Serious stuff. Us, our kids and our grandkids are now hobbled by Wirral Council’s LOBO Loan debts until the year 2078. To the tune of £202 million.
26th September 2016
This evening, Wirral Council’s Audit and Risk Committee will meet at 6 pm.
The main thrust of the meeting will be the desire to sign off last year’s accounts. However, this time around, a couple of flies have landed in the ointment. One is the recent ‘inadequate’ OFSTED finding against Wirral Children’s Services – which came about despite the fact that the CEO and most council directors had known of this failure for a long time.
The other is in the shape of a qualifying objection lodged with the council and their auditors – Grant Thornton – by an anonymous, meddling Wirral elector on 10th August this year.
The objection is centred around LOBO loans – Lender Option Borrower Option – and the aim of the move is three-fold:
- the authoring of a Public Interest Report
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