Restructuring of LOBO loans

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Research for Action

Dear Moray Council,

A. How many LOBO loans (number of loans and total principal) has the council restructured, refinanced or for which the terms of the contracts have changed since 2015.

B. For such loans please provide a spreadsheet with the following information (a row for each loan and each parameter listed in a separate column):
1. Internal reference number
2. Principal of the original LOBO loan
3. Initial counter-party of the original LOBO loan
4. Drawdown date of the original LOBO loan
5. Maturity date of the original LOBO loan
6. Date when the LOBO loan was restructured/refinanced
7. Breakage cost or fee paid to the counter-party for the refinancing/restructuring
8. How was the loan restructured/refinanced? (i.e. loan was transformed into fixed rate loan by removing the option, or loan was repaid with a new bank loan, or with a PWLB loan, or other - please specify)
9. Principal of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
10. Maturity date of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
11. Interest rate of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
12. Fair value of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
13. Name of any third-party advisor used for the restructuring/refinancing
14. Fee paid to the advisor for the restructuring/refinancing
15. Name of broker who arranged the restructuring/refinancing
16. Fee paid to the broker for the restructuring/refinancing

C. Please provide copies of new contracts and any other official documents related to the restructuring/refinancing

D. Please provide invoices for the broker fees for the restructuring/refinancing

Yours faithfully,

Ludovica Rogers

Moray Council

Reference: 101002114639

Dear Ludovica Rogers

REQUEST FOR INFORMATION UNDER THE FREEDOM OF INFORMATION (SCOTLAND) ACT 2002

Thank you for your information request received 2019-03-19. This is being dealt with in terms of the Freedom of Information (Scotland) Act 2002.

In order to co-ordinate your request, I am acting as your central point of contact and can be contacted on the telephone on 01343 563110 or by email at [Moray Council request email]

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Please note that The Moray Council owns copyright in the material supplied in response to your enquiry unless otherwise stated. The supply of documents and information by the Council does not give the person or organisation who receives them the right to re-use the documents in a way which would infringe copyright under the Copyright, Designs and Patents Act 1988. Such material is not to be used commercially without permission from the copyright holder.

Should this information be reused for commercial purposes the information will be subject to the Re-use of Public Sector Information Regulations 2015. Under these regulations the Council is entitled to charge a fee for the re-use of information.

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If you are still dissatisfied with the outcome of this review, then you may appeal within 6 months by writing to the Scottish Information Commissioner via their online appeal service at www.itspublicknowledge.info/Appeal or to Kinburn Castle, Doubledykes Road, St Andrews, Fife KY16 9DS.

Further information on the Freedom of Information (Scotland) Act 2002 can be obtained by visiting www.moray.gov.uk or the Scottish Information Commissioner's website, www.itspublicknowledge.info.

Yours sincerely

Sophie Ward

Information Co-ordinator

01343 563110

The Moray Council

[Moray Council request email]

Moray Council

Reference: 101002114639

Dear Ms Rogers

REQUEST FOR INFORMATION UNDER THE FREEDOM OF INFORMATION (SCOTLAND) ACT 2002

Thank you for your information request concerning Restructuring of LOBO loans dated 2019-03-19. This is being dealt with under the Freedom of Information (Scotland) Act 2002.

The response to your information request can be found on the Council's website http://www.moray.gov.uk/moray_standard/p... (please note that it can take up to 1 hour for the website to update).

We trust this satisfies your information request. It is the council's practice to publish all requests and responses on its website. If you have any queries about this email please contact Alison Morris on 01343 562633 or email [Moray Council request email] quoting the reference number given above.

Please note that The Moray Council owns copyright in the material supplied in response to your enquiry unless otherwise stated. The supply of documents and information by the Council does not give the person or organisation who receives them the right to re-use the documents in a way which would infringe copyright under the Copyright, Designs and Patents Act 1988. Such material is not to be used commercially without permission from the copyright holder.

Should this information be reused for commercial purposes the information will be subject to the Re-use of Public Sector Information Regulations 2015. Under these regulations the Council is entitled to charge a fee for the re-use of information.

If you are dissatisfied in any way with the manner in which the Council has dealt with your request for information, you are entitled to ask the Council to review its actions and decisions. If you would like a review of the decision please write to the Records and Heritage Manager, Elgin Library, Cooper Park, Elgin, IV30 1HS. A review panel will convene and has 20 working days to consider and respond to your appeal. All appeal requests must be made in writing.

If you are still dissatisfied with the outcome of this review, then you may appeal within 6 months by writing to the Scottish Information Commissioner via their online appeal service at www.itspublicknowledge.info/Appeal or to Kinburn Castle, Doubledykes Road, St Andrews, Fife KY16 9DS.

Further information on the Freedom of Information (Scotland) Act 2002 can be obtained by visiting www.moray.gov.uk or the Scottish Information Commissioner's website, www.itspublicknowledge.info.

Yours sincerely

Sophie Ward
Information Co-ordinator
01343 563110

The Moray Council
[Moray Council request email]