Key information
Request reference number: MGLA080524-2655
Date of response:
Summary of request
Request:
For each individual loan taken by the GLA:
1. The local authority/lender name
2. The amount advanced (the initial amount)
3. The outstanding balance
4. The interest rate
5. The settlement date (the date the loan was agreed)
6. The agreed maturity date (the date on which the loan is set to end)
Response:
The GLA manages some cash for two entities, to allow them use of the GLA’s deeper treasury management resources:
- The Old Oak and Park Royal Development Corporation (OPDC)
- The London Waste and Recycling Board (LWARB), now known as ReLondon.
The most efficient way for the GLA to account for the cash managed on behalf of these closely related organisations, is to treat the money as borrowing via loan agreements.
The table of loan details is shown below:
The loans run from 01 April to 31 March each year with either party being able to terminate agreement by giving 30 days notice, however the loans are callable and the balance varies over the year as cash is, in effect, deposited or withdrawn. Please note the interest rate for both loans is the sterling overnight index average (SONIA), which changes daily and is available via the Bank of England’s website. The average for the year was 5.04%.