We have received your enquiry and will action your request.

 

Many thanks,

 

The Customer Service Team

 

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References

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If calling ask for Ross Holden      

File Ref IRB-2 01-14-373

 

Joel Benjamin

Via email

 

1^st December 2014

 

Dear Joel

 

Request for Information

 

I refer to your request for information on loans under the Local
Government Official Information and Meetings Act 1987 received via email
on 28^th November 2014.

 

Your request is as follows;

 

1.       The name of the relevant financial institution each loan was
obtained from, and the date the loan commenced.

 

2. Details and copies of external financial advice, upon which HDC chose
to borrow from private banks, and not from central government sources, and
the amount paid in brokerage/ fees for each individual loan.

 

3. The average annual interest rate(s) payable a) when the loan was
obtained, b) upon each subsequent increase by the lender.

 

4. A copy of the loan contract for each bank loan obtained by HDC.

 

5. Confirmation as to whether the loans are hedged using interest rate
swaps or derivatives.

 

You need to be aware that where requests cannot be answered without
substantial collation or research, Hastings District Council has
discretion to:

 

Refuse the request (section 17); 

Fix a charge, which may need to be wholly or partly paid in advance
(section 13);

Extend the time limit (section 14).

 

We will contact you again following the initial consideration of your
request. Council has a maximum of 20 working days to notify you of its
decision on your request unless there is a good reason to extend that time
limit.

 

Yours sincerely,

 

Ross Holden

Communications Manager;

Hastings District Council

(06) 8715056

 

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If calling ask for Tony Gray

 

File Ref IRB-2-01-14-375

 

8th December 2014

 

Joel Benjamin

Via email

 

Dear Joel

 

Request for Information

 

I refer to your request for information on loans under the Local
Government Official Information and Meetings Act 1987 received via email
on 28^th November 2014.

 

Our reply is as follows;

 

1.      The name of the relevant financial institution each loan was
obtained from, and the date the loan commenced.

 

Hastings District Council is a member of the Local Government Funding
Authority.  Details of its current debt facilities are included with this
reply

 

2.      Details and copies of external financial advice, upon which HDC
chose to borrow from private banks, and not from central government
sources, and the amount paid in brokerage/ fees for each individual loan.

 

Council has retained the services of PricewaterhouseCoopers as an
independent Treasury Adviser, who provides ongoing advice to Hastings
District Council on funding risk, interest rate risk and liquidity.

This advice is of an ongoing general nature and does not relate to
specific debt facilities. Council pays a small ongoing retainer to PwC for
its Treasury advice.

Brokerage fees are not paid by Council on any of the loan facilities.

 

3.      The average annual interest rate(s) payable a) when the loan was
obtained, b) upon each subsequent increase by the lender.

 

All of Council’s debt facilities are on a floating rate rather than fixed
rate basis, with the exception of Housing New Zealand which is interest
free (this was received to partly fund improvements in our pensioner
housing facilities).

 

4.      A copy of the loan contract for each bank loan obtained by HDC.

 

Loan contracts are regarded as “commercially sensitive” information and
are not available.

 

5.      Confirmation as to whether the loans are hedged using interest
rate swaps or derivatives.

 

Hastings District Council has in place prudent policies for the management
of interest rate risk. The interest rate risk associated with loans is
managed in accordance with that policy, using hedging derivatives
including interest rate swaps.

 

 

 

Hastings District Council Debt Facilities as at 30 November 2014

 

 

+------------------------------------------------------------------------+
|Type |Banking |Facility Amount|Facility |Facility |
| |Institution |($m) |Commenced |Maturity |
|---------------+------------+----------------+-------------+------------|
|Floating Rate |Forsyth Barr| 5.0 |20 July 2007 |20 July 2015|
| | | | | |
|Notes |Westpac | 5.0 |24 April 2007|24 April|
| | | | |2016 |
| |LGFA | 15.0 |15 March 2012| |
| | | | |15 March|
| |LGFA | 5.0 |24 February|2019 |
| | | |2014 | |
| |LGFA | 5.0 | |15 March|
| | | |24  February|2019 |
| |LGFA | 15.0 |2014 | |
| | | | |15 May 2021 |
| |LGFA | 5.0 |20 May 2013 | |
| | | | |17 May 2021 |
| | | |7 April 2014 | |
| | | | |15 April|
| | | | |2023 |
|---------------+------------+----------------+-------------+------------|
|Debt Facilities|Westpac | 20.0 |15 April 2013|15 April|
| | | | |2017 |
|---------------+------------+----------------+-------------+------------|
|Local |Housing New| 0.74 |15 October|30 June 2028|
|Government |Zealand | |2007 | |
+------------------------------------------------------------------------+

 

 

Yours sincerely

Tony Gray

Chief Financial Officer

[email address]

 

 

 

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