LOBO loan details for 2015/16 & 2018/19

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Research for Action

Dear Woking 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

Comments, Woking Borough Council

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Kind regards,

Customer Services
_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​_​___________________________
Woking Borough Council, Civic Office, Gloucester Square, Woking, Surrey GU21 6YL
Phone: 01483 755855 | Fax: 01483 768746 | Web: www.woking.gov.uk

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Comments, Woking Borough Council

We acknowledge receipt of your Freedom of Information Request. Your request has been forwarded to the Policy department for action.
Kind regards
Customer Services

______________________________________________
Woking Borough Council, Civic Offices, Gloucester Square, Woking, Surrey, GU21 6YL
Phone: 01483 755855 | Fax: 01483 768746 | Web: www.woking.gov.uk

________________________________________
From: Research for Action [[FOI #573992 email]]
Sent: 03 May 2019 13:00
To: Comments
Subject: Freedom of Information request - LOBO loan details for 2015/16 & 2018/19

Dear Woking 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

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Woking Borough Council

Dear Sir/Madam,

Freedom of Information Act 2000 - Information Request.

Reference: (3093-14250921)
Subject: LOBO Loans

Thank you for your request for information under the Freedom of
Information Act 2000. Your request was received on 03/05/2019 and we are
dealing with it under the terms of the Act.

You will receive the information requested within 20 working days unless
the Council does not hold the information or there is a reason for it to
be withheld. We will write to you in any event.

In the meantime, if you have any questions please do not hesitate to
contact the Democratic Services Team at Woking Borough Council.

Democratic Services (FOI Request).
Civic Offices,
Gloucester Square,
Woking,
GU21 6YL.
[1]Email: [email address]
Tel: 01483 755855

Yours faithfully,

Woking Borough Council,
Civic Offices,
Gloucester Square,
Woking,
GU21 6YL.

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Woking Borough Council

5 Attachments

Dear Sir/Madam,

Freedom of Information Act 2000 - Information Request.
Our Reference (3093-14250921).

Further to your request for information dated 03/05/2019, I can confirm that your request has been dealt with as a formal request for information under the Freedom of Information Act 2000.

You requested;
FOI Request Subject `LOBO Loans`.
FOI Request Details;
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

I confirm that the Council holds information which meets the description contained in your request and the information requested is set out below.

The requested information is contained in the attached spreadsheet. Where broker and treasury adviser names have been provided, they are the current incarnations of the company. The brokerage invoices are beyond their retention period and so cannot be provided.

Copies of the LOBO agreements are provided for Barclays and Danske. A request for release of the Dexia agreements has been submitted in the past to Dexia who declined for the following reason: “…..providing copies of the LOBO documentation would be prejudicial to its commercial interests and would on such basis fall within the scope of the exemption provided at section 43(2) of FOIA.” We are therefore not able to supply copies of these agreements.

I hope that you are satisfied with the way in which your request for information has been dealt with. If not, the Council has decided that any complaint regarding requests for information that cannot be dealt with satisfactorily on an informal basis should be dealt with in accordance with its established complaints procedure.

Complaints.
Woking Borough Council,
Civic Offices,
Gloucester Square,
Woking,
GU21 6YL.
Email: [email address]

Details of the Council's complaints procedure may be found at:
http://www.woking.gov.uk/council/about/c...

Alternatively, I can forward you a paper copy of a leaflet giving details. I am also happy to discuss any queries that you may have regarding how we have dealt with your request for information. In addition, you may apply to the Information Commissioner for a decision whether your request for information has been dealt with in accordance with the requirements of the Act (although I understand that the Information Commissioner may decline to become involved if you have not first exhausted the Council's complaints procedure).

The Information Commissioner may be contacted at:
Information Commissioner's Office.
Wycliffe House,
Water Lane,
Wilmslow,
Cheshire,
SK9 5AF.
Tel: 08456 306060 or 01625 545745
Email: [email address]
Website: www.ico.org.uk

Yours faithfully,

Julie Rowling.
Business Support Manager,
Woking Borough Council,
Civic Offices,
Gloucester Square,
Woking,
GU21 6YL.
[email address]

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