Submissions to Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2007 [Statutory Instrument No. 2007/573]

Joel M Benjamin made this Freedom of Information request to Ministry of Housing, Communities and Local Government

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Joel M Benjamin

Dear Department for Communities and Local Government,

A) Please provide a full list and details of submissions to consultation on (Capital Finance and Accounting) (Amendment) (England Regulations 2007 [Statutory Instrument No. 2007/573]

https://www.gov.uk/government/uploads/sy...

B) Additionally, please explain why the following action: 6.12, was not actively pursued by DCLG - despite being considered "urgent" at the time, in 2007..?

"The consultation exercise indicated that certain other issues associated with the
new rules on financial instruments were not dealt with in the draft regulations and
could adversely affect revenues in 2007-08. These were:

• stepped interest loans – also known as LOBO (Lender’s Option Borrower’s
Option) loans – ie loans with initially low interest rates taken out by authorities
• guarantees given by authorities.

There was no opportunity to address these issues in the final regulations. However,
we are urgently exploring them in liaison with the LGA, CIPFA and the Audit
Commission, with a view to the possible making of further regulations before the end
of the financial year 2007-08, which would apply to that year.

Yours faithfully,

Joel M Benjamin

Andrew Lock,

                            
Our reference: 2292803             Information request

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Department for Communities and Local Government
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Andrew Lock,

                            
Our reference: 2292803             Information request

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Dear Sir/Madam
 
Freedom of Information Act 2000
 
Thank you for contacting us on 8 April 2016 requesting A) Please provide a
full list and details of submissions to consultation on (Capital Finance
and Accounting) (Amendment) (England Regulations 2007 [Statutory
Instrument No. 2007/573]

https://www.gov.uk/government/uploads/sy...

B) Additionally, please explain why the following action: 6.12, was not
actively pursued by DCLG - despite being considered "urgent" at the time,
in 2007..? "The consultation exercise indicated that certain other issues
associated with the new rules on financial instruments were not dealt with
in the draft regulations and could adversely affect revenues in 2007-08.
These were:

- stepped interest loans - also known as LOBO (Lender's Option Borrower's

Option) loans - ie loans with initially low interest rates taken out by
authorities

- guarantees given by authorities.

There was no opportunity to address these issues in the final regulations.
However, we are urgently exploring them in liaison with the LGA, CIPFA and
the Audit Commission, with a view to the possible making of further
regulations before the end of the financial year 2007-08, which would
apply to that year.
 
I am dealing with your request under the Freedom of Information Act
2000 and aim to send you a response by 9 May 2016.
 
If you have any questions, please ask by return email. Please leave the
subject line unchanged when replying, to make sure your email gets
straight to me.
 
Yours faithfully
 
 
Andrew Lock
FoI Business partner - Localism
020333 42137
[email address]
 
NOTE: Please do not edit the subject line when replying to this email.

Andrew Lock,

1 Attachment

                            
Our reference: 2292803             Information request

--------------------------------------------------------------------------

 
Dear Sir/Madam
 
Thank you for your request for information concerning A) Please provide a
full list and details of submissions to consultation on (Capital Finance
and Accounting) (Amendment) (England Regulations 2007 [Statutory
Instrument No. 2007/573]

https://www.gov.uk/government/uploads/sy...

B) Additionally, please explain why the following action: 6.12, was not
actively pursued by DCLG - despite being considered "urgent" at the time,
in 2007..? "The consultation exercise indicated that certain other issues
associated with the new rules on financial instruments were not dealt with
in the draft regulations and could adversely affect revenues in 2007-08.
These were:

- stepped interest loans - also known as LOBO (Lender's Option Borrower's

Option) loans - ie loans with initially low interest rates taken out by
authorities

- guarantees given by authorities.

There was no opportunity to address these issues in the final regulations.
However, we are urgently exploring them in liaison with the LGA, CIPFA and
the Audit Commission, with a view to the possible making of further
regulations before the end of the financial year 2007-08, which would
apply to that year..
 
Unfortunately I am unable to provide all of this information, because we
do not have all of it. I have attached my formal response which sets out
the details, as well as the information that we do hold.
 
Yours faithfully
 
 
Andrew Lock
FoI Business partner - Localism
020333 42137
[email address]
 
NOTE: Please do not edit the subject line when replying to this email.

Andrew Lock, Ministry of Housing, Communities and Local Government

1 Attachment

Please let me know if you have difficulty opening these files. More will
follow tomorrow.

Thank you

Andrew

 

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Andrew Lock, Ministry of Housing, Communities and Local Government

1 Attachment

Second file

 

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Andrew Lock, Ministry of Housing, Communities and Local Government

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Third and final file

Thank you

Andrew

 

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