LOBO loan advisors and brokers

Ludovica Rogers made this Freedom of Information request to Brighton and Hove City Council

This request has been closed to new correspondence. Contact us if you think it should be reopened.

The request was successful.

Dear Brighton and Hove City Council,

For all the Council's LOBO loan contracts please provide the following:

1. A spreadsheet with:
- LOBO loan principle
- LOBO loan initial counterparty
- LOBO loan current counterparty
- has the lender exercised their option (Yes/No)
- Date when the interest was changed (if applicable)
- Current interest rate
- name of Treasury Management Advisor when the loan was arranged
- name of broker that provided the loan
- fee paid to the broker for the loan

2. Invoices for the fees paid to the brokers

3. The procurement documents and contracts of the Treasury Management Advisors' when the loans were taken out.

4. Advice notes on LOBO loans at the time they were arranged.

5. Any proof that the LOBO loans were benchmarked against equivalent PWLB loans at the time.

Yours faithfully,

Ludovica Rogers

Freedom Of Information, Brighton and Hove City Council

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Brighton & Hove City Council.

 

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the Freedom of Information Act (2000).

 

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Information Governance Team

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Freedom Of Information, Brighton and Hove City Council

12 Attachments

Please see response to FOI 7413 below and attached:

 

1.       A spreadsheet with the requested information is attached.

 

2.       Invoices for the fees paid to the brokers

Attached is proof of brokerage fees for all LOBO instruments on the
attached spreadsheet.

 

3.       The procurement documents and contracts of the Treasury
Management Advisors' when the loans were taken out.

Butlers were the council’s treasury advisors during the whole period of
the new LOBO loans being undertaken. The council has undertaken a
competitive procurement process each time the contract was procured,
except in 2006 when a waiver was sought. Attached are the contract
mandates from 2006 and 2009, as well as the contract waiver  (2006) and
procurement outcome and scoring (2009). No records have been retained for
procurement and contracts before 2006 as a result of the council’s
document retention policy.

 

4.       Advice notes on LOBO loans at the time they were arranged.

The council has not retained advice notes from the time that the LOBOs
were executed. This is a result of a combination of a review of records in
accordance with the council’s legally compliant record retention policy,
and streamlining the council’s working practices to “paperless working”.
However, all decisions to enter into borrowing would have been in
accordance with Treasury Management Policy Statement in force at the time
and would have included consultation with the S151 Chief Financial Officer
of the authority.

 

5.       Any proof that the LOBO loans were benchmarked against equivalent
PWLB loans at the time.

The council has not retained notes of benchmarking data from the time that
the LOBOs were executed. This is a result of a combination of a review of
records in accordance with the council’s legally compliant record
retention policy, and streamlining the council’s working practices to
“paperless working”. However, these would have been benchmarked as a
matter of course and the PWLB rate at the time that each loan was
undertaken is included in the spreadsheet attached per Q1.

 

Note also that the council’s LOBO portfolio is currently under
investigation by the council’s external auditors, Ernst & Young, as a
result of a public objection to the 2015/16 statement of accounts. This
investigation will be concluded and published in due course.

 

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Team) | 4th Floor | Bartholomew House | Bartholomew Square| Brighton | BN1
1JE | Tel: 01273 296636 | Information Security: x5959 | Email:
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From: Nigel Manvell
Sent: 27 January 2017 13:15
To: Freedom Of Information
Subject: FW: Due for disclosure on 29 Jan FW: foi7413: Freedom of
Information Request

 

FOI,

 

Please see response to FOI 7413 below and attached:

 

1.       A spreadsheet with the requested information is attached.

 

2.       Invoices for the fees paid to the brokers

Attached is proof of brokerage fees for all LOBO instruments on the
attached spreadsheet.

 

3.       The procurement documents and contracts of the Treasury
Management Advisors' when the loans were taken out.

Butlers were the council’s treasury advisors during the whole period of
the new LOBO loans being undertaken. The council has undertaken a
competitive procurement process each time the contract was procured,
except in 2006 when a waiver was sought. Attached are the contract
mandates from 2006 and 2009, as well as the contract waiver  (2006) and
procurement outcome and scoring (2009). No records have been retained for
procurement and contracts before 2006 as a result of the council’s
document retention policy.

 

4.       Advice notes on LOBO loans at the time they were arranged.

The council has not retained advice notes from the time that the LOBOs
were executed. This is a result of a combination of a review of records in
accordance with the council’s legally compliant record retention policy,
and streamlining the council’s working practices to “paperless working”.
However, all decisions to enter into borrowing would have been in
accordance with Treasury Management Policy Statement in force at the time
and would have included consultation with the S151 Chief Financial Officer
of the authority.

 

5.       Any proof that the LOBO loans were benchmarked against equivalent
PWLB loans at the time.

The council has not retained notes of benchmarking data from the time that
the LOBOs were executed. This is a result of a combination of a review of
records in accordance with the council’s legally compliant record
retention policy, and streamlining the council’s working practices to
“paperless working”. However, these would have been benchmarked as a
matter of course and the PWLB rate at the time that each loan was
undertaken is included in the spreadsheet attached per Q1.

 

Note also that the council’s LOBO portfolio is currently under
investigation by the council’s external auditors, Ernst & Young, as a
result of a public objection to the 2015/16 statement of accounts. This
investigation will be concluded and published in due course.

 

Regards,

 

Nigel

 

Nigel Manvell

Assistant Director – Finance

(Finance, Procurement and Revenues & Benefits)

Brighton & Hove City Council

Bartholomew House (3rd Floor)

Brighton

BN1 1JE

Tel: 01273 293104

 

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From: Freedom Of Information
Sent: 03 January 2017 9:20 AM
To: Nigel Manvell
Cc: Janice Flanders
Subject: foi7413: Freedom of Information Request

 

We have received the following Freedom of Information request.   We are
required to respond to this by  29 January 2017 .

 

Please obtain approval of response from your Head of Service and then
forward this to [7][Brighton and Hove City Council request email]

 

FOI advice and guidance is available on the Wave, please visit
[8]Information Governance

 

The request is as follows:

 

 

For all the Council's LOBO loan contracts please provide the following:

 

1. A spreadsheet with:

- LOBO loan principle

- LOBO loan initial counterparty

- LOBO loan current counterparty

- has the lender exercised their option (Yes/No)

- Date when the interest was changed (if applicable)

- Current interest rate

- name of Treasury Management Advisor when the loan was arranged

- name of broker that provided the loan

- fee paid to the broker for the loan

 

2. Invoices for the fees paid to the brokers

 

3. The procurement documents and contracts of the Treasury Management
Advisors' when the loans were taken out.

 

4. Advice notes on LOBO loans at the time they were arranged.

 

5. Any proof that the LOBO loans were benchmarked against equivalent PWLB
loans at the time.

 

Yours faithfully,

 

Ludovica Rogers

 

Many thanks.

 

Wendy Kassamani

Information Compliance Officer

Tel: 01273 296636

 

Notice to recipient:
The information contained in this electronic mail message is intended only
for the use of the individual to whom it is addressed
and may contain information which is privileged and confidential, the
disclosure of which is prohibited by law.
If the reader of this message is not the intended recipient, please note
that any dissemination, distribution or copying of this
communication is strictly prohibited. If you have received this
communication in error please notify the sender immediately.
Thank you in anticipation of your co-operation.

You can visit our website at http://www.brighton-hove.gov.uk

Please consider the environment, only print out this email if absolutely
necessary.

Please Note:  Both incoming and outgoing Emails may be monitored and/or
recorded in line with current legislation.

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