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LOBO loan details for 2015/16 & 2018/19

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Research for Action

Dear Middlesbrough 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

foi, Middlesbrough Council

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Regards
Information Requests Team

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foi, Middlesbrough Council

1 Attachment

 

Dear Ludovica Rogers

  

REF NO: 014449  

 

I am writing to confirm that Middlesbrough Council has now completed its
search for the information you requested on 3 May 2019.  Please accept my
sincere apologies for the delay in responding to your request.

 

In your request you asked for the following information:

 

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

 

Response:

 

A copy of the information is attached in the format you requested.

 

B. Please provide copies of:

1. The original LOBO loan contracts

 

Response:   

 

I can confirm that the Council does hold information falling within the
terms of your request. However, we consider that the information you
requested is being withheld as it falls under the exemption in Section 43
of the Freedom of Information Act. Under Section 43, information is exempt
from disclosure if releasing it would, or would be likely to prejudice the
commercial interests of any person (including the public authority holding
it).

 

Section 43(2) of the Act sets out an exemption from the right to know if:

 

• release of the information is likely to prejudice the commercial
interests of any person. (A person may be an individual, a company, the
public authority itself or any other legal entity).

 

The information requested relates to the specific rate of interest and
specific terms of the agreements which were negotiated in securing the
arrangement. The Council considers that in disclosing the full terms of
this financial agreement, would be likely to weaken Middlesbrough
Council’s bargaining position during future financial and contractual
negotiations. This could potentially affect the council’s income and
budget and essentially, the availability of financial resources for
residents and in the delivery of Middlesbrough Council’s services.

 

In considering the public interest test, we considered the benefits of
maintaining a healthy bidding position during any procurement process, the
need to attract a wide range of bidders confident with the way in which we
would handle their information and how this may affect our bargaining
position during future contractual negotiations. We acknowledge that the
public interest is served by promoting transparency in the accountability
of public funds, ensuring that public money is being used effectively and
that Middlesbrough Council is getting value for money when entering into
financial transactions with banking institutions. On the other hand,
however, we recognise and consider that there is a greater public interest
in maintaining confidentiality and protecting commercially sensitive
information, release of which could damage commercial status in future
negotiations, including that of the local authority. As such, we consider
that maintaining the exemption outweighs the public interest in
disclosure.

 

2. The invoices for the broker fees

 

Response:

 

A copy of the information is attached in the format you requested.

 

If you have any queries about this response, please do not hesitate to
email [1][Middlesbrough Council request email]. Please remember to quote the reference
number shown above in any future communications.

If you are unhappy with the way your request has been handled you may ask
for an internal review within 40 days of receipt of the response. You
should write to:-

Ann-Marie Johnstone

Governance & Information Manager

P.O. Box 500,

Civic Centre,

Middlesbrough.

TS1 9FT

 

If you are not content with the outcome of the internal review, you have
the right to apply directly to the Information Commissioner for an
independent review. The Information Commissioner can be contacted at: -

 

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

Yours sincerely

 

Steph Robson

Information Requests Coordinator

 

Finance, Governance and Support

Strategy, Information and Governance

Middlesbrough Council

P.O. Box 500
Civic Centre
Middlesbrough
TS1 9FT

Email:   [2][Middlesbrough Council request email]

All intellectual property rights are reserved. Trademarks, brand names,
company names, and logos are the property of Middlesbrough Council, or of
their respective owners. Reproduction, alterations, modification,
distribution, or re-publication in any format, without prior written
permission from the property owner is forbidden.

 

The Council's copyright and other intellectual property rights are
protected by UK laws and by international treaties.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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