What Herefordshire Council borrowing is through LOBO loans and Public Works Loan Board
Case reference FOI2024/00535
Published 9 April 2024
Request
I understand that Herefordshire Council borrows a lot of money and interest payments swallow a significant amount of the annual council tax.
How much, in £, of the current borrowing burden is through the much questioned LOBO Loans (http://lada.debtresistance.uk/what-is-a-lobo/)
And what as a % interest rate is being charged/budgeted for in 2024.
And how much is this amount in £'s.
How much, in £, of the current borrowing burden is through the long standing and much respected PWLB, Public Works Loan Board. An independent and unpaid statutory body:
(https://www.dmo.gov.uk/responsibilities/local-authority-lending/history-of-public-works-loans/).
And what as a % interest rate is being charged/budgeted for in 2024.
And how much is this amount in £'s.
Is there any other council borrowing from other sources, amount in £'s.
Response
I understand that Herefordshire Council borrows a lot of money and interest payments swallow a significant amount of the annual council tax.
How much, in £, of the current borrowing burden is through the much questioned LOBO Loans (http://lada.debtresistance.uk/what-is-a-lobo/)
And what as a % interest rate is being charged/budgeted for in 2024.
And how much is this amount in £'s.
How much, in £, of the current borrowing burden is through the long standing and much respected PWLB, Public Works Loan Board. An independent and unpaid statutory body:
(https://www.dmo.gov.uk/responsibilities/local-authority-lending/history-of-public-works-loans/).
And what as a % interest rate is being charged/budgeted for in 2024.
And how much is this amount in £'s.
Is there any other council borrowing from other sources, amount in £'s.
This information is publically available on Herefordshire Council's website and can be viewed via the following link:
As such we consider this information to be exempt under Section 21 of the Freedom of Information Act 2000 because it is reasonably accessible to you via other means. Please take this letter as a refusal notice under S17 of the Act.
Regarding interest rates the Service Area have confirmed the following:
PWLB portfolio - 1.64% to 10.25%, these are all fixed interest rates from the date of agreement the rates
LOBOS - 4.50%
In 2023/24 we have made interest payments for PWLB £4.08m and for the LOBOs £0.54m.
Documents
This is Herefordshire Council's response to a freedom of information (FOI) or environmental information regulations (EIR) request.
You can browse our other responses or make a new FOI request.