Impact of LIBOR on Rochdale PFI contracts?
Dear Rochdale Metropolitan Borough Council,
On 28/02/2005, Rochdale Metropolitan Borough Council signed up to a £54m
"Private Finance Initiative" (PFI) Grouped Schools Modernisation Project contract with RBS PPP Investments and PFI Securities Ltd.
In July 2012 it emerged Barclays and other UK and global banks had been complicit in rigging the London Inter-bank Offered Rate since at least 2005, which sets the rates of borrowing money and is pegged to swaps and derivatives products referenced within PFI contracts.
RBS is one of the 18 LIBOR setting panel banks currently under investigation by US, UK and EU authorities for rigging the LIBOR rate.
http://www.theguardian.com/business/2013...
Please provide:
1. The original 'Grouped Schools Modernisation Project' PFI
business case, and contract(s) including full details of swaps
(ISDA) and derivatives applied to this PFI deal.
2. Copies of internal or external financial and legal advice
Rochdale has received in relation to LIBOR, and its actual or
potential impacts on Rochdale, and specifically PFI contract
finances.
Yours faithfully,
Joel Benjamin
Dear Requestor,
RE: - REQUEST FOR INFORMATION UNDER THE FREEDOM OF INFORMATION ACT 2000
I acknowledge with thanks your request for information held by Rochdale
Metropolitan Borough Council. I write to advise to you that your request
for information is being considered.
Please be advised that your request has been passed on to an appropriate
officer and may take up to 20 working days to be processed.
In the meantime, should you have any queries, please do not hesitate to
contact me. Please remember to quote the reference number above in any
future communications.
Thank you
Information Governance Unit
Dear Joel Benjamin,
RE: - REQUEST FOR INFORMATION UNDER THE FREEDOM OF INFORMATION ACT 2000
Please accept our apologies for the delay in responding to your Freedom of
Information Request.
In response to your request for information under the Freedom of
Information Act, Rochdale MBC are happy to supply the following
information:
1. The original 'Grouped Schools Modernisation Project' PFI business
case, and contract(s) including full details of swaps (ISDA) and
derivatives applied to this PFI deal.
– The information you have request is available, however, the documents
are too large to send by email. We have a hard copy of the information
available for you, which you can either collect from our offices, or we
can post to you if you contact us directly with your address details.
2. Copies of internal or external financial and legal advice
Rochdale has received in relation to LIBOR, and its actual or potential
impacts on Rochdale, and specifically PFI contract finances.
– information not held.
Thank you
Regards
Information Governance Unit
Rochdale Borough Council
Floor 2, Number One Riverside
Smith Street, Rochdale, OL16 1XU
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