LOBO loans

Jamie Griffiths made this Freedom of Information request to Croydon Borough Council

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The request was successful.

Jamie Griffiths

Dear Croydon Borough Council,

1. How many Lender Option Borrower Option (LOBOs) contracts do you have on your books?

2. When were they signed and by whom?

3. With which financial institutions were they taken out?

4. Who advised the council to enter the LOBO(s)?

5. Since each Contract has been signed, has the lender exercised their option and changed the interest rate?

6. If so, please specify the dates of the interest rate changes and the revised interest rates.

7. Please provide a copy of the original, signed LOBO agreements.

Yours faithfully,

Jamie Griffiths

Freedom of Information, Croydon Borough Council

 

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Freedom of Information, Croydon Borough Council

10 Attachments

Dear Mr Griffiths

 

Freedom of Information Request

Please see attached the council's response to your Freedom of Information
request.

Yours sincerely

 

Ahtisham Riaz

FOI Coordinator

Croydon Council

 

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Dear Croydon Borough Council,

Please pass this on to the person who conducts Freedom of Information reviews.

I am writing to request an internal review of Croydon Borough Council's handling of my FOI request 'LOBO loans'.

I feel that I have only been given a partial answer to the question "Who advised the council to enter the LOBO(s)?"

The response received was "The LOBOs were taken up in accordance with the Authority’s Treasury Strategy for each year. LOBO 5, 6, 8 & 9 were agreed after consulting with the Council’s treasury advisors."

A full answer would specify which firms were acting as the Council's treasury advisers at the time of taking out the LOBOs referenced. Can this information please be provided?

A full history of my FOI request and all correspondence is available on the Internet at this address: https://www.whatdotheyknow.com/request/l...

Yours faithfully,

Jamie Griffiths

Passman, Howard, Croydon Borough Council

1 Attachment

Dear Mr. Griffiths,

 

Further to your email dated 21 April 2015 in which you requested an
internal review of the Council’s response to your request for information,
I have now concluded the review and am able to reply as follows.

 

In your request for an Internal review you asked the Council to reconsider
your request as you believed that you had not been provided with the
information that you requested.

    

In your request for information dated 7 March 2015 you requested the
following information:

 

“How many Lender Option Borrower Option (LOBOs) contracts do you have on
your books?

When were they signed and by whom?

With which financial institutions were they taken out? 

Who advised the council to enter the LOBO(s)?

Since each Contract has been signed, has the lender exercised their option
and changed the interest rate? If so, please specify the dates of the
interest rate changes and the revised interest rates.

Please provide a copy of the original, signed LOBO agreements”

 

The Council responded to you on 19 March 2015, provided you with the
following information:

 

“The Council has 9 LOBO loans outstanding:

 

LOBO 1 - £20m with Royal Bank of Scotland PLC signed by Marion Kelly on
15/7/2007

 

LOBO 2 - £10m with Dexia Credit Local signed by Nathan Elvery on 25/9/2007

 

LOBO 3 - £10m with Dexia Credit Local signed by Nathan Elvery on 25/9/2007

 

LOBO 4 - £20m with Royal Bank of Scotland PLC signed by Nathan Elvery on
14/8/2009

 

LOBO 5 - £20m with Royal Bank of Scotland PLC signed by Richard Simpson on
15/7/2010

 

LOBO 6 - £20m with Royal Bank of Scotland PLC signed by Richard Simpson on
15/7/2010

 

LOBO 7 - £20m with Royal Bank of Scotland PLC signed by Nathan Elvery on
8/4/2009

 

LOBO 8 - £10m with Siemens Financial Services signed by Richard Simpson on
19/7/2012

 

LOBO 9 - £9.5m with Siemens Financial Services signed by Richard Simpson
on 11/11/2013

 

The LOBOs were taken up in accordance with the Authority’s Treasury
Strategy for each year. LOBO 5, 6, 8 & 9 were agreed after consulting with
the Council’s treasury advisors.

 

No lender has to date exercised their option to vary the interest rate of
any of the LOBOs.

 

Please see attached above the documentation for each of the LOBOs.”

 

In your request for an Internal Review dated, 21 April 2015 you stated:

 

“I feel that I have only been given a partial answer to the question "Who
advised the council to enter the LOBO(s)?"

 

The response received was "The LOBOs were taken up in accordance with the
Authority’s Treasury Strategy for each year. LOBO 5, 6, 8 & 9 were agreed
after consulting with the Council’s treasury advisors."

 

A full answer would specify which firms were acting as the Council's
treasury advisers at the time of taking out the LOBOs referenced. Can this
information please be provided?.” 

 

On receiving your request for an Internal Review I made further enquiries
of the Pensions & Treasury Division, following which they have confirmed
that the Council’s treasury advisers are Capita Asset Services.

 

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

 

Information Commissioner’s Office, Wycliffe House

Water Lane, Wilmslow

Cheshire, SK9 5AF

 

Yours sincerely,

 

Howard Passman

Legal & Democratic Services
Resources Department
Annexe 4,

Bernard Weatherill House

8 Mint Walk

Croydon

Surrey

CR0 1EA

020 8726 6000 ext. 62318

[1]cid:image001.jpg@01CB596C.6115F4C0

 

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Jamie Griffiths

Dear Howard Passman,

Thank you for conducting the internal review so swiftly and for your prompt response - it's very much appreciated.

Yours sincerely,

Jamie Griffiths