LOBO loans

The request was partially successful.

Dear Kingston upon Thames 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,

Dear Mr Griffiths,

 

Freedom Of Information Request

 

Thank you for your e-mail to the Customer Contact Centre containing a
Freedom of Information request.

 

Your request has been processed under the job number CAS-597437 and a
response will be sent to you within twenty working days as defined by the
Act, I estimate the due date to be ^ 15^th April 2015.

 

If I can be of further assistance to you with this matter please feel
welcome to contact me.

 

Yours sincerely,

 

Asim Chaudhry
Complaints Officer
Customer Contact Centre
Royal Borough of Kingston

[1]http://www.kingston.gov.uk/info/200232/c...

The information contained in this message is confidential. It is intended
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From: [FOI #258283 email]
Received: 14/03/2015 17:34
To: FOI; Freedom of Information
Subject: Freedom of Information request - LOBO loans

Dear Kingston upon Thames 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

-------------------------------------------------------------------

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show quoted sections

Freedom of Information,

Dear Jamie Griffiths, 

Re: Request for information under the Freedom of Information Act 2000

Your request for information under the Freedom of Information Act 2000 has
now been considered and the information requested is given below.  For
ease of reference we have repeated your questions (in bold) before the
response.

1. How many Lender Option Borrower Option (LOBOs) contracts do you have on
your books? - 12

2. When were they signed and by whom?
 

Assistant Director of Finance (Treasury)      Head of Finance (Strategy
& Accounting)

30 April 2001                                                     23
November 2011   

11 April 2002                                                     23
November 2011

30 March 2004                                                  17
January 2012

9 September 2004                                            7 February
2012

9 November 2005

2 March 2006

22 March 2006

28 November 2006

3. With which financial institutions were they taken out?

30 April 2001 - Bayerische Landesbank Girozentrale                      
    
11 April 2002  - Bayerische Landesbank Girozentrale                    
                       
30 March 2004 - Barclays Bank PLC                             
9 September 2004 - KBC Bank N.V.                          
9 November 2005 - Europaische Hypothekenbank
2 March 2006 - Barclays Bank
22 March 2006 - Europaische Hypothekenbank
28 November 2006- Europaische Hypothekenbank

23 November 2011 - Dexia Municipal Agency
23 November 2011 - Dexia Municipal Agency
17 January 2012 - FMS Wertmanagement AöR

7 February 2012 - FMS Wertmanagement AöR

4. Who advised the council to enter the LOBO(s)? - The Council did not
take specific advice to enter into these LOBOs though general advice on
Treasury Management activity, including LOBOs, has been provided by
external consultants throughout this period.

5. Since each Contract has been signed, has the lender exercised their
option and changed the interest rate?- No

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

7. Please provide a copy of the original, signed LOBO agreements.  - In
line with the provisions of Section 43 of the Freedom of Information Act
2000, copies of the original, signed LOBO agreements have not been
provided to protect commercial confidentiality.

 

Further information about the Freedom of Information Act 2000 is available
from the Information Commissioner at:

 

Information Commissioner’s Office

Wycliffe House

Water Lane, Wilmslow

Cheshire, SK9 5AF

Telephone: 01625 545 700   

Website: [1]http://www.ico.org.uk/

 

You can make future requests for information under the Freedom of
Information Act 2000 on our website using the following link:

 

[2]http://www.kingston.gov.uk/info/200278/f...

  

Yours sincerely,

Freedom of Information Team

The Royal Borough of Kingston upon Thames 

"The information contained in this message is confidential. It is intended
solely for the use of the individual or entity to whom it is addressed and
others authorised to receive it. If the reader of this message is not the
intended recipient, you are hereby notified that any use,
copying, dissemination or disclosure of this information is
strictly prohibited".
02 Apr 2015 08:19:42 -0000

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2. http://www.kingston.gov.uk/info/200278/f...

Dear Kingston upon Thames Borough Council,

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

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

I feel that the responses given to questions 4 and 7 are inadequate.

To question 4, "Who advised the council to enter the LOBO(s)?", the council responded "The Council did not take specific advice to enter into these LOBOs though general advice on Treasury Management activity, including LOBOs, has been provided by external consultants throughout this period."

Can the firms providing general advice on Treasury Management activity, including LOBOs, during the period in question be provided along with the dates during which they were actively providing advice?

To question 7, "Please provide a copy of the original, signed LOBO agreements.", the council responded "In line with the provisions of Section 43 of the Freedom of Information Act 2000, copies of the original, signed LOBO agreements have not been provided to protect commercial confidentiality."

I believe that the public interest in scrutinising these complex transactions far outweighs the concern over protecting commercial confidentiality. Please note that many other local authorities have responded to similar requests by providing digital copies of LOBO loan contracts.

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

Chris Warner,

3 Attachments

Dear Mr Griffiths

 

I was asked to carry out a review following your dissatisfaction with
responses to Q’s 4 and 7.

 

I attach my review letter with redacted Agreements.

 

 

 

 

Mr Chris Warner,

Manager Litigation and Planning Team

South London Legal Partnership

Gifford House, 67c St Helier Avenue, Morden, SM4 6HY

DX 161030 Morden 3

Secure email address: [email address]

Tel: 020 8545 3470

[mobile number]

Fax: 020 8545 3244

 

 

[1]cid:image001.png@01D0A51C.369B9E60

 

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Jamie Griffiths left an annotation ()

Take it to the ICO, absurd to provide contracts without the interest rate information. Entirely meaningless!

Jamie Griffiths left an annotation ()

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