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LOBO loan details for 2015/16 & 2018/19

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Research for Action

Dear Bolton Metropolitan Borough 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
2. Principal
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

Kind regards,

Ludovica Rogers

Freedom Of Info, Bolton Metropolitan Borough Council

1 Attachment

Dear Ludovica Rogers

We acknowledge with thanks your request for information held by Bolton
Council received at this office on 03 May 2019.

This request will be considered under the Freedom of Information Act 2000
and may take up to 20 working days to be processed (although we will
endeavour to provide the information as quickly as possible).

Please be advised that if an exemption applies to the information that you
have requested, the statutory period may be exceeded in accordance with
the provisions of the act.

Please retain the reference number RFI 003200 for any future enquiries
regarding this matter.

Many thanks,

Information Governance Team

Room 120, 1^st Floor, Town Hall, Bolton, BL1 1RU

This e-mail and any attached files are confidential and may also be
legally privileged. They are intended solely for the intended addressee.
If you are not the addressee please e-mail it back to the sender and then
immediately, permanently delete it. Do not read, print, re-transmit, store
or act in reliance on it. This e-mail may be monitored by Bolton Council
in accordance with current regulations.

This footnote also confirms that this e-mail message has been swept for
the presence of computer viruses currently known to Bolton Council.
However, the recipient is responsible for virus-checking before opening
this message and any attachment.

Unless expressly stated to the contrary, any views expressed in this
message are those of the individual sender and may not necessarily reflect
the views of Bolton Council.

http://www.bolton.gov.uk/

Freedom Of Info, Bolton Metropolitan Borough Council

9 Attachments

Dear Ludovica Rogers

 

Request for information under the Freedom of Information Act 2000

 

In response to your request for information received at this office on
3^rd May 2019, please see the councils response below

 

You requested:

 

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

2. Principal

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

Please see attached excel document RFI 003200 LOBO

NB Any information in respect of broker fees is not held

 

B. Please provide copies of:

1. The original LOBO loan contracts

Please find attached copies of contracts relating to each of the above

 

RFI 003200 – 28866

RFI 003200 – 28867

RFI 003200 – 28868

RFI 003200 – 28869

RFI 003200 – 28870

RFI 003200 – 28871

RFI 003200 – 28874

 

Contracts for loans 25636, 28850, 28851, 28856, 28859 are no longer held
by Bolton Council.

You will note that some elements of the attached documents have been
redacted and therefore withheld under the Freedom of Information Act 2000
(“the Act”). Under the Act, Bolton Council has a duty to supply any
information it holds on request, unless there is an exemption. It is the
Council’s policy only to apply the exemptions where there is a genuine
risk of harm or prejudice.

 

Section 17 of the Act provides that when refusing a request, Bolton
Council must provide a notice which (a). states that fact, (b). specifies
the exemption in question, and (c). states (if that would not otherwise be
apparent) why the exemption applies.

 

In this case, we consider that the exemptions under section 31(1)(a) and
section 40(2) of the Act applies to this information.

 

The redacted information includes account details and, in this case,, we
consider that the exemption under section 31(1)(a) of the Act applies to
this information where disclosure would, or would be likely to harm the
prevention and detection of crime.

 

We believe that releasing detailed information such as account numbers,
bank details and payment activity of individual bank accounts creates a
security risk and is likely to prejudice the prevention or detection of
crime. Was disclosure of this specific information to be made into the
public domain it is probable that this information could be traced back to
personal or commercial information which could be used for criminal
activity.

 

Release of information under the Act cannot be viewed in the context of a
limited disclosure to the applicant, it should be considered as an
applicant blind release into the public domain

 

This exemption is subject to a public interest test, and whilst we
understand there is public interest in good decision-making by public
bodies as to the reputability of organisations that we engage with. On
balance, we believe the relative risk of disclosing account numbers and
bank details significantly outweighs any public interest in the full
disclosure.

We contend that there is a strong public interest in ensuring that as an
organisation we are able to protect any partners from the threat of
criminal activity. This is achieved through our capacity to withhold
certain information from disclosure.

 

We reached the view that, on balance, the public interest is better served
by withholding the redacted information under Section 31(1)(a) of the Act.
In accordance with the Act, this constitutes a refusal notice for this
part of your request.

 

In addition, we believe that any data about individuals is exempt under
Section 40(2) of the Act. In this case, I believe that the disclosure of
the names of ex Council employees and employees of third parties would be
unfair and could have and unjustified adverse effects on the individuals
concerned. In accordance with section 40(2) of the Act, the personal
information about identifiable living individuals is exempt if disclosure
to a third party would contravene one of the General Data Protection
Regulations (GDPR) principles. The council have therefore redacted
personal information of both former council employees and employees of
third party organisations, as publication would breach the first data
protection principle in Article 5 of the GDPR.

 

Section 40 of the Freedom of Information Act 2000, which states:

“40 Personal information.

(1)Any information to which a request for information relates is exempt
information if it constitutes personal data of which the applicant is the
data subject.

(2)Any information to which a request for information relates is also
exempt information if—

(a)it constitutes personal data which does not fall within subsection (1),
and

(b)the first, second or third condition below is satisfied.

(3A)The first condition is that the disclosure of the information to a
member of the public otherwise than under this Act—

(a)would contravene any of the data protection principles, or

(b)would do so if the exemptions in section 24(1) of the Data Protection
Act 2018 (manual unstructured data held by public authorities) were
disregarded.

(3B)The second condition is that the disclosure of the information to a
member of the public otherwise than under this Act would contravene
Article 21 of the GDPR (general processing: right to object to
processing).

(4A)The third condition is that—

(a)on a request under Article 15(1) of the GDPR (general processing: right
of access by the data subject) for access to personal data, the
information would be withheld in reliance on provision made by or under
section 15, 16 or 26 of, or Schedule 2, 3 or 4 to, the Data Protection Act
2018, or

(b)on a request under section 45(1)(b) of that Act (law enforcement
processing: right of access by the data subject), the information would be
withheld in reliance on subsection (4) of that section.”

 

The council are required under section 40(2) to take in account the GDPR,
in particular Article 4, which states:

“‘personal data’ means any information relating to an identified or
identifiable natural person (‘data subject’); an identifiable natural
person is one who can be identified, directly or indirectly, in particular
by reference to an identifier such as a name, an identification number,
location data, an online identifier or to one or more factors specific to
the physical, physiological, genetic, mental, economic, cultural or social
identity of that natural person”.

 

The council have considered the principles of the GDPR in our decision as
to whether to disclose the redacted information. The redacted information
identifies living individuals and is therefore classified as personal
data. As the withheld information constitutes the personal data of third
parties, the council needs to consider whether disclosure would breach the
data protection principles. Principle (a) under Article 5 of the GDPR is
the most applicable. When considering whether disclosure of information is
a breach of principle (a), the council must consider whether disclosure is
lawful and then whether it is fair.

 

The lawful basis that is most relevant in this case is legitimate
interests under Article 6.1(f). The council needs to balance the rights
and freedoms of the individuals with legitimate public interest in
disclosure. The council does not believe there is any lawful basis to
disclose this information in a Freedom of Information response.

 

Unlike a public interest test in the case of section 40(2) there is an
assumption against disclosure and therefore a justification is needed for
disclosure. The council does not believe there is any significant
commercial interest, or societal benefits in disclosing the redacted
information of the individuals involved, and your request does not outline
any legitimate interests that this information should be disclosed. The
council believes disclosure of this information would cause an unwarranted
interference with those individuals’ rights.

 

In addition, the council must also consider whether it is fair in general
terms to disclose the information. The council considers it would not be
fair to disclose the redacted information of former employees and
employees of third party organisations. As per guidance from the
Information Commissioners Office (ICO), the council should treat all
requests for information equally, and the council should only disclose
information under the Act if the council would disclose it to anyone else
who asked, therefore release of information under the Act should be
considered as if it were being released to the world at large. These
individuals would not expect their personal information to be disclosed at
the time the information was provided and would not expect their personal
information to be disclosed to the world at large without their consent.

 

The council have therefore determined that in this instance the disclosure
of this information to you otherwise than under the Act would contravene
Principle (a) of the GDPR – lawfulness, fairness and transparency and is
withholding the information as detailed above under section 40(2) of the
Act. Please accept this letter as a partial refusal notice issued in
accordance with section 17 of the Act.

 

 

2. The invoices for the broker fees

This information is no longer held by the council.

 

Documents that we provide in response to your request are protected by
copyright. You are free to use them for your own use, including for
non-commercial research purposes. They may also be used for news
reporting. However, any other type of re-use, for example by publishing
the document or issuing copies to the public will require the permission
of the copyright owner.

 

 

As per the Information Commissioners Office’s Freedom of Information Code
of Practice, should you disagree with our decision, you may appeal within
40 working days of this email to:

 

The Borough Solicitor, Bolton Council, The Town Hall, Bolton, BL1 1US

Email:  [1][email address]

 

 

Should you further disagree with the decision following the appeal you may
wish to contact the Information Commissioner:

 

Information Commissioner’s Office, Wycliffe House, Water Lane, Wilmslow,
Cheshire SK9 5AF

[2]www.ico.gov.uk

Tel: 01625 545700, Fax: 01625 524510

 

Should you have any other queries regarding this please contact
[3][email address]

 

 

Yours sincerely

 

The Information Governance Team

Town Hall, Bolton, BL1 1RU

[4]cid:image001.png@01D4B7C8.80F4B510

 

 

 

 

 

 

 

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We don't know whether the most recent response to this request contains information or not – if you are Research for Action please sign in and let everyone know.