The questions we need to ask

[wendy]

Has your council got any Lobo's?
A great programm on channel 4 tonight.

[wendy]

Norfolk CC has 3

[annie]

Not heard of lobos

[maureenho]

I have no idea.

[Rosalind]

Never heard of logo 's.

[wendy]

They are high interest loans into their millions, which the councils are unable to get out of.

How Councils Blow Your Millions: Channel 4 Dispatches

Parliamentary committee chairman calls for inquiry into £15bn of risky bank loans taken out by councils across the country

Clive Betts, the Chairman of the parliamentary committee which scrutinises local government has called for an inquiry into £15bn of risky bank loans taken out by more than 200 councils across the country.

These risky and complex loans are known as LOBOs. Some councils like Newham and Cornwall are being charged interest rates of more than 7% on tens of millions of pounds of these LOBO loans at a time when base rates are at a historic low.

http://www.channel4.com/info/press/news ... dispatches

[annie]

tha22222

[JaneJ]

Interesting

I have no idea if our council has any