LOBO loans

The request was refused by Cornwall Council.

Dear Cornwall 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 agreement.

Yours faithfully,

Fanny Malinen

Cornwall Council

Thank you for your Freedom of Information/Environmental Information Regulations request - Reference 101002006420.

In normal circumstances we will provide a response within 20 working days of receiving your request.

There may be some instances where we will need to contact you in the order to clarify parts of your request or where the cost of
dealing with your request is excessive due to the time involved in collating the information. If this is the case we will help you
to narrow the request to take it under any cost limit.

There may also be a small number of occasions where we may need to extend the 20 day deadline. We will aim to inform you if this is likely.

More information can also be found on our Freedom of information pages using the following link - http://www.cornwall.gov.uk/default.aspx?...

Cornwall Council is committed to open and transparent government and provides information to members of the public about all aspects of the authority.

We deal with over 4000 requests for information each year. We estimate that the cost of dealing with each request ranges
between £150 and £350 to administer. You may be able to find the information by checking previous responses using http://www.cornwall.gov.uk/default.aspx?...
or checking the Council?s website at www.cornwall.gov.uk. Therefore if you do subsequently find the information you require by this method and no longer
wish us to process your request, please let us know.

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Lofthouse Rachel, Cornwall Council

3 Attachments

Dear Ms Malinen,

Please find attached a letter formally enclosing the Council’s response to your request for information under the Freedom of Information Act 2000. If you have difficulty in opening the attachment(s), please contact me and I will send you a copy by post.

Kind regards,

Rachel Lofthouse

Business Support Officer
Business Planning and Development Service
Communities and Organisational Development Directorate
Cornwall Council
Tel: 01872 324420
Internal: 494420
BP&D[Cornwall Council request email]

Room 3S, New County Hall, Treyew Road, Truro, TR1 3AY
www.cornwall.gov.uk

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show quoted sections

Dear Cornwall Council,

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

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

I feel that the answers to my questions 2, 4 and 7 were inadequate.

Copies of the contracts, as well as who signed them and when, were not provided, quoting Section 43(2): commercial confidentiality.

I believe it is in the public interest to be able to effectively scrutinise the council’s borrowing decisions.

The complexity of the loan instruments means that effective scrutiny is only possible by looking at the details of the contracts. To benchmark LOBO loans against a PWLB public borrowing comparison far outweighs concerns raised over commercial confidentiality.Therefore, please provide full and original copies of the loan agreements as well as detailed information (names) of the advisors who advised entering them.

Guidance issued by the Information Commissioner sets out there is a “clear and compelling public interest in disclosing information about the spending of taxpayers money” and that where applicable, the application of Section 43(2) “should not result in the blanket exemption of whole contracts.”

Additionally, please confirm the named counterparties the council has consulted (including banks, advisors, and brokers) prior to applying the Section 43(2).

In Derry City Council vs Information Commissioner (EA/2006/0014) it was established that to engage Section 43(2) authorities should consult any parties whose interests might be affected if the information were disclosed.

Failure to obtain the views of affected third parties can invalidate the authorities reliance on the exemption.

Please note that numerous local authorities - including Manchester, Kent, Greenwich and Haringey - have fully responded to similar Freedom of Information requests, providing digital copies of the LOBO loan contracts. Lenders named in these contracts have included Barclays, RBS, Dexia and DEPFA.

Also, please be aware that public broadcasters will be scrutinising non-disclosure of this information by public authorities.

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,

Fanny Malinen

Freedom Of Information Mail, Cornwall Council

Dear Ms Malinen

 

Thank you for your e-mail.  We are sorry to hear that you are not happy
with the response to your recent request for information under the Freedom
of Information Act 2000 (FOI).

 

In order to fully reconsider your request we will now undertake an
internal review.  The case number remains as 101002006420 which we would
kindly ask you to quote on all correspondence.

 

Please note that under FOI, a public authority has up to 20 working days
in which to respond to an internal review.  We therefore anticipate
responding to you on or before the 2^nd June 2015.

 

If the internal review does not resolve the matter to your satisfaction,
you have the right to apply directly to the Information Commissioner, the
contact details of whom are:

 

FOI/EIR Complaints Resolution

Information Commissioner's Office

Wycliffe House

Water Lane

Wilmslow

Cheshire

SK9 5AF

Email: [1][email address]

 

Kind regards

 

Mario Cortes

Freedom of Information & Complaints Advisor

Customer & Communities Service

 

Room 4S, New County Hall, Treyew Road, Truro TR1 3AY

[2]www.cornwall.gov.uk

 

Please let us know if you need any particular assistance from us, such as
facilities to help with mobility, vision or hearing, or information in a
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Crawford Alison, Cornwall Council

1 Attachment

Dear Ms Malinen

 

Please find attached a letter formally enclosing the Council’s response to
your request for an Internal Review.   If you have difficulty in opening
the attachment, please contact me and I will send you a copy by post.

 

Kind regards,

 

 

Alison Crawford

Business Support Officer

Business, Planning and Development Service

Cornwall

Tel: 01872 324420

Email address@ [1]BP&[email address]

Room 3S, New County Hall, Treyew Road

Truro TR1 3AY

DX: 12262 Truro 4

[2]www.cornwall.gov.uk

 

This e-mail and attachments are intended for above named only and may be
confidential. If they have come to you in error you must take no action
based on them, nor must you copy or show them to anyone; please e-mail us
immediately at [email address].

Please note that this e-mail may be subject to recording and/or monitoring
in accordance with the relevant legislation and may need to be disclosed
under the Freedom of Information Act 2000 or the Environmental Information
Regulations 2004.

Security Warning: It is the responsibility of the recipient to ensure that
this e-mail and any attachments are virus free. The Authority will not
accept liability for any damage caused by a virus.

References

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Jamie Griffiths left an annotation ()

Not an appropriate response under Section 17 FOI - no evidence of public interest test being applied to this qualified exemption.

Jamie Griffiths left an annotation ()

Appeal to ICO successful. Decision notice: https://ico.org.uk/media/action-weve-tak...
LOBO details (including link to contracts): http://lada.debtresistance.uk/local-auth...