Oh no it’s a LOBO!


Image result for debt resistance ukImage result for Debt Resistance UK

With all this Labour Party conference talk of Private Finance Initiative ( PFI) schemes we thought we’d turn our attention to the Local Authority (LA) equivalent of the never-never and and return to an old story concerned with LOBO loans.

LOBO-tomy Loans

For those unfamiliar with the concept -although you might not know you’re paying through the nose for one –  a LOBO stands for Lender Option Borrower Option.

The Lender Option means that periodically the lender can impose a new interest rate.

The Borrower Option is to agree to new interest rate or pay loan back in full.

However if the local authority chooses to pay the loan back in full there are punitive ‘break penalties’ which can cost the local authority (and more specifically the council taxpayer) an arm and a leg.

Last night’s Audit & Risk Management Committee confirmed that Wirral Council have taken out a LOBO loan and the reason that the annual accounts have not been fully signed off by external auditor Grant Thornton is that a member of the public has raised an objection to the LOBO loan situation.

Indeed we understand  from the excellent Debt Resistance UK website that Wirral Council is one of  46  councils that are subject to such a legal objection (see below). Full details can be read here : LOBO legal objections

LOBO Debt & “Fair (repayment) Value” for financial liabilities at 46 UK Councils where objections were lodged in 2015/16 and 2016/17 financial years.

As you can see Wirral have taken out an eyewatering  LOBO loan of £157+ million and it is estimated that they will be paying back £295 + million .  The loan repayments represent 10.2% of council tax income and debt per person on Wirral is £924 .

Furthermore latest figures Department of Communities and Local Government (DCLG) indicate that Wirral is the 13th (unlucky for us) overall highest LA borrower in the UK. No doubt part of that that is to cover pay-offs to council managers,  contracts for consultants and salaries for ‘transformers !



11 thoughts on “Oh no it’s a LOBO!

  1. G’day Leaks

    I can here “Philly Liar” telling “Spotty Dog”, Ecca, “The Blinking CEO” don’t worry mate AdderleyDadderleyDooLally told us it is not our money anyway.

    “Eccles Cake Face” is also told by “Phil the Very Very Very Very Slimy, Elusive, LYING, Elusive and Deluded Dill” that “Addles” also recommends, just to be on the safe side, not to sign any contracts.



    Luvin your work since holidays L XXXXXXXXXXXXXXXXXXXX

  2. How treacherous of this unknown Wirral resident to throw a spanner into the works like that. Whoever it is can’t be thinking straight. They will never land themselves a job at the dodgy auditors, the phoney Chamber of Commerce, the Contact Centre slave galleys soon to be moored on both sides of the Mersey, and the crooked basket case council, or its equally moribund, bloodsucking partner orgs in crime. There are also seven zombified London-based international banks who lent Wirral the £157 million in cash where this person will never get so much as a foot in the door. Can’t a resourceful councillor exact some revenge, do a spot of digging, find the name of the culprit and print it up on the internet, claiming it was all an unfortunate mistake just like last time and the time before that and the time before that?

    I believe the person responsible for the sword of Damocles hanging over us all is Ian Coleman, suspended back in 2012 and then paid off with an obscene sum of our council tax. Despite his long litany of LOBO failure (largely concealed), he appears, according to his LinkedIn account to be working for himself now as, amongst other things, an advisor on local government finance to………………………. an INTERNATIONAL BANK !

    Well, well….

    If it’s any of the following, then we council tax payers have been WELL AND TRULY STITCHED, because these are the ones who lent Wirral Council i.e. us, the LOBO cash in the first place.

    Bayerische Landesbank
    Depfa Bank
    Dresdner Bank
    Hypothekenbank Frankfurt

    What have you got planned for January 2078 my Lord? This is the month / year when the largest LOBO loan of £18,500,000 matures.

    • G’day Mate

      I wonder who that treacherous twat of a wirral resident is?

      he he he he he he ha ha ha ha ha ha ha ha!!!!!!!!!

      Actually asking them to be accountable.



      Oh “Philly Liar” stand down or go and tell Ecca its not our money you fucking liar.


  3. Thank you for the news that my wife and myself are now in debt by nearly £2,000 because of Wirral Council`s LOBO loan. A financial transaction about which I knew nothing and, apart from those who read your superb website, is unlikely to become knowledge amongst the wider Wirral Council Tax payers.

    Wirral Globe should be putting it on their front page with banner headlines.
    We live in hope!

    How apt that the loan is called LOBO as it gave me a mental picture of financial wolves circling a bunch of hapless sheep who graze, at vast public expense, in Wallasey Town Hall.

    You mention the Labour Party`s declaration of taking back P.F.I.s into State ownership.
    At what cost? Million or Billions? I suspect the latter.

    It was of course the Labour government under Blair and Brown who seized upon this cunning wheeze to keep huge sums of money off the Treasury books.
    The costs to hospitals, schools and other public institutions is vast and unsustainable.

    • What is unforgivable is that such important matters are glossed over by councillors , accountants and auditors at the likes of Audit & Risk Management Committee.
      They seem to be saying to the Wirral public – ” Don’t worry your silly head with all these confusing numbers , just keep paying your council tax and read Wirral View

      • G’day Chas and Leaky

        I doubt anyone on the Fudge It and Risk It Mis-Management Committee would understand lobo.

        The thicker than the chair, Chair of that non-event committee, the tiny welsh leprauchan with an even smaller intellect told “Highbrow” on a number of occasions that he didn’t understand accounting boyo.

        He obviously doesn’t understand criminality either.

        Perfect fit for Philly and Foulkesy.



        Get rid of the phony “Philly Liar” or stand down.

        Tell him to take “Missus bilong him Nurse Rat” with him and rethink Girtrell Court.

        Oh you wouldn’t do that “Dill Wit” you just can’t admit a mistake you pink cheeked peanut with a peanut.

        Luv ya Lads XXXXXXXXXXXXXXXXXXXxxx

  4. Reblogged this on Wirral In It Together and commented:
    LOBO Loans news at Wirral Council. A foreseeable and avoidable £300 million debt is hanging over Wirral council tax payers. How much of your council tax is being used to pay these off at HUGE rates of interest? How many jobs have been cut and services farmed out as a result? How many senior officers have prospered and are doing fine on the back of their own personal failure? ONE…. Mr Ian Coleman, now departed.

  5. And yet piously Wbc banned all casino sites and lending companies sites from its computer stock..check out even a public library.

    Either Mr Coleman s application predated this Internet block or he nipped home to his child’s computer..his one wd have been a Wbc one..and made the application online to the German bank for £150m.

    The Heap_ocracy (apologies to Dickens) of it all.

  6. Now let me see if I have this right – our financially astute council borrows £157 million whilst sitting on reserves of £40 million AND lending terms of millions to other local authorities ????

    What’s the phrase ? Oh yes, “the economics of the mad house”

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