LOBO loans and broker fees

The request was partially successful.

Ludovica Rogers

Dear Renfrewshire Council,

Regarding your LOBO loan portfolio, please provide:

1. A spreadsheet with the following details for each loan:
- Principal
- Date signed
- Drawdown date
- Has the option been exercised?
- If so when
- Current interest rate
- Current fairvalue
- Current counterparty
- Name of the Treasury Management Advisor when the loan was taken out

2. Copies of all LOBO loan contracts

3. Copies of all broker fee invoices

4. Treasury Management Advisor contracts, invoices and tender documents for the period between 2002 and 2009

Kind regards,

Ludovica Rogers

FOI MAILBOX, Renfrewshire Council

3 Attachments

Dear Ludovica Rogers

Freedom of Information Application - Acknowledgement  REF: IG170320

Thank you for your enquiry, received by the Council on 07/03/17

I am writing to inform you that your application for information is being
dealt with under the provisions of the Freedom of Information (Scotland)
Act, 2002. Section 10(1) of the Act stipulates that enquiries must be
dealt with within twenty working days of receipt.  However, we will
endeavour to answer your enquiry as soon as possible.

[1]Inactive hide details for Ludovica Rogers ---07/03/2017
06:03:10---Ludovica Rogers
<[FOI #393740 email]>Ludovica Rogers ---07/03/2017
06:03:10---Ludovica Rogers <[FOI #393740 email]>

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Joseph Bartoletti,

2 Attachments

Dear Ms Rogers,

Freedom of Information (Scotland) Act 2002 Request

Information Requested

Renfrewshire Council received your request for information on 07 March
2017.  You wrote:

Regarding your LOBO loan portfolio, please provide:

1. A spreadsheet with the following details for each loan:
- Principal
- Date signed
- Drawdown date
- Has the option been exercised?
- If so when
- Current interest rate
- Current fairvalue
- Current counterparty
- Name of the Treasury Management Advisor when the loan was taken out

Response:

+------------------------------------------------------------------------------------------------+
| | 01 | 02 | 03 | 04 | 05 |
|--------------------+---------------+-----------+---------------+---------------+---------------|
|--------------------+---------------+-----------+---------------+---------------+---------------|
|1) Loan principal | £5,500,000 |£6,150,000 | £20,000,000 | £10,000,000 | £11,266,000 |
|--------------------+---------------+-----------+---------------+---------------+---------------|
|2) Trade date when | 16-Apr-02 | 27-Feb-03 | 13-Nov-03 | 13-Nov-03 | 13-Nov-03 |
|the loan was signed | | | | | |
|--------------------+---------------+-----------+---------------+---------------+---------------|
|3) Has the option | n/a | yes | yes | yes | yes |
|been exercised | | 27-Feb-09 | 14-Nov-05 | 13-Nov-06 | 13-Nov-07 |
|--------------------+---------------+-----------+---------------+---------------+---------------|
|4) Current interest | 4.85% | 4.70% | 4.65% | 4.65% | 4.75% |
|rate | | | | | |
|--------------------+---------------+-----------+---------------+---------------+---------------|
|5) Current fair | £7,317,686 |£7,932,171 | £26,527,755 | £13,325,446 | £15,246,698 |
|value | | | | | |
|--------------------+---------------+-----------+---------------+---------------+---------------|
|6) Current | FMS |Commerzbank| FMS | FMS | FMS |
|counterparty |Wertmanagement | |Wertmanagement |Wertmanagement |Wertmanagement |
| | AoR | | AoR | AoR | AoR |
|--------------------+---------------+-----------+---------------+---------------+---------------|
|7) Treasury |Sector Treasury| Sector |Sector Treasury|Sector Treasury|Sector Treasury|
|Management Advisor -| Services | Treasury | Services | Services | Services |
|when loan was taken | | Services | | | |
|out | | | | | |
+------------------------------------------------------------------------------------------------+

2. Copies of all LOBO loan contracts

Response: I confirm that the Council holds the information requested but
is refusing your request, as set out under Section 16 of the Freedom of
Information (Scotland) Act 2002.

The reason for this refusal is under Section 33 (Commercial Interest in
the Economy) of the Freedom of Information (Scotland) Act 2002.
 Disclosure of the requested information would be likely to prejudice
substantially the commercial interests of the supplier and the Council.
 It has also been considered whether it would be in the public interest to
disclose this information at this stage.   In all the circumstances, given
the likely prejudice, the public interest in maintaining the exemption
outweighs the public interest in disclosing the information at this stage.
 It is worth noting that whilst the 2002 Act does not define the term
“public interest”, the public interest does not mean what is of interest
to the public, but what is in the interest of the public.  

3. Copies of all broker fee invoices

Response:
Invoices are no longer available however, details of payments made are
below and correspond to the table above.

+------------------------------------------------------------------------+
|| prebon | prebon | prebon | prebon | prebon |
|| marshall | marshall | marshall | marshall | marshall |
|| yamane | yamane | yamane | yamane | yamane |
|| £13,200 | £14,760 | £24,000 | £18,000 | £27,000 |
+------------------------------------------------------------------------+

4. Treasury Management Advisor contracts, invoices and tender documents
for the period between 2002  and 2009

Response: Please see a copy of the specification used since 2010 attached
below.  Prior to 2010 information is not held.

As the Council does not hold recorded information falling within the scope
of your request, I am providing notice under Section 17 of the Freedom of
Information (Scotland) Act 2002 that the Council does not hold the
information requested and so, is unable to comply with this aspect of your
request.  

I hope this information is of interest.

Review Procedure

If you are dissatisfied with the way in which the Council has dealt with
your request, you are entitled to require the Council to review its
decision.  A copy of the Council’s review procedures is detailed in the
attachment below.

Yours sincerely,

Joseph Bartoletti
Records Manager
Finance & Resources
Tel: 0141 618 5149
[email address]

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Dear Joseph Bartoletti,
Thank you for providing some of the information requested.
Could you kindly send the spreadsheet as an attachment as in email format is illegible.
Kind regards,
Ludovica Rogers

Joseph Bartoletti,

I am out of the office from 13/04/2017 16:00 until 18/04/2017 08:00.
 
Please note, that Council offices are shut on 14 & 17 April. I will not
have access to emails during this period, but will respond when I am back
in the office.

Thank you.
 
 
 
Note: This is an automated response to your message "Re: RESPONSE TO
FREEDOM OF INFORMATION (SCOTLAND) REQUEST - REF: IG170320" sent on
14/04/2017 22:11:40.
 
This is the only notification you will receive while this person is away.

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Ludovica Rogers left an annotation ()

Internal review for the contracts

Joseph Bartoletti,

1 Attachment

Dear Ms Rogers,
Thank you for your email. My apologies for the formatting issues. I have
enclosed the information sent in my original response within the attached
spreadsheet.

Please contact me if you have any further queries.

Sincerely,

Joseph Bartoletti
Records Manager
Finance & Resources
Tel: 0141 618 5149
[email address]

[1]Paisley2021 Facebook

[2]Paisley2021 Facebook[3] /paisley2021  [4]Paisley2021 Twitter[5] @Paisley2021  [6]Paisley2021[7] /paisley2021

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References

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1. http://www.paisley2021.co.uk/
2. https://www.facebook.com/paisley2021/
3. https://www.facebook.com/paisley2021/
4. https://twitter.com/paisley2021
5. https://twitter.com/paisley2021
6. https://www.instagram.com/paisley2021/
7. https://www.instagram.com/paisley2021/