Barclays and the question of reliance

25 February 2022Municipal FinanceBarclays, litigation, LOBOs, Newham councilNick Dunbar

An eve-of-trial settlement between Newham Council and Barclays brings a decade-long saga to an end but leaves open a key question in UK law.

The year that transformed Britain’s LOBO landscape

12 July 2019Municipal FinanceLOBOs, Newham council, RBSNick Dunbar

Gauging the significance of the LOBO redemption wave

Lost Lobos Part 2

19 January 2016Municipal FinanceKent council, LOBOs, municipal finance, Newham council, Redcar & Cleveland councilNick Dunbar

When I was in my twenties, I worked on a film being shot on location in the London borough of Newham. The film itself, which starred Jude Law and Sadie Frost, was forgettable, but one memory that stayed with me was the all-pervading smell of refined sugar from the nearby Tate & Lyle factory by the river Thames.

Newham’s cracked crystal ball

10 November 2015Municipal FinanceBarclays, interest rate risk, LOBOs, local government, municipal finance, Newham councilNick Dunbar

Between July 2007 and November 2008, Newham council entered into 10 range LOBO loans with Barclays worth a total of £238.5 million. New information on the council’s controversial loan portfolio shows the impact of its relationship with Barclays, raising questions about risk management decisions.