Restructuring of LOBO loans

Response to this request is long overdue. By law, under all circumstances, Darlington Borough Council should have responded by now (details). You can complain by requesting an internal review.

Research for Action

Dear Darlington Borough 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

Freedom of Information, Darlington Borough Council

 

 

Dear Ludovica

 

Request reference number: DBC-3571-18

 

Thank you for your request for information, received 18^th March 2019. 

 

We are processing your request in accordance with our Freedom of
Information and Environmental Information Request Procedure, which you can
find on our website at:

 

[1]https://www.darlington.gov.uk/media/4441...

 

If we need more information in order to process your request, we will
contact you in due course.

 

You can expect a full response to your request within 20 working days.

 

Kind regards

 

Rachel O’Leary

Complaints and Information Governance Assistant

Town Hall

Darlington

DL1 5QT

01325 406777

 

 

 

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Research for Action

Dear Darlington Council,
Your response to my FOI request is well overdue.
Please provide the information requested as soon as possible.
Kind regards,
Ludovica Rogers

Freedom of Information, Darlington Borough Council

This document was classified as: OFFICIAL

 

Dear Ludovica,

 

Please accept my apologies for the delay in responding to your request.

 

I have contacted the person responsible for providing the information and
have asked them to send it to me as soon as possible.

 

Regards,

 

Diana

 

 

 

 

 

 

Diana Willsher

Complaints and Information Governance Assistant

Complaints and Information Governance Team

Neighbourhood Services and Resources Group

Darlington Borough Council

Town Hall, Darlington, DL1 5QT

Tel: 01325 406777

www.darlington.gov.uk

 

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Freedom of Information, Darlington Borough Council

2 Attachments

This document was classified as: OFFICIAL

 

 

Dear Ludovica

 

Request reference number: DBC-3571-18

 

Please find attached the Council’s response to your request for
information. Please accept my apologies for the delay in response to your
request.

 

Kind regards

 

Rachel O’Leary

Complaints and Information Governance Assistant

Town Hall

Darlington

DL1 5QT

01325 406777

 

 

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Research for Action

Dear Darlington Council,
Thank you for the information provided.
However, I only received response to my first 2 questions.
Please also provide documents as requested in points C & D.
Kind regards,
Ludovica Rogers

Complaints, Darlington Borough Council

This document was classified as: OFFICIAL

 

Dear Ludovica

 

Please accept my apologies for this oversight.

 

I shall chase up the remaining information.

 

Regards,

 

Diana

 

Diana Willsher

Complaints and Information Governance Assistant

Complaints and Information Governance Team

Neighbourhood Services and Resources Group

Darlington Borough Council

Town Hall, Darlington, DL1 5QT

Tel: 01325 406777

www.darlington.gov.uk

 

 

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Freedom of Information, Darlington Borough Council

This document was classified as: OFFICIAL

 

Dear Ludovica,

 

I have gone back to the person who provided the information and they have
confirmed that the answer to C and D is not applicable.

 

Regards,

 

 

Diana Willsher

Complaints and Information Governance Assistant

Complaints and Information Governance Team

Neighbourhood Services and Resources Group

Darlington Borough Council

Town Hall, Darlington, DL1 5QT

Tel: 01325 406777

www.darlington.gov.uk

 

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Research for Action

Dear Foi officer,
If the loans have been cancelled or the options removed, there must be relevant documents that indicate that this has happened. I have seen these documents in the case of many other councils.
So please kindly provide the documents requested or provide the reasons for which they are not being provided.
Kind regards,
Ludovica Rogers

Freedom of Information, Darlington Borough Council

This document was classified as: OFFICIAL

 

Dear Ludovica

 

Thank you for your e-mail received on 16^th May 2019.

 

I have logged an internal review into the handling of your request and Sue
Reynolds, Information Governance Officer, will provide you with a response
by the 14^th June 2019.

 

Should you have any queries, please don’t hesitate to contact me.

 

Kind regards,

 

 

Rachel O’Leary

Complaints and Information Governance Assistant

Town Hall

Darlington

DL1 5QT

01325 406777

 

 

 

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