LOBO loan details

The request was partially successful.

Dear Kent County Council,

Please provide the following:

1. All LOBO loan contracts

2. 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 when they were arranged.

5. Were LOBO loans benchmarked against equivalent PWLB loans at the time?
If so please provide documents to prove this.

Yours faithfully,

Ludovica Rogers

Kent County Council

Dear Sir or Madam

 

Thank you for your email below.

 

Kent County Council acknowledges your request for information under the
Freedom of Information Act 2000. Assuming KCC holds this information, we
will endeavour to supply the data to you as soon as possible but no later
than 26^th January 2017 (20 working days from date of receipt).

 

We will advise you as soon as possible if we do not hold this information
or if there are exemptions to be considered and/or any costs for providing
the information. Please quote our reference - FOI/16/2107 - in any
communication regarding this particular request.

 

Kind regards

 

Kirsty-Leigh Robertson| Information Access Officer | Information
Resilience & Transparency Team | Room 2.71, Sessions House, Maidstone |
Phone 03000 418301 | Fax 03000 420303 |
[1]http://www.kent.gov.uk/about-the-council...
|

 

show quoted sections

Kent County Council

5 Attachments

Dear Ms Rogers

 

Thank you for your request for information made under the Freedom of
Information Act (FOIA) 2000, relating to LOBO loans. I am pleased to
provide the response below:

 

In response to questions 1, 2 and 4, please see the attached spreadsheet
detailing the requested information for Kent County Council current LOBOs,
copies of the contracts and scans of the brokerage invoices paid.

 

In respect of question 3, the advisor at the time these loans were taken
out was Butlers. They were appointed some 10 years ago with their contract
ending in 2010 and related documents are no longer held.

 

Regarding question 5, the rates would have been discussed with Butlers and
compared to the current PWLB lending rates for benchmarking prior to the
loans being arranged. These loans were then agreed by the then Section 151
Officer and the then Cabinet Member for Finance. There is no longer any
documentation held on these decisions.

 

If you are unhappy with this response, and believe KCC has not complied
with legislation, please ask for a review by following our complaints
process; details can be found at this link
[1]http://www.kent.gov.uk/about-the-council...
on our website. Please quote reference FOI/16/2107.

 

If you still remain dissatisfied following an internal review, you can
appeal to the Information Commissioner, who oversees compliance with the
Freedom of Information Act 2000. Details of what you need to do, should
you wish to pursue this course of action, are available from the
Information Commissioner’s website [2]http://www.ico.org.uk/concerns.

 

Yours sincerely

 

Laura Pronger | Information Access Officer | Information Resilience &
Transparency Team | Kent County Council | Room 2.71, Sessions House,
Maidstone, ME14 1XQ | 03000 416590 |
[3]http://www.kent.gov.uk/about-the-council...
|

 

 

show quoted sections

Dear Kent County Council,

Thank you for your response.
Please could you provide ALL contracts and broker fee invoices as requested in the FOI request.
Currently contracts and invoices are missing for the LOBO loans taken out with Barclays.

Kind regards,

Ludovica Rogers

Kent County Council

Dear Ms Rogers

Thank you for your email below.

I am sorry you are unhappy with KCC’s response to your request for information, which you believe is missing information and therefore does not fully satisfy your original request.

An independent officer who was not involved with your original request will investigate your complaint and review our original response on behalf of the Head of Paid Service. Their reply will be forthcoming within 20 working days from receipt (by 27th March 2017).

Best regards

Caroline Dodge | Team Leader | Information Resilience & Transparency Team | Kent County Council | Room 2.71, Sessions House, Maidstone, ME14 1XQ | Phone 03000 416033 | Fax 03000 420303 | http://www.kent.gov.uk/about-the-council... |

show quoted sections

Kent County Council

Dear Ms Rogers

 

Thank you for your email. I am sorry that you believe information was
incorrectly omitted from our original response to your request for
information about LOBO loans.

 

An independent officer not involved with the handling of the original
request has investigated your concerns. Their opinion is as follows:-

 

Your original request asked for information on LOBO loans held by Kent
County Council. KCC does not hold any Barclays LOBO loans, as the bank
removed the LOBO options from the original loans thereby converting them
to fixed term loans. We therefore maintain that the information provided
in response to your original response was correct.

 

I trust that this explanation now satisfies your complaint. However, if
you are still unhappy, you can appeal to the Information Commissioner, who
oversees compliance with the Freedom of Information Act 2000. Details of
what you need to do, should you wish to pursue this course of action, are
available from the Information Commissioner’s website
[1]http://ico.org.uk/concerns, or you can phone the ICO Helpline on 0303
123 1113.

 

Best regards

 

Caroline Dodge | Team Leader | Information Resilience & Transparency Team
| Kent County Council | Room 2.71, Sessions House, Maidstone, ME14
1XQ | Phone 03000 416033 | Fax 03000 420303 | 
[2]http://www.kent.gov.uk/about-the-council...
|

 

 

show quoted sections