Herefordshire Council LOBO Loans

[Liberty Veritas]

Herefordshire council currently has two active LOBO loans, these loans are scandalous.

The next time your hear someone from the council moaning about money just ignore them.

Details of the loans:

1. Danske Bank A/S2 (2.11.2004):

50 years; £6,000,000.00 @1.60% *

2. Dexia Credit Local (02.02.2004):

50 years; £6,000,000.00 @2.85% **

Please note:

*Interest rate 1.60% p.a. until 24 November 2006 then 4.50%p.a.

**Interest rate 2.85% p.a. until 04 February 2006 then 4.50%p.a

[megilleland]

First noted on this forum on July 6th, 2015 following a Channel 4 Dispatches programme. See page 7 here.

[ragwert]

There are some 240 + local autrthorities with these LOBO loans with many owing 10s of millions even hundreds of millions like Newham Council
that took out over half a billion.Worcester Council took out a £5 million LOBO loan in 2004.