Restructuring of LOBO loans

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Dear East Renfrewshire 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

*Customer Services, East Renfrewshire Council

Thank you for your enquiry.

 

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Kind regards

 

Customer Services

 

 

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*Customer Services, East Renfrewshire Council

Thank you for your enquiry.

 

A Customer Service Officer will either answer your enquiry directly or
forward it to the appropriate Officer in East Renfrewshire Council within
the next 5 working days.

 

If your enquiry is a complaint you should receive a response within 5
working days.  If it is a Freedom of Information request you should
receive a response within 20 working days.

 

Did you know you can access a wide range of Council services online 24/7.
[1]www.eastrenfrewshire.gov.uk/doitonline

 

The council processes your personal data on the legal basis of carrying
out tasks in the public interest or for performance of a contract.  You
can find out how we use your information in our privacy statement on our
website. [2]http://www.eastrenfrewshire.gov.uk/datap...

 

Kind regards

 

Customer Services

 

 

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*Customer Services, East Renfrewshire Council

1 Attachment

Dear Ludovica Rogers

Thank you for your Freedom of Information request.

Please find your acknowledgement letter attached.

Kind regards

Shona

Shona MacLeod
Assistant Registrar/Customer Service Officer
Corporate and Community Services Department
Tel: 0141 577 3004
East Renfrewshire: Your Council, Your Future
www.EASTRENFREWSHIRE.GOV.UK
Did you know that you can access a wide range of council services online - 24/7? Visit www.eastrenfrewshire.gov.uk/doitonline
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McAleese, Laura, East Renfrewshire Council

Dear Ludovica,

 

I refer to your FOI request, dated 18 March 2019, and have noted your
questions and our response below.

 

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

 

East Renfrewshire Council has not restructured, refinanced or changed
contract terms of any LOBOs 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

 

N/A – no such loans (refer to question A)

 

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

 

N/A (refer to question A)

 

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

 

N/A (refer to question A)

 

East Renfrewshire Council offers the opportunity to apply to the Council
for a review of how we have dealt with your enquiry. If you wish to
proceed to review, please apply in writing within 40 working days to:

 

Chief Officer Legal & Procurement

Council Headquarters

Rouken Glen Road

Giffnock, G46 6UG

 

marking your letter “Freedom of Information, request for review”, and
stating the exact nature of the matter you wish to be reviewed.

 

The review will be carried out within 20 working days of receipt. If you
are dissatisfied with the outcome of the review, you have the right to
then appeal to the Scottish Information Commissioner who has extensive
powers to investigate such matters. Her address is:

 

                Scottish Information Commissioner

                Kinburn Castle

                St. Andrews

                Fife, KY16 9DS

 

Yours sincerely,

 

Laura McAleese

Information and Improvement Officer

Chief Executive’s Office

Tel:   0141 577 3596

 

East Renfrewshire: Your Council, Your Future

[1]www.eastrenfrewshire.gov.uk

 

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