of the Freedom of Information (Scotland) Act 2002, has established a procedure whereby any person who has requested information and is in any way dissatisfied with the decision on that request, can within forty working days require a review of that decision by writing to the Head of Business for Legal and Democratic Solutions, Civic Centre, Windmillhill Street, Motherwell ML1 1AB. Accordingly, if you are dissatisfied with this decision and seek such review please write to the Head of Business for Legal and Democratic Solutions.
I would advise, also, that in terms of Section 47 of the Act a person who is dissatisfied with a notice given by the local authority under Section 21 of the Act - ie. a notice following a review of a decision by a local authority, or by the failure of a local authority to give such a notice - may make application to the Scottish Information Commissioner for a decision as to whether, in any respect specified in that application, the request for information to which the requirement relates has been dealt with in accordance with the Act. Such an application must be in writing or in another form which, by reason of it having some permanency is capable of being used for subsequent reference, must state the name of the applicant and an address for correspondence and must specify the request for information to which the requirement for review relates, the matter which gave rise to the applicant’s dissatisfaction with the original decision of the local authority and the matter which gives rise to the applicant’s dissatisfaction with the decision on review by the local authority or the failure of the local authority to issue such a decision. The Scottish Information Commissioner can be contacted as follows:-
I hope this information is sufficient for your purpose. If, however, you require further information – or I can assist in any other way – please let me know.
for Freedom of Information Co-ordinator
North Lanarkshire Council
We work to defend the right to FOI for everyone
Help us protect your right to hold public authorities to account. Donate and support our work.Donate Now