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LOBO loan details for 2015/16 & 2018/19

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Research for Action

Dear Redditch 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

foi RBC,

Our Reference: 5897

Dear Ludovica,

Thank you for your recent request for information.

Your request is being dealt with in accordance with the Freedom of Information Act. We will respond by 4th June 2019 at the latest.

Privacy Notice

The Council collects information, including personal information that you provide about yourself and others, when you make a submission in relation to a Freedom of Information (FOI) request.

The Council collects this information for the purpose of dealing with your submission under the Freedom of Information Act 2000 and in accordance with the legislation; a request made under the Freedom of Information Act 2000 is not a valid request unless it is in writing and includes the following information:

• Enough of your real name to give anyone reading your request, a reasonable indication of your identity.
• Where you are an agent working on behalf of someone else, the other party will be interpreted as being the requestor therefore their details are required.
• Valid address for correspondence (including postal or email).
• A description of the information you require, which may include details of someone else.

The term ‘in writing’ covers requests submitted by letter and electronic form, including those sent via the internet through social networking sites such as Twitter and Facebook. Where a social media site is used to submit a request, the real name may be visible within the user profile. If you make the request public by publishing it on a website, as opposed to sending a private message to the authority’s account, then we will consider it within the requester’s reasonable expectations that the authority will also publish its response on the site.

Under FOI legislation, we have to maintain a log of requests. This information is retained for 6 years. All other information associated with your request, such as the request, our acknowledgement, consultation with the department involved, and our subsequent response to you is retained for 2 years.

The council will not disclose your personal information to external entities. We will also take steps to limit the amount of personal information about you, is disclosed as part of any consultation process regarding your request.

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No decisions around this data are made by automated means.

Kind regards,

Julie Hemming-Smout
Information Support Officer, Bromsgrove District and Redditch Borough Councils

Tel: (01527) 64252, extension 3871
Email: [email address]

Bromsgrove District Council
Parkside,
Market Street,
Bromsgrove,
Worcestershire B61 8DA
www.bromsgrove.gov.uk

Redditch Borough Council
Town Hall,
Walter Stranz Square,
Redditch,
Worcestershire B98 8AH
www.redditchbc.gov.uk

View our privacy notices via the following links –
Redditch:
http://www.redditchbc.gov.uk/council/cor...
Bromsgrove:
http://www.bromsgrove.gov.uk/council/cor...

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Research for Action

Dear FOI Officer,
I have not yet received a response to my FOI request "LOBO loan details for 2015/16 & 2018/19" which I was meant to receive at the start of June. Please kindly provide a response as soon as possible.
Kind regards,
Ludovica Rogers

Dear Ludovica, apologies for the delay, I have chased the department concerned and hope to have a response in the next few working days. Apologies for any inconvenience.
Kind regards
Julie

Julie Hemming-Smout
Information Support Officer, Bromsgrove District and Redditch Borough Councils

Tel: (01527) 64252, extension 3871
Email: [email address]

Bromsgrove District Council
Parkside,
Market Street,
Bromsgrove,
Worcestershire B61 8DA
www.bromsgrove.gov.uk

Redditch Borough Council
Town Hall,
Walter Stranz Square,
Redditch,
Worcestershire B98 8AH
www.redditchbc.gov.uk

View our privacy notices via the following links –
Redditch:
http://www.redditchbc.gov.uk/council/cor...
Bromsgrove:
http://www.bromsgrove.gov.uk/council/cor...

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foi RBC,

1 Attachment

Our Reference: 5897

 

Dear Ludovica,

 

Thank you for your recent Information request. I can now offer you the
following information:

 

Point of note:  This stopped being a LOBO by 2018/19.

 

1. Internal reference number Not held

2. Principal Borough Director

3. Initial counterparty Barclays

4. Date loan was signed 27^th April 2007

5. Drawdown date 1^st May 2007

6. Maturity date 4^th May 2032

7. Option period (number of months) The last business day of each
successive period of 6 months.

8. Start date for teaser rate (if applicable) N/A

9. Teaser interest rate (if applicable - intended as the discount rate
sometimes offered before the initial rate) N/A

10. Start date for initial rate 1^st May 2007

11. Initial interest rate (intended as the rate set for the term of the
loan until the first option is called) 4.71%

12. First option date 2^nd November 2009

13. Has the option been exercised? No

14. Most recent date when option was exercised (if applicable) N/A

15. Interest rate in 2015/16 4.7%

16. Interest paid in 2015/16 96k accrued interest

17. Fair value in March 2016 6.642m

18. Interest rate in 2018/19 – Not held

19. Interest paid in 2018/19 – Not held.

20. Fair value in March 2019 – Not held.

21. Current counterparty Barclays

22. Name of treasury management advisor when the loan was taken out Not
held.

23. Name of broker who arranged the loan Not held.

24. Fee paid to the broker for the loan Not held.

 

B. Please provide copies of:

1. The original LOBO loan contracts Attached.

2. The invoices for the broker fees Not held.

 

I hope this resolves your enquiry and that you are satisfied with the
response.

 

However, if you are dissatisfied with the way your request has been
handled, you have the right to request an internal review.

 

If you are still dissatisfied following a review by the Council, you have
the right to complain to the Information Commissioner. You can contact the
Information Commissioner at:

 

Information Commissioner's Office

Wycliffe House

Water Lane

Wilmslow

Cheshire

SK9 5AF

Telephone 01625 545 700

[1]https://ico.org.uk/

 

Regards,

 

 

Julie Hemming-Smout

Information Support Officer, Bromsgrove District and Redditch Borough
Councils

 

Tel: (01527) 64252, extension 3871

Email: [2][email address]

 

Bromsgrove District Council Redditch Borough Council

Parkside, Town Hall,

Market Street, Walter Stranz Square,

Bromsgrove, Redditch,

Worcestershire B61 8DA Worcestershire B98 8AH

[3]www.bromsgrove.gov.uk [4]www.redditchbc.gov.uk

   

View our privacy notices via the following links –

Redditch:

[5]http://www.redditchbc.gov.uk/council/cor...

Bromsgrove:

[6]http://www.bromsgrove.gov.uk/council/cor...

 

 

 

 

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References

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5. http://www.redditchbc.gov.uk/council/cor...
6. http://www.bromsgrove.gov.uk/council/cor...
7. mailto:[Redditch Borough Council request email]
8. mailto:[email address]

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.