LOBO loan details for 2015/16 & 2018/19

The request was partially successful.

Research for Action

Dear Surrey County 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

Maggie McCormack, Surrey County Council

Dear Ludovica Rogers

YOUR REQUEST REF NO. FOI 001 420 UNDER THE FREEDOM OF INFORMATION ACT 2000

Thank you for your request for information received on the 03 May 2019. Your request reference is as above.

We will respond to your request promptly and in any event within 20 working days from the date of receipt of your request. If you wish to contact me to discuss the progress of your request, please use the contact details given below and quote the reference number given above.  

Kind regards
Maggie Mc Cormack

Corporate Information Governance Team (Room 138) | Surrey County Council | County Hall | Penrhyn Road | Kingston upon Thames | Surrey | KT1 2DN
Tel: 020 8541 9130 | Email: [email address] |

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FOI/COR/SCC, Surrey County Council

3 Attachments

Dear Ms Rogers

 

YOUR REQUEST REF NO. FOI001420/FOI1001149 UNDER THE FREEDOM OF INFORMATION
ACT 2000

We have considered your request which was for

 

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

 

Please see attached spreadsheet and copy document referred to.

 

We have redacted the names/signatures of officers of the Council and bank
from the copy documentation as they are considered to be the personal
information of those individuals.

 

This personal information is exempt under Section 40 (2) by virtue of
Section 40 (3A) (a) of the Freedom of Information Act 2000 (as amended). 
Disclosure under the Freedom of Information Act is deemed to be to the
public at large.  This information cannot be disclosed because its
disclosure to a member of the public would contravene one or more of the
data protection principles relating to the processing of personal
information. They are set out in Article 5 (1) of the General Data
Protection Regulation and section 34(1) of the Data Protection Act 2018. 
As a public authority, Surrey County Council must observe all of the data
protection principles when processing personal data.  The exemption from
the duty to disclose personal data where to do so would breach a data
protection principle is an absolute exemption; the public interest test in
section 2 of the Freedom of Information Act does not apply.

 

We supply this information based on your original request. Please do not
hesitate to contact me at the above address if you have any queries
regarding the information supplied.  Remember to quote the reference
number above in any future communications.

 

If you are unhappy with the handling of your request for information and
wish to make a complaint or request a review of our decision, in the first
instance you should contact the County Council, quoting your request
number given above, at:

 

Freedom of Information Officer

Surrey County Council

Legal & Democratic Services

County Hall

Penrhyn Road

Kingston upon Thames

Surrey

KT1 2DN

[Surrey County Council request email]

 

If you are not satisfied by the County Council’s response to your
complaint, you have the right to apply to the Information Commissioner for
a decision.  The Information Commissioner will normally expect you to have
exhausted our complaints procedure.  The Information Commissioner can be
contacted at:

 

Information Commissioner’s Office

Wycliffe House

Water Lane

Wilmslow

Cheshire

SK9 5AF

 

Yours sincerely

 

 

 

Mrs Mary J Elliott

Freedom of Information Officer

Legal & Democratic Services

(Mondays to Thursdays)

 

Corporate Information Governance Team (Room 138) |  Democratic Services |
Surrey County Council | County Hall | Penrhyn Road | Kingston upon Thames
| Surrey | KT1 2DN

Tel: 020 8541 7969 | Email: [1][Surrey County Council request email]

 

[2]cid:image001.jpg@01D4DB4C.8DCBAD00

 

 

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References

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Research for Action

Dear Surrey County Council,
Thank you for your response. However you have provided me with the information requested in a different FOI request on the 18th of March.
I am now requesting new and different information regarding ALL the LOBO loans the council has had since 2015/16 and am not asking information about the restructuring.
Can you please therefore confirm you will process this as a new FOI request.
Kind regards,
Ludovica Rogers

FOI/COR/SCC, Surrey County Council

Thank you - I am checking the position with Finance and will let you know whether we hold any additional information.

Regards

Mary Elliott

Mrs Mary J Elliott
Freedom of Information Officer
Legal & Democratic Services
(Mondays to Thursdays)

Corporate Information Governance Team (Room 138) |  Democratic Services | Surrey County Council | County Hall | Penrhyn Road | Kingston upon Thames | Surrey | KT1 2DN
Tel: 020 8541 7969 | Email: [email address]

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FOI/COR/SCC, Surrey County Council

Dear Ms Rogers

Finance have confirmed that we only had one LOBO and that was converted. There is no additional information held to supply.

Regards

Mary Elliott

Mrs Mary J Elliott
Freedom of Information Officer
Legal & Democratic Services
(Mondays to Thursdays)

Corporate Information Governance Team (Room 138) |  Democratic Services | Surrey County Council | County Hall | Penrhyn Road | Kingston upon Thames | Surrey | KT1 2DN
Tel: 020 8541 7969 | Email: [email address]

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