Restructuring of LOBO loans

The request was successful.

Research for Action

Dear Angus 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

InformationGovernance, Angus Council

Dear Sir/Madam

Thank you for your information request dated Monday 18 March 2019

If we are unable to provide you with a response within 20 working days, we will advise you of this in writing.

Please refer to the information below which explains your right to complain if you are unhappy with how the Council is dealing with your request.

If you have any queries, please ask for me on 01307 491808 or email [Angus Council request email]

Yours sincerely
Cath Bowman

Cath Bowman | Admin Assistant (Info Gov)| Place |Legal and Democratic| Angus Council | Angus House | Orchardbank |Forfar| DD8 1AN |Tel 01307 491808 | [email address] | [email address]

Could we have used Skype instead

FREEDOM OF INFORMATION (SCOTLAND) ACT 2002 ENVIRONMENTAL INFORMATION (SCOTLAND) REGULATIONS 2004 INSPIRE (SCOTLAND) REGULATIONS 2009

Your Right to Request a Review by the Council

If you are dissatisfied with the way in which Angus Council has dealt with your request for information under any of the above statutory instruments, you have a right to ask the council to review its actions and/or decisions regarding your request. If you wish to do this, you should make your request to the Service Leader – Legal & Democratic, Place Directorate, Angus Council, Angus House, Orchardbank Business Park, Forfar DD8 1AN or e-mail [Angus Council request email] within 40 working days.

Your request must: be in writing (or recordable format); give your name and address for correspondence; give details of the information which you originally requested from the council; and give the reasons why you are dissatisfied with the way in which your application for information has been dealt with.

Your application for review will then be considered by the council’s review panel. The review panel will write to you informing you of its decision not later than 20 working days after receipt of your request for a review. The review panel will also provide you with a statement of its reasons for arriving at the decision it has made.

Your Right to Appeal to the Scottish Information Commissioner

If you are dissatisfied with a decision of the council's review panel (or where the review panel has not provided you with a response), you have the right to apply to the Scottish Information Commissioner for a decision as to whether your request for information has been dealt with by the council in accordance with the above statutory instruments.

Your application to the Scottish Information Commissioner must:
be in a recordable format (letter, e-mail, audio tape etc); give your name and address for correspondence.
give details of the request for information which you originally requested from the council; give details of why you were dissatisfied with the council’s response to your original request; give details of why you were dissatisfied with the decision of the council's review panel.

In the case of an EIR or FOI request your application to the Scottish Information Commissioner must be made within 6 months of receipt of the decision of the council’s review panel (or within 6 months of the date that the review panel should have responded). No such time limit applies under the 2009 Regulations.

Appeals to the Commissioner can be lodged online through the following hyperlink:
http://www.itspublicknowledge.info/YourR... or by contacting:

Scottish Information Commissioner, Kinburn Castle, Doubledykes Road, St Andrews, Fife, KY16 9BS; Telephone - 01334 464610; Fax - 01334 464611; Email - [email address]

show quoted sections

BlackT, Angus Council

3 Attachments

Dear Sir/Madam

 

Request for Information: Angus Council Ref: 315/19 – Restructuring of LOBO
Loans

 

Thank you for your information request dated 18^th March 2019 (received by
the Council on that same day)

 

I have listed your questions and answered underneath each one:

 

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.

 

No LOBO loans have been restructured or refinanced, however 3 LOBOs have
been converted to fixed rate loans.

 

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

 

See attached spreadsheet.

 

7. Breakage cost or fee paid to the counter-party for the
refinancing/restructuring

 

Not applicable.

 

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)

 

LOBOs were transformed into fixed rate loans by removing the option.

 

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

 

Not applicable

 

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

 

A copy of the correspondence from the counterparty confirming the change
made to the loans is attached.

 

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

 

Not applicable.

 

In compiling responses to information requests we invariably use
information which is routinely published on the Council’s website or
through its Publication Scheme which can be accessed at the following
link:
[1]http://www.angus,gov.uk/info/20300/freed...
If you require further information please first check that the information
you want is not routinely published as any such information is exempt from
release in terms of Section 25 of the Freedom of Information (Scotland)
Act 2002 or Regulation 6(1)(b) of the Environmental Information (Scotland)
Regulations 2004.

 

I hope that this information is of some help to you.  Please note that the
information contained in this reply is believed to be accurate as at
todays date (unless otherwise indicated) but no warranty is given. 
Further, Angus Council does not accept liability for any loss, injury or
damage which arises from the use of the information contained in this
reply either by you or by any other party.  Please refer to the
information set out in the Appendix which explains your right to complain
if you are unhappy with how the Council has dealt with your request.

 

Please refer to the information set out in the Appendix which explains
your right to complain if you are unhappy with how the Council has dealt
with your request.

 

If you have any queries, please ask for Dawn Johnston on (01307) 492106 or
e-mail [2][email address].

 

Yours sincerely

 

 

 

Steven Mill

Service Lead (Finance)

 

APPENDIX

FREEDOM OF INFORMATION (SCOTLAND) ACT 2002

ENVIRONMENTAL INFORMATION (SCOTLAND) REGULATIONS 2004

INSPIRE (SCOTLAND) REGULATIONS 2009

 

Your Right to Complain to the Council

 

If you are dissatisfied with the way in which Angus Council has dealt with
your request for information under any of the above statutory instruments,
you have a right to ask the council to review its actions and/or decisions
regarding your request. If you wish to do this, you should make your
request to the Service Leader - Legal & Democratic, Place, Angus Council,
Angus House, Orchardbank Business Park, Forfar DD8 1AN or e-mail
[3][Angus Council request email] within 40 working days.

 

Your request must:

·         be in writing (or recordable format);

·         give your name and address for correspondence;

·         give details of the information which you originally requested
from the council;  and

·         give the reasons why you are dissatisfied with the way in which
your application for information has been dealt with.

 

Your application for review will then be considered by the council’s
review panel.  The review panel will write to you informing you of its
decision not later than 20 working days after receipt of your request for
a review. The review panel will also provide you with a statement of its
reasons for arriving at the decision it has made.

 

Your Right to Complain to the Scottish Information Commissioner:

If you are dissatisfied with a decision of the council's review panel (or
where the review panel has not provided you with a response), you have the
right to apply to the Scottish Information Commissioner for a decision as
to whether your request for information has been dealt with by the council
in accordance with the above statutory instruments.

 

Your application to the Scottish Information Commissioner must:

o be in a recordable format (letter, e-mail, audio tape etc);

o give your name and address for correspondence.
o give details of the request for information which you originally
requested from the council;
o give details of why you were dissatisfied with the council’s response
to your original request;
o give details of why you were dissatisfied with the decision of the
council's review panel.

 

In the case of an EIR or FOI request your application to the Scottish
Information Commissioner must be made within 6 months of receipt of the
decision of the council’s review panel (or within 6 months of the date
that the review panel should have responded).  No such time limit applies
under the 2009 Regulations.

 

The Scottish Information Commissioner can be contacted at:-

 

Scottish Information Commissioner, Kinburn Castle, Doubledykes Road, St
Andrews, Fife, KY16 9BS; Telephone - 01334 464610; Fax - 01334 464611;
Email - [4][email address])

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This message is strictly confidential. If you have received this in error,
please inform the sender and remove it from your system. If received in
error you may not copy, print, forward or use it or any attachment in any
way. This message is not capable of creating a legal contract or a binding
representation and does not represent the views of Angus Council. Emails
may be monitored for security and network management reasons. Messages
containing inappropriate content may be intercepted. Angus Council does
not accept any liability for any harm that may be caused to the recipient
system or data on it by this message or any attachment.

References

Visible links
1. http://www.angus,gov.uk/info/20300/freed...
2. mailto:[email address]
3. mailto:[Angus Council request email]
4. mailto:[email address]

Research for Action

Dear Angus Council,
Could you kindly also provide the Deed Poll that indicates the change of terms of the Barclays loans.
Kind regards,
Ludovica

BlackT, Angus Council

4 Attachments

Dear Sir/Madam

 

I refer to your request for further information dated 16^th May (received
by  the Council that same day) Dear Angus Council,

Could you kindly also provide the Deed Poll that indicates the change of
terms of the Barclays loans and enclose information as requested. Please
note that this information will also be sent to you under FOI request
506/19 which you will also receive today.

 

In compiling responses to information requests we invariably use
information which is routinely published on the Council’s website or
through its Publication Scheme which can be accessed at the following
link:
[1]http://www.angus,gov.uk/info/20300/freed...
If you require further information please first check that the information
you want is not routinely published as any such information is exempt from
release in terms of Section 25 of the Freedom of Information (Scotland)
Act 2002 or Regulation 6(1)(b) of the Environmental Information (Scotland)
Regulations 2004.

 

I hope that this information is of some help to you.  Please note that the
information contained in this reply is believed to be accurate as at
todays date (unless otherwise indicated) but no warranty is given. 
Further, Angus Council does not accept liability for any loss, injury or
damage which arises from the use of the information contained in this
reply either by you or by any other party.  Please refer to the
information set out in the Appendix which explains your right to complain
if you are unhappy with how the Council has dealt with your request.

 

Please refer to the information set out in the Appendix which explains
your right to complain if you are unhappy with how the Council has dealt
with your request.

 

Yours sincerely

 

 

 

Steven Mill

Service Lead (Finance)

 

APPENDIX

FREEDOM OF INFORMATION (SCOTLAND) ACT 2002

ENVIRONMENTAL INFORMATION (SCOTLAND) REGULATIONS 2004

INSPIRE (SCOTLAND) REGULATIONS 2009

 

Your Right to Complain to the Council

 

If you are dissatisfied with the way in which Angus Council has dealt with
your request for information under any of the above statutory instruments,
you have a right to ask the council to review its actions and/or decisions
regarding your request. If you wish to do this, you should make your
request to the Service Leader - Legal & Democratic, Place, Angus Council,
Angus House, Orchardbank Business Park, Forfar DD8 1AN or e-mail
[2][Angus Council request email] within 40 working days.

 

Your request must:

·         be in writing (or recordable format);

·         give your name and address for correspondence;

·         give details of the information which you originally requested
from the council;  and

·         give the reasons why you are dissatisfied with the way in which
your application for information has been dealt with.

 

Your application for review will then be considered by the council’s
review panel.  The review panel will write to you informing you of its
decision not later than 20 working days after receipt of your request for
a review. The review panel will also provide you with a statement of its
reasons for arriving at the decision it has made.

 

Your Right to Complain to the Scottish Information Commissioner:

If you are dissatisfied with a decision of the council's review panel (or
where the review panel has not provided you with a response), you have the
right to apply to the Scottish Information Commissioner for a decision as
to whether your request for information has been dealt with by the council
in accordance with the above statutory instruments.

 

Your application to the Scottish Information Commissioner must:

o be in a recordable format (letter, e-mail, audio tape etc);

o give your name and address for correspondence.
o give details of the request for information which you originally
requested from the council;
o give details of why you were dissatisfied with the council’s response
to your original request;
o give details of why you were dissatisfied with the decision of the
council's review panel.

 

In the case of an EIR or FOI request your application to the Scottish
Information Commissioner must be made within 6 months of receipt of the
decision of the council’s review panel (or within 6 months of the date
that the review panel should have responded).  No such time limit applies
under the 2009 Regulations.

 

The Scottish Information Commissioner can be contacted at:-

 

Scottish Information Commissioner, Kinburn Castle, Doubledykes Road, St
Andrews, Fife, KY16 9BS; Telephone - 01334 464610; Fax - 01334 464611;
Email - [3][email address])

 

 

 

 

Tracey Black/Administration Assistant/Finance Department/Angus
House/Orchardbank Business Park, Forfar DD8 1AF/Tel 01307 491798

 

 

This message is strictly confidential. If you have received this in error,
please inform the sender and remove it from your system. If received in
error you may not copy, print, forward or use it or any attachment in any
way. This message is not capable of creating a legal contract or a binding
representation and does not represent the views of Angus Council. Emails
may be monitored for security and network management reasons. Messages
containing inappropriate content may be intercepted. Angus Council does
not accept any liability for any harm that may be caused to the recipient
system or data on it by this message or any attachment.

References

Visible links
1. http://www.angus,gov.uk/info/20300/freed...
2. mailto:[Angus Council request email]
3. mailto:[email address]