Decision Maker: Lead Member for Resources and Climate Change
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Consideration of a LOBO Loan
25.1 The Lead Member considered a report by the Chief Operating Officer setting out three options on two Lender Option Borrower Option (LOBO) loans.
DECISIONS
25.2 The Lead Member RESOLVED (1) to approve the repayment of the two RBS LOBO loans, totalling £23m, together with the negotiated premium for early redemption, as per Option 3; and
(2) to delegate to the Chief Finance Officer authority to take all necessary actions to give effect to recommendation (1), including agreeing the terms of the redemption and completing the actions required to repay the two RBS LOBO loans and early redemption premium at the conclusion of negotiations by Link Asset Services.
Reasons
25.3 Approval of Option 3 will have a positive impact on the level of total debt held by the Council and on the Treasury Management budget.
Report author: Kevin Foster
Publication date: 25/10/2018
Date of decision: 25/10/2018
Decided at meeting: 25/10/2018 - Lead Member for Resources and Climate Change
Effective from: 02/11/2018
Accompanying Documents: