letter from Wirral Council's auditors Grant Thornton UK LLP regarding LOBO loans objection

Currently waiting for a response from Wirral Metropolitan Borough Council, they should respond promptly and normally no later than (details).


Dear Wirral Metropolitan Borough Council,

Earlier this year Wirral Council's auditors reported the following in a written report to councillors on its Audit and Risk Management Committee:

"On 11 August 2016 we received an objection to the accounts under sections 26 and 27 of the Local Audit and Accountability Act 2014. The objector requested that we prepare a public interest report and apply to the courts for a declaration that Wirral Council’s Lender Option, Borrower Option loan borrowing as referenced in the 2015-2016 accounts is unlawful. In keeping with objections received by several authorities the objector raises concerns in respect of the:-
rationality of the decision to borrow on LOBO terms;
-adequacy of the information on which the Council based their decisions to enter into LOBO arrangements;
-scale of borrowing on LOBO terms and associated exposure to interest rate increases;
-alleged improper speculation on future interest rate changes;
-use of advisers with alleged undisclosed financial incentives to promote LOBOs.

Our work in relation to the objection is on-going and we have received prompt and full co-operation from the Council in both provision of relevant information and responses to our queries. Whilst it is impossible to put a definite timeframe on it, we plan to conclude our consideration of the objection as soon as possible."

Please could you supply the following (I am happy for the local electors name and personal details to be redacted):

a) a copy of the objection (the objection has to be sent to Wirral Council and the auditors),

b) a copy of any correspondence between Grant Thornton and the objector from the date of the objection (11th August 2016) and the date of this request (3rd May 2019) that Wirral Council holds a copy of.

Thank you,

Yours faithfully,

John Brace

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