Select committee inquiry
Local Council bank loans inquiry
Closed
What the inquiry looked at
“On 6 July 2015 a Channel 4 Dispatches programme revealed that many Local Authorities had taken out loans from banks for which Councils were paying high interest rates and which many Councils were locked into because of expensive "break" clauses. The report suggested that up to one fifth of Council borrowing was taken out under such Lender Option, Borrower Option (LOBO) loans for which interest rates were over 7% in some cases. Most of these loans were taken out between 2003 and 2011 when Councils believed interest rates would remain high. The Dispatches programme estimated that banks made more than £1bn in upfront profits on local authority loans.”
The committee's words, from the inquiry page on parliament.uk ↗.
How the inquiry ran
Each dot is a dated item listed on this page, from the inquiry's opening on 9 July 2015 to its close on 24 April 2017.
- Oral evidence 20 Jul 2015
Evidence
Oral evidence sessions 1
- 20 Jul 2015No witnesses recordedparliament.uk ↗