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Update on LOBO loans

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Research for Action

Dear Rochdale Metropolitan Borough Council,

In relation to your LOBO loan portfolio could you kindly provide the information indicated below. Please note that I had sent a similar request earlier this year, but since then, it has been publically stated that the council has exited some loans, so this is a request for an update.

A. How many LOBO loans (number of loans and total principal) has the council repaid, restructured, refinanced or for which the terms of the contracts have changed since 2015. This can include full repayment of the loan, the removal of the option or a new counterparty.

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 LOBO loan
3. Initial counter-party of the LOBO loan
4. Maturity date of the LOBO loan
7. Date when the LOBO loan was restructured/refinanced/repaid
8. Breakage cost or fee paid to the counter-party for the refinancing/restructuring/repaying
9. How was the loan restructured/refinanced/repaid? (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)
10. Principal of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
11. Maturity date of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
12. Interest rate of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
13. Fair value of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
14. Name of the advisor used for the restructuring/refinancing/repaying the loan
15. Fee paid to the advisor for the restructuring/refinancing/repaying the loan
16. Name of broker who arranged the restructuring/refinancing/repaying the loan
17. Fee paid to the broker for the restructuring/refinancing/repaying the loan

C. In the case of the loans that have been repaid, refinanced or restructured, please provide copies of the documents indicating the change

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

Kind regards,

Ludovica Rogers

FOI Unit, Rochdale Metropolitan Borough Council

Dear Requestor,
RE: - Request For Information

Thank you for your request for information held by Rochdale Council which
was received by us on 04/11/2019 regarding INT-437332-M7C7N7: LOBO Loans.

I write to advise you that your request has been allocated to the
department best able to deal with your queries, and will be considered
under the Freedom of Information Act.
Under the Act we are required to provide a response within 20 working days
however we do endeavor to provide a response at the earliest opportunity.

Should you have any queries, please contact us using the details below.

Yours sincerely,

Information Governance Unit
Customers & ICT
Floor 2, Number One Riverside
Smith Street, Rochdale, OL16 1XU
 
Email: [1][Rochdale Council request email]

[2][IMG]

[3][IMG]

[4][IMG]

This email, its contents and any attachments are intended only for the
above named. As the email may contain confidential and/or legally
privileged information, if you are not, or suspect that you are not, the
above named or the person responsible for delivery of the message to the
above named, please delete or destroy the email and any attachments
immediately and inform the sender of the error. Unauthorised access, use,
disclosure, storage or copying is not permitted and may be unlawful.  The
views of the author may not necessarily reflect those of Rochdale Borough
Council.  

Rochdale Borough Council undertakes monitoring of both incoming and
outgoing e-mails. You should therefore be aware that if you send an e-mail
to a person within Rochdale Borough Council it may be subject to any
monitoring deemed necessary by Rochdale Borough Council from time to time.
Rochdale Borough Council cannot guarantee that this message or any
attachment is virus free or has not been intercepted and amended.

As a public body, Rochdale Borough Council may be required to disclose
this email (or any response to it) under the Freedom of Information Act
2000, unless the information in it is covered by one of the exemptions
within the Act.

References

Visible links
1. mailto:[Rochdale Council request email]
2. http://www.rochdale.gov.uk/schoolreadyro...
3. http://www.rochdale.gov.uk/awards
4. http://www.rochdale.gov.uk/awards

Research for Action

Dear FOI Unit,
The response to my FOI is delayed (INT-437332-M7C7N7: LOBO Loans).
Please could you kindly provide the requested information as soon as possible.
Kind regards,
Ludovica Rogers

FOI, Rochdale Metropolitan Borough Council

Thank you for your email. Please be advised that our office is closed from
24th December 2019 until 2nd January 2020, your email will be picked up on
our return.

This email, its contents and any attachments are intended only for the
above named. As the email may contain confidential and/or legally
privileged information, if you are not, or suspect that you are not, the
above named or the person responsible for delivery of the message to the
above named, please delete or destroy the email and any attachments
immediately and inform the sender of the error. Unauthorised access, use,
disclosure, storage or copying is not permitted and may be unlawful.  The
views of the author may not necessarily reflect those of Rochdale Borough
Council.  

Rochdale Borough Council undertakes monitoring of both incoming and
outgoing e-mails. You should therefore be aware that if you send an e-mail
to a person within Rochdale Borough Council it may be subject to any
monitoring deemed necessary by Rochdale Borough Council from time to time.
Rochdale Borough Council cannot guarantee that this message or any
attachment is virus free or has not been intercepted and amended.

As a public body, Rochdale Borough Council may be required to disclose
this email (or any response to it) under the Freedom of Information Act
2000, unless the information in it is covered by one of the exemptions
within the Act.

FOI Unit, Rochdale Metropolitan Borough Council

4 Attachments

Dear Requestor,
RE: - Request For Information

Thank you for your request for information held by Rochdale Council which
was received by us on 04/11/2019 regarding INT-437332-M7C7N7: LOBO Loans.

Please see the attached response in relation to your request that was sent
to you on 13/11/2019.

Should you have any queries, please contact us using the details below.

Yours sincerely,

Information Governance Unit
Customers & ICT
Floor 2, Number One Riverside
Smith Street, Rochdale, OL16 1XU
 
Email: [1][Rochdale Council request email]

[2][IMG]

This email, its contents and any attachments are intended only for the
above named. As the email may contain confidential and/or legally
privileged information, if you are not, or suspect that you are not, the
above named or the person responsible for delivery of the message to the
above named, please delete or destroy the email and any attachments
immediately and inform the sender of the error. Unauthorised access, use,
disclosure, storage or copying is not permitted and may be unlawful.  The
views of the author may not necessarily reflect those of Rochdale Borough
Council.  

Rochdale Borough Council undertakes monitoring of both incoming and
outgoing e-mails. You should therefore be aware that if you send an e-mail
to a person within Rochdale Borough Council it may be subject to any
monitoring deemed necessary by Rochdale Borough Council from time to time.
Rochdale Borough Council cannot guarantee that this message or any
attachment is virus free or has not been intercepted and amended.

As a public body, Rochdale Borough Council may be required to disclose
this email (or any response to it) under the Freedom of Information Act
2000, unless the information in it is covered by one of the exemptions
within the Act.

References

Visible links
1. mailto:[Rochdale Council request email]
2. https://www.visitrochdale.com/dippy

We don't know whether the most recent response to this request contains information or not – if you are Research for Action please sign in and let everyone know.