Dear Thurrock Borough Council,

Please list all investment instruments/assets and deposit assets in which public money is invested. Please ensure that list includes the corporate issuer, market, asset class & rating, the coupon received, type of security, term, introducing party and any other relevant information.

Yours faithfully,

Mr constituant

Information.Matters@thurrock.gov.uk, Thurrock Borough Council

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Regards,

 

Michael Tighe 
Statutory & Corporate Complaints Manager

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The information in this e-mail and any attachment(s) are intended to be
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Information.Matters@thurrock.gov.uk, Thurrock Borough Council

1 Attachment

Dear Mr Ward,

Thank you for your request dated 27 October 2019 for the following
information:

Please list all investment instruments/assets and deposit assets in which
public money is invested. Please ensure that list includes the corporate
issuer, market, asset class & rating, the coupon received, type of
security, term, introducing party and any other relevant information.

At this moment in time we are unable to supply you with the information
you have requested as we need clarification on the following:

You have not provided us with a time frame for which you require this
data.  Please can you therefore confirm how many years’ of data you are
requesting, i.e., the last 3 years.

The Freedom of Information Act requires that we process your request
within a further 20 working days of the date clarification is provided. 
If we are unable to meet this deadline we will inform you of this and the
reasons why.

 

Many thanks

 

Tina Barrell

 

Tina Barrell l Complaints & Information Governance Assistant I HR, OD &
Transformation

[1]thurrock.gov.uk l ext: 64882

Thurrock Council, Civic Offices, New Road, Grays, Essex RM17 6SL

 

Please note my working hours are 8.30am-2.00pm Monday-Thursday, please
copy in [2][Thurrock Borough Council request email] in relation to all FOI
matters.

 

Thurrock: an ambitious and collaborative community which is proud of its
heritage and excited by its diverse opportunities and future

[3]cid:image002.png@01D542FF.BD4CAC30

Save time, do it online

[4]facebook.com/thurrockcouncil | [5]twitter.com/thurrockcouncil |
[6]https://www.thurrock.gov.uk/access-to-in...

 

Disclaimer

The information in this e-mail and any attachment(s) are intended to be
confidential and may be legally privileged. Access to and use of its
content by anyone else other than the addressee(s) may be unlawful and
will not be recognised by Thurrock Council for business purposes. If you
have received this message by mistake, please notify the sender
immediately, delete it and do not copy it to anyone else. Thurrock Council
cannot accept any responsibility for the accuracy or completeness of this
message as it has been transmitted over a public network.

Any opinions expressed in this document are those of the author and do not
necessarily reflect the opinions of Thurrock Council.

Any attachment(s) to this message has been checked for viruses, but please
rely on your own virus checker and procedures.

Senders and recipients of e-mail should be aware that under the UK Data
Protection and Freedom of Information legislation these contents may have
to be disclosed in response to a request.

All e-mail sent to or from this address will be processed by Thurrock
Council's corporate e-mail system and may be subject to scrutiny by
someone other than the addressee.

This email has been scanned for viruses and malware, and may have been
automatically archived by Mimecast Ltd, an innovator in Software as a
Service (SaaS) for business. Providing a safer and more useful place for
your human generated data. Specializing in; Security, archiving and
compliance. To find out more [7]Click Here.

References

Visible links
1. http://www.thurrock.gov.uk/
2. mailto:[Thurrock Borough Council request email]
4. http://facebook.com/thurrockcouncil
5. http://www.twitter.com/thurrockcouncil
6. https://www.thurrock.gov.uk/access-to-in...
7. http://www.mimecast.com/products/

Dear [email address],

Please provide the last 3 years data

Yours sincerely,

Mr Ward

Information.Matters@thurrock.gov.uk, Thurrock Borough Council

1 Attachment

Dear Mr Ward,

Thank you for your recent communication which is being managed in line
with the Freedom of Information Act under the above reference number.  The
details of your request are outlined below together with the council’s
response.

Your request

Please list all investment instruments/assets and deposit assets in which
public money is invested. Please ensure that list includes the corporate
issuer, market, asset class & rating, the coupon received, type of
security, term, introducing party and any other relevant information.

Our Response

In issuing our response the Council has applied S43 of the Freedom of
Information Act.  Information is exempt information if its disclosure
under this Act would, or would be likely to prejudice the commercial
interests of any person (including the public authority holding it).  A
commercial interest relates to a person’s ability to successfully
participate in a commercial activity, i.e. the purchase and the sale of
goods or services.  It would be detrimental to the Council in its ongoing
investment activities to release individual investment details.

The Council believes strongly that by releasing details of investment
instruments/assets and deposit assets (received and provided in the past)
will have a negative commercial impact as:

·         It would weaken its position to be able to negotiate
competitively in the future

·         It could result in the Council’s working relationships with
lenders/borrowers breaking down. For example, Authority A that has loaned
us money at an agreed rate, may not be happy to establish that we have
paid a higher rate to Authority B.  The Council would not able to obtain
the lower rate again resulting in a negative commercial disadvantage

·         The Council has a duty to its residents to obtain the best loan
opportunities to maximise its available spend and/or budget. If it were to
release the details related to the rates paid or charged, then this
directly effects our short and long term borrowing position. Rates on
borrowing could increase and the rates the Council charge could reduce.
This will impact negatively on the Council’s available budget and in-turn
will impact the services we provide to our residents.

 

I accept that there will be a general public interest in the way the
Council manage its residents money. However the residents of Thurrock
would want an assurance that the Council is maximising its available
budget to their advantage, as opposed to disclosing details that could
 have a detrimental financial impact to them and the Council.

You are free to use any information supplied to you for your own use,
including non-commercial research purposes.  However, any other type of
re-use, for example, by publishing the information or issuing copies to
the public will require the permission of the copyright owner.

Where the copyright is owned by Thurrock Council, you must apply to the
Council to re-use the information.  Please email
[1][Thurrock Borough Council request email] if you wish to re-use the
information you have been supplied. For information where the copyright is
owned by another person or organisation, you must apply to the copyright
owner to obtain their permission.

If you are dissatisfied with the way in which the council have managed
your FOI request you can pursue an Internal Review by contacting us using
the above email address.  Your request will be considered by the Strategic
Lead for Information Management who will update you with the outcome of
the review. 

If you remain unhappy following the outcome of your Internal Review you
may wish to refer your case to the Information Commissioner’s Office
(ICO), details of this organisation can be found at [2]www.ico.org.uk .
Please be advised that the ICO will not consider your case until they have
confirmation that you have already been through the Internal Review stage
with the council.

 

Many thanks

 

Tina Barrell

 

Tina Barrell l Complaints & Information Governance Assistant I HR, OD &
Transformation

[3]thurrock.gov.uk l ext: 64882

Thurrock Council, Civic Offices, New Road, Grays, Essex RM17 6SL

 

Please note my working hours are 8.30am-2.00pm Monday-Thursday, please
copy in [4][Thurrock Borough Council request email] in relation to all FOI
matters.

 

Thurrock: an ambitious and collaborative community which is proud of its
heritage and excited by its diverse opportunities and future

[5]cid:image002.png@01D542FF.BD4CAC30

Save time, do it online

[6]facebook.com/thurrockcouncil | [7]twitter.com/thurrockcouncil |
[8]https://www.thurrock.gov.uk/access-to-in...

 

Disclaimer

The information in this e-mail and any attachment(s) are intended to be
confidential and may be legally privileged. Access to and use of its
content by anyone else other than the addressee(s) may be unlawful and
will not be recognised by Thurrock Council for business purposes. If you
have received this message by mistake, please notify the sender
immediately, delete it and do not copy it to anyone else. Thurrock Council
cannot accept any responsibility for the accuracy or completeness of this
message as it has been transmitted over a public network.

Any opinions expressed in this document are those of the author and do not
necessarily reflect the opinions of Thurrock Council.

Any attachment(s) to this message has been checked for viruses, but please
rely on your own virus checker and procedures.

Senders and recipients of e-mail should be aware that under the UK Data
Protection and Freedom of Information legislation these contents may have
to be disclosed in response to a request.

All e-mail sent to or from this address will be processed by Thurrock
Council's corporate e-mail system and may be subject to scrutiny by
someone other than the addressee.

This email has been scanned for viruses and malware, and may have been
automatically archived by Mimecast Ltd, an innovator in Software as a
Service (SaaS) for business. Providing a safer and more useful place for
your human generated data. Specializing in; Security, archiving and
compliance. To find out more [9]Click Here.

References

Visible links
1. mailto:[Thurrock Borough Council request email]
2. http://www.lgo.org.uk/
3. http://www.thurrock.gov.uk/
4. mailto:[Thurrock Borough Council request email]
6. http://facebook.com/thurrockcouncil
7. http://www.twitter.com/thurrockcouncil
8. https://www.thurrock.gov.uk/access-to-in...
9. http://www.mimecast.com/products/

Dear Thurrock Borough Council,

Please pass this on to the person who conducts Freedom of Information reviews.

I am writing to request an internal review of Thurrock Borough Council's handling of my FOI request 'Investment activities'.

I have had a flat refusal to a request which could have been answered without releasing certain sensitive detail that was pointed to (ie interest cost). I would expect that sight of type, introducer, asset class would be able to be shared without compromising anyone. The public has a right to see where their money is being invested, even if they cannot see all of the underlying commercial detail

A full history of my FOI request and all correspondence is available on the Internet at this address: https://www.whatdotheyknow.com/request/i...

Yours faithfully,

Max Ward

Steel, Rachael, Thurrock Borough Council

1 Attachment

Dear Mr Ward,

 

I am writing to advise that the investigation of your Internal Review
received on 02 August 2016 has now been concluded. 

 

Your request:

Please list all investment instruments/assets and deposit assets in which
public money is invested. Please ensure that list includes the corporate
issuer, market, asset class & rating, the coupon received, type of
security, term, introducing party and any other relevant information.

The Council’s original reply:

In issuing our response the Council has applied S43 of the Freedom of
Information Act.  Information is exempt information if its disclosure
under this Act would, or would be likely to prejudice the commercial
interests of any person (including the public authority holding it).  A
commercial interest relates to a person’s ability to successfully
participate in a commercial activity, i.e. the purchase and the sale of
goods or services.  It would be detrimental to the Council in its ongoing
investment activities to release individual investment details.

The Council believes strongly that by releasing details of investment
instruments/assets and deposit assets (received and provided in the past)
will have a negative commercial impact as:

·         It would weaken its position to be able to negotiate
competitively in the future

·         It could result in the Council’s working relationships with
lenders/borrowers breaking down. For example, Authority A that has loaned
us money at an agreed rate, may not be happy to establish that we have
paid a higher rate to Authority B.  The Council would not able to obtain
the lower rate again resulting in a negative commercial disadvantage

·        The Council has a duty to its residents to obtain the best loan
opportunities to maximise its available spend and/or budget. If it were to
release the details related to the rates paid or charged, then this
directly effects our short and long term borrowing position. Rates on
borrowing could increase and the rates the Council charge could reduce.
This will impact negatively on the Council’s available budget and in-turn
will impact the services we provide to our residents.

 

I accept that there will be a general public interest in the way the
Council manage its residents money. However the residents of Thurrock
would want an assurance that the Council is maximising its available
budget to their advantage, as opposed to disclosing details that could
 have a detrimental financial impact to them and the Council.

 

Request for Internal review:

 

I have had a flat refusal to a request which could have been answered
without releasing certain sensitive detail that was pointed to (i.e.
interest cost). I would expect that sight of type, introducer, asset class
would be able to be shared without compromising anyone. The public has a
right to see where their money is being invested, even if they cannot see
all of the underlying commercial detail.

 

Outcome of Internal Review:

 

I have reviewed the council’s decision to withhold the information
requested and taken into consideration the points you raised in your email
dated 15/12/2019.  It is my view that the exemption of Commercial
Interests (section 43) that was applied to this request was the right
exemption but I agree that certain elements of the request could have been
supplied, please see below additional information and a further more
detailed explanation as to why section 43 applies to the withheld data.

 

Corporate Withheld – please see explanation below.
issuer
Market Solar Wind Farm Property Gas Biomass Property Diversified Cash flow Local Building Banks
Farms £43.8m Regeneration turbine energy Fund £103m Bond fund Bonds Authorities Societies £1m
£611m £10m power £30m £14m £1m £32.5m £15.5m  £10m
     
               
Asset class Not Rated Not Rated Not Rated Not Rated Not Rated Not Rated Not Rated Not Rated Not Rated Not Rated A
& rating
 
The coupon Withheld – please see explanation below.
received
 
Type of Secured on Secured on Secured on Secured on Secured on Secured on Secured on Secured on Not secured Not Not
security underlying underlying underlying underlying underlying underlying underlying underlying secured secured
assets assets assets assets assets assets assets assets

 
Term up to 10 30 years max 5 years max 5 max 5 open ended open ended 1 to 5 under 1 under 1 under 1
years duration years years investment investment years year year year
duration term term period duration duration duration
 
     
Introducing Withheld – please see explanation below.
party
 
Any other Nothing to add
relevant
information

 

Section 43 (2):

 

The council are of the view that the release of the full information in
scope of your request would prejudice its own commercial interests and the
commercial interests of the issuer and introductory party. The reasons for
this have been captured below under the public interest test section.

 

Public Interest Test:

 

The council have considered the public interest test in relation to
section 43 (2) in releasing the information in scope of your request. The
outcome of this is below.

 

·         Public interest in disclosure:

o   It would inform the public of the activities carried out on their
behalf and to scrutinise public monies spent.

 

·         Public interest to maintain the exemption:

o   Disclosure of information would result in other companies that offer
similar investments not wanting to work with the council due to
commercially sensitive information being released by the Council with
regards to prior investments. This will have a negative impact on the
councils ability to seek suitable investment deals going forward

o   Disclosure of information would have a detrimental impact on the
commercial interests of the other parties involved, as this would
publically detail commercially sensitive information. This would damage
the Investor’s competitive position.

o   Disclosure of information would negatively impact the councils working
relationships with its lenders and borrowers.

o   It would weaken our position to be able to negotiate competitively in
the future.

o   Ultimately, this will reduce the spend the council has (commercial
interests), which would directly impact the services we are able to
provide to our residents.

o   Disclosure of information would negatively impact the councils
reputation due to loss of customer confidence in the council.

 

Based on the above, it is the council’s view that there is a stronger
public interest to maintain the use of the exemption for section 43 (2).
The key reasons for this is as follows:

 

·         The public would only be interested in this information if their
service provision were to reduce and/or stop completely.

·         All the time the council are able to maximise its funds in this
way and maintain its service provision, there is no strong public interest
in favour of disclosure of this level of detail.

 

Additional points:

 

1.  Due to a backdrop of austerity cuts the council has used an innovative
method of improving its financial position which has a direct benefit for
our residents and their service provision. All Treasury transactions
follow the routes approved by Councillors via the relevant strategy and/or
delegations.

2.  Disclosing details of its investments and borrowing would hinder the
councils working relationships with lenders and borrowers. This will
reduce the spend the council has, which would directly impact the services
we are able to provide to our residents. The council already adheres to
the Transparency Agenda and routinely publish data sets with regards to
its spending which is open to public scrutiny. Thurrock Councillors as the
appointed representatives of the public have complete oversight of all
treasury matters. 

You are free to use any information supplied to you for your own use,
including non-commercial research purposes.  However, any other type of
re-use, for example, by publishing the information or issuing copies to
the public will require the permission of the copyright owner.

Where the copyright is owned by Thurrock Council, you must apply to the
Council to re-use the information.  Please email
[1][Thurrock Borough Council request email] if you wish to re-use the
information you have been supplied. For information where the copyright is
owned by another person or organisation, you must apply to the copyright
owner to obtain their permission.

As your complaint has been dealt with as an Internal Review, should you
remain dissatisfied you can escalate your concerns to the Information
Commissioners Office and I have included their contact details below:

Address - Wycliffe House, Water Lane, Wilmslow. Cheshire, SK9 5AF.

T: 0303 123 1113 (Local rate) 01625 545745 (National rate).

E: [2][email address]

 

Kind regards

 

Rachael Steel l Data Protection Manager I HR, OD & Transformation

[3]thurrock.gov.uk l t +44 (0) 1375 652592

Thurrock Council, Civic Offices, New Road, Grays, Essex RM17 6SL

 

An ambitious and collaborative community which is proud of its heritage
and excited by its diverse opportunities and future

 

[4]cid:image001.png@01CECE72.3F5FA730

 

 

Disclaimer

The information in this e-mail and any attachment(s) are intended to be
confidential and may be legally privileged. Access to and use of its
content by anyone else other than the addressee(s) may be unlawful and
will not be recognised by Thurrock Council for business purposes. If you
have received this message by mistake, please notify the sender
immediately, delete it and do not copy it to anyone else. Thurrock Council
cannot accept any responsibility for the accuracy or completeness of this
message as it has been transmitted over a public network.

Any opinions expressed in this document are those of the author and do not
necessarily reflect the opinions of Thurrock Council.

Any attachment(s) to this message has been checked for viruses, but please
rely on your own virus checker and procedures.

Senders and recipients of e-mail should be aware that under the UK Data
Protection and Freedom of Information legislation these contents may have
to be disclosed in response to a request.

All e-mail sent to or from this address will be processed by Thurrock
Council's corporate e-mail system and may be subject to scrutiny by
someone other than the addressee.

This email has been scanned for viruses and malware, and may have been
automatically archived by Mimecast Ltd, an innovator in Software as a
Service (SaaS) for business. Providing a safer and more useful place for
your human generated data. Specializing in; Security, archiving and
compliance. To find out more [5]Click Here.

References

Visible links
1. mailto:[Thurrock Borough Council request email]
2. mailto:[email address]
3. http://www.thurrock.gov.uk/
5. http://www.mimecast.com/products/