3 Scottish councils could save over £1 billion by refinancing ‘Lobo’ loans, research finds
RBS has indicated it is “open to discussions” about loan re-financing after agreeing to new terms with Kent and Northamptonshire councils
SCOTLAND’S three largest councils could collectively save over £1 billion by re-financing controversial high interest ‘Lobo’ loans, researchers have found.
RBS accused of committing a “fraud on the people” over LOBO loans at AGM
Campaigners call on local authorities, including Edinburgh City Council, to take action against the loans and ensure hundreds of millions are saved for local taxpayers
RBS has been accused of committing a “fraud over the people” and seeking to extract the “maximum interest possible” from local authorities struggling with austerity cuts due to the role the bank places in LOBO loans.
Fanny Malinen: Here are the debts we shouldn't pay and why
Writer Fanny Malinen lays out the extent of Scotland's deep problem with local authority debt - and makes the case for getting rid of it
SCOTLAND'S local authority debt is illegal, illegitimate and odious, says a report by the Green Party, published in November.
Campaigner raises concerns over 44% of Scots council tax revenues spent on loan interest
Scottish councils paying 44 per cent of council tax revenues as interest payments to banks and treasury
A LEADING debt researcher and campaigner has called on Scottish policy makers to factor in a crisis of indebtedness of Scottish councils, following the announcement of council tax reform.
UK Government committee to launch inquiry into controversial 'Lobo' loans after pressure from campaign group
Channel 4 Dispatches documentary raised profile of local authority 'Lobo' loans
THE UK Government's committee for local government has agreed to launch an inquiry into controversial local council loans from private banks known as 'Lobo's' which campaigners say is costing millions of pounds in interest repayments that could be spent on public services at a time of austerity.
RBS shareholder claims bank using high-interest loans to rip off Edinburgh City Council to tune of PS110m
'Lobo loans' can cost councils up to double the cost borrowing from the government
STATE-OWNED RBS is forcing Edinburgh City Council to pay back loans at high rates of interest meaning that millions of pounds which could be going to public services is ending up in bank coffers, an RBS shareholder claimed at the bank's AGM in Edinburgh this week.