Dear Bassetlaw District Council,
A. Please provide a spreadsheet in .xls format containing the following information for each of the LOBO loans you held in the 2015/16 financial year (please use a row for each loan and a column for each parameter indicated below):
1. Internal reference number
3. Initial counterparty
4. Date loan was signed
5. Drawdown date
6. Maturity date
7. Option period (number of months)
8. Start date for teaser rate (if applicable)
9. Teaser interest rate (if applicable - intended as the discount rate sometimes offered before the initial rate)
10. Start date for initial rate
11. Initial interest rate (intended as the rate set for the term of the loan until the first option is called)
12. First option date
13. Has the option been exercised?
14. Most recent date when option was exercised (if applicable)
15. Interest rate in 2015/16
16. Interest paid in 2015/16
17. Fair value in March 2016
18. Interest rate in 2018/19
19. Interest paid in 2018/19
20. Fair value in March 2019
21. Current counterparty
22. Name of treasury management advisor when the loan was taken out
23. Name of broker who arranged the loan
24. Fee paid to the broker for the loan
B. Please provide copies of:
1. The original LOBO loan contracts
2. The invoices for the broker fees
PLEASE NOTE ALL FOI REQUESTS/RESPONSES/QUERIES ETC SHOULD BE SENT TO
[email address] AS THEY WILL NOT BE DEALT WITH OTHERWISE
I am not in the office now until Tuesday 1 May 2019 if you have any
queries please ring:
01909 533533 ask for
Stephen Wormald or alternatively email - [email address]
Stella Bacon or alternatively email – [email address]
Kerry France or alternatively email - [email address]
Anna Bownes Webster or alternatively email -
Bassetlaw District Legal Administrator
Council Bassetlaw District Council Queens Buildings, Potter
Street, Worksop, Nottinghamshire, S80 2AH
Re: Freedom of Information Act 2000 – Request for Information
I refer to your recent e-mail requesting information pursuant to the
Freedom of Information Act 2000. Your request can be summarised as
“Details of LOBO loans”
Whilst the Act confers a general right of access to information held by
public authorities section 1 provides that “any person making a request
for information to a public authority is entitled:
a) to be informed in writing by the public authority whether it
holds information of the description specified in the request; and
b) if that is the case to have that information communicated to
him”, subject to the effect of the exemptions in Part 11 of the Act.
Therefore pursuant to the Council’s duty to confirm or deny whether or not
it holds the information requested I can confirm that the Council holds
the information and as far as Question A is concerned I attach a
spreadsheet named “LOBO Loan Details FOI request” but I am refusing
Question B of your request.
Notice under Section 17(1) of the Freedom of Information Act 2000 -
Refusal to disclose information
After carefully considering your request, the Council has decided to
refuse to disclose the information you have asked for under Section 43(2)
of the Freedom of Information Act 2000.
Basis for decision:
This law allows us to refuse to disclose information, through the Freedom
of Information Act process, which refers to "commercial interest”. This is
called an "exemption".
Section 43(2) states:
Information is exempt information if its disclosure under this Act would,
or would be likely to, prejudice the commercial interests of any person
(including the public authority holding it).
Why does the exemption apply in this case?
In this case the Council takes the view that the exemption provided by
Section 43(2) of the Act (Commercial Interests) can be presently engaged
in that the information produced would, if released into the public
domain, be likely to prejudice the commercial interests of the Council and
current/future lenders. This is explored in the public interest test.
Public Interest Test:
The use of Section 43 is qualified and on that basis we have considered
whether or not in this case the public interest in maintaining the
exemption outweighs the public interest in the release of information.
In coming to a decision to maintain the exemption we have considered the
following public interest factors in favour of disclosing the information:
Release of information would provide the public with openness and
transparency concerning decisions taken with the use of public funds.
Would recognise the interest in allowing the public scrutiny of such
Against that we have balanced the following public interest factors in
favour of maintaining the exemption:
Releasing the information would be likely to prejudice the working
relationship between the Council and third parties – in this case money
market brokers and lending institutions.
Neither the lender nor borrower would expect specific details of the terms
of a loan to be disclosed to the public.
The loss of confidence in, and reputational damage to, the Council to hold
The release of information would be likely to adversely affect the
Council’s ability to negotiate future borrowing at competitive rates,
detrimental to achieving best value in the use of public funds.
On balance, we believe the public interest in maintaining the exemption
outweighs the public interest in disclosure.
If you are dissatisfied wth the Freedom of Information response set out in
this letter you are able to utilise the Council’s complaints procedure
which allows one right of review via this system. Details can be found
using the link below:
If you remain dissatisfied with the handling of your request or complaint
the Act confers a further right to complain to the Information
Commissioner at www.ico.gov.uk or by writing to Information
Commissioner, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF
(telephone 06125 545745), email [email address], however the
Information Commissioner will not usually consider a complaint if the
complainant has not utilised their one right of review via the Council’s
Mrs Janet Askew
Central Freedom of Information Officer
Bassetlaw District Council Efficiency Manager
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