LOBO loan details
Dear Bridgend County Borough Council,
Regarding your LOBO loan portfolio, please provide the following:
1. Copies of the LOBO loan contracts
2. A spreadsheet with the following details for each loan:
- Principal
- Initial Counterparty
- Has the option been exercised?
- If so, when?
- Current interest rate
- Current fairvalue
- Current Counterparty
- Fee paid to the broker to arrange the loan
3. Copies of the invoices for the broker fees
4. Contracts and tender documents for the Treasury Management Advisors at the time the loans were arranged.
Kind regards,
Ludovica Rogers
Dear Sir/Madam
FREEDOM OF INFORMATION REQUEST X01-6320
We acknowledge your request for information received on 24 May 2017.
We are considering your request and you should receive a response within
the statutory timescale of 20 working days, unless the information is
exempt or we require additional time to consider whether disclosure is in
the public interest in accordance with section 2 of the Freedom of
Information Act.
We will try to supply information in electronic format by email, but if
this is not possible we will let you know. If you have any special
requirements e.g. language, audio, large print, etc. then please let us
know.
The Act defines a number of exemptions which may prevent release of the
information you have requested. Before we provide the information we will
consider whether it is proper to release it and if any of the exemption
categories do apply then the information will not be released. We will
tell you if this is the case, and you will have a right of appeal.
If the information you request contains reference to a third party then
they may be consulted prior to a decision being taken on whether or not to
release the information to you. We will tell you if this is the case.
You may have to pay a fee for this information. We will consider this and
let you know. If so you will have to pay the fee before we process and
release the information.
If you have any queries or concerns, then please contact me directly. You
can find out more about the Act from the Information Commissioner at:
Information Commissioner’s Office – Wales 2nd Floor Churchill House
Churchill Way Cardiff
CF10 2HH
Telephone: 02920 678400 Fax: 02920 678399
Email: [email address]
Website: https://ico.org.uk/
Yours sincerely
Y Swyddfa Rhyddid Gwybodaeth | Freedom of Information Office
Gwasanaethau Gweithredol a Phartneriaethol | Operational and Partnership
Services
Cyngor Bwrdeistref Sirol Pen-Y-Bont ar Ogwr | Bridgend County Borough
Council
Ffon / Phone: (01656) 643473
Ffacs / Fax: (01656) 657899
E-bost / E-Mail [Bridgend County Borough Council request email]
Gwefan / Website: www.bridgend.gov.uk
Rydym yn croesawu gohebiaeth yn Gymraeg. Rhowch wybod i ni os mai Cymraeg
yw eich dewis iaith.
We welcome correspondence in Welsh. Please let us know if your language
choice is Welsh.
Dear Sir/Madam,
FREEDOM OF INFORMATION REQUEST X01- 6320
We refer to your email dated 24 May 2017 which contained a request for
information as set out in italics below. Following consideration of your
request, in accordance with the Freedom of Information Act 2000, I respond
to each point as follows:
Q1. Copies of the LOBO loan contracts
Whilst the Authority holds the information requested it considers that the
information requested is exempt under section 43(2) of the Freedom of
Information Act.
“Information is exempt information if its disclosure under the Act would,
or would be likely to, prejudice the commercial interests of any person
(including the public authority holding it)”
Section 43 is a qualified exemption. This means that for the exemption to
be properly applied it must be shown that the public interest in
withholding this information outweighs the public interest in disclosure.
In considering the public interest we have identified the following
factors:
In favour of disclosure
· Disclosure would promote transparency and accountability in the
Authority’s management of its financial matters
Against disclosure
· Disclosure of these agreements could make the Council (and the
lender) sensitive to potential fraud if they were in the public domain as
they could be copied.
· The contracts are current and have financial value to the
Council.
In conclusion and in balancing these factors, I am satisfied that the
public interest in withholding this information outweighs that in its
release.
In accordance with Section 17 of the Freedom of Information Act 2000 this
letter acts as a Refusal Notice as we have not provided all the
information requested.
Q2. A spreadsheet with the following details for each loan:
- Principal
- Initial Counterparty
- Has the option been exercised?
- If so, when?
- Current interest rate
- Current fair value
- Current Counterparty
- Fee paid to the broker to arrange the loan
Please see attached spreadsheet
Q3. Copies of the invoices for the broker fees
The Council no longer holds the invoices for the broker fees as the record
retention period is 7 years and the invoices are no longer available.
Q4. Contracts and tender documents for the Treasury Management Advisors at
the time the loans were arranged.
The Treasury Management Advisors at the time were Sector, however, the
record retention period is 7 years and the contract and any tender
documents are not available.
I hope this response satisfies your request. If you are dissatisfied with
the handling of the request, under the Freedom of Information Act 2000 you
have the right to request a review of the Council’s response to your
request for information. If you wish to request a review, please write
to:
Mr P A Jolley
Corporate Director, Operational and
Partnership Services and Monitoring Officer
Bridgend County Borough Council
Civic Offices,
Angel Street
Bridgend, CF31 4WB
within 28 days of the date of this letter. If you remain dissatisfied
with the outcome of that review, you may seek further recourse by lodging
an appeal with the Information Commissioner at:
Information Commissioner’s Office – Wales
2^nd Floor
Churchill House
Churchill Way
Cardiff
CF10 2HH
Tel: 02920 678400
Fax: 02920 678399
E:mail : [1][email address]
Website: [2]www.ico.org.uk
Yours sincerely
--
Freedom of Information Office
Bridgend County Borough Council
Level 2, Civic Offices
Angel Street
Bridgend
CF31 4WB
Tel: 01656 643565
Email: [Bridgend County Borough Council request email]
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