LOBO loan borrowing, restructuring or refinancing

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Dear Falkirk Council,

I'm interested in obtaining information regarding your council's LOBO loan borrowing and if/ how this borrowing has been restructured or refinanced by either the lending bank(s) or the council.

Please provide the following information/ loan parameters below in Microsoft XL format:

1) How much of your council's LOBO loan debt has been repaid and refinanced? Please list the LOBO loans that have been refinanced by counterparty, notional amount, original maturity and date of restructuring.

2) Please disclose the break cost paid to the bank counterparty for each loan restructuring and the discount rate used in each valuation.

3) Please disclose any additional PWLB borrowing undertaken to finance LOBO loan restructuring, including the maturities and coupon rates of new PWLB loans.

4) Please disclose the name of any third-party adviser used on the restructuring.

5) Please provide original, modified, and/or restructured loan contracts, including:

a) LOBOs converted into fixed rate loans

b) LOBOs/fixed rate loans converted into PWLB loans

c) LOBOs that have not been refinanced

6) Please provide the name of the broker used for each loan restructuring, and the relevant brokerage fee paid.

7) Please confirm whether your council have applied for any “statutory overrides” or “capitalisation requests” in relation to the accounting for LOBO loans in the council's annual accounts.

Please provide the:

a) Date/year

b) Subject/scope of each override

c) Result of each formal application for a statutory override

I'd appreciate it if you could acknowledge the above requests and inform me of the latest date of which you are required to answer my request by (20 days from the date of receipt).

Thanks for your help,

Jamie Mann

FOI, Falkirk Council

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Good afternoon,

 

Freedom of Information (Scotland) Act 2002

 

We acknowledge receipt of your information request received on 13/02/19.
The Reference Number for this is 96295.

 

We have 20 working days to deal with your request from the date that we
received it, but we will respond earlier where possible.

 

 

On behalf of Falkirk Council

Lynn

Information Team

 

 

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Your privacy is important to us. You can find out how we deal with your
personal information [2]here

 

 

 

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Hi Lynn,

Please can you update me on this overdue request?

Thanks,

Jamie

Mooney, Michael, Falkirk Council

Link: [1]File-List

Dear Jamie Mann,

 

I apologise for the late response to your Freedom of Information request.

 

Unfortunately I have a query on this request and the manager who is
responsible for the treasury duties is on leave and is due to return on
the 18^th April, so rather than possibly providing you with inaccurate
information, I am going to wait till the 18^th April.

 

Once again I apologise for the inconvenience.

 

Regards,

 

 

Michael Mooney

Senior Accountant

Capital, Insurance & Treasury

Finance

Falkirk Council

Tel: 01324 506039

 

 

 

 

 

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McGhee, Carole, Falkirk Council

1 Attachment

 

 

Capital, Treasury & Insurance Manager

Tel 01324 506340

 

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McGhee, Carole, Falkirk Council

6 Attachments

Dear Mr Mann,

 

I apologise for the late response to this FOI enquiry.

 

Please find attached Falkirk Council’s response in relation to this
enquiry.

 

 

Regards

 

Carole McGhee

 

 

Capital, Treasury & Insurance Manager

Tel 01324 506340

 

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No problem Carole, many thanks.

Yours sincerely,

Jamie Mann