North Ayrshire Council currently owe more than £360million in outstanding loans, it can be revealed.

Last week at the meeting of North Ayrshire Council, Independent Saltcoats Councillor Ronnie McNicol asked

“1. Between PFI/PPP/NPD/LOBO and PWLB, how much debt is the council currently carrying?

2. For each type of debt that is applicable, what was the purpose of the debt/loan, and what is the repayment regime?

3. Who had the authority to incur the debt(s) and when were elected members consulted in each case?”

It has now been revealed that a total of £362.666million is owed across five loan arrangement categories, with the Public Works Loan Board being owed the most with £154.379million outstanding as of March 31.

The council replied:

* Public Private Partnership (PPP) - Financing model to support investment in all schools under the approved PPP programme. Includes Greenwood Academy, St Matthew's Academy, Arran High School and Stanley Primary. (£66.990million)

* Non Profit Distributing (NPD) - Financing model to support investment in Largs Campus. The campus includes Largs Academy, Largs Primary, St Mary’s Primary and Largs Early Years Centre. (£46.628million)

* Lender Option Borrower Option (LOBO) - General borrowing in support of the council’s approved general services capital programmes and housing capital investment programmes. (£53.100million)

* Public Works Loan Board (PWLB) - General borrowing in support of the council’s approved General Services capital programmes and Housing Capital Investment programmes. (£154.379million)

* Other - General borrowing in support of the council’s approved General Services capital programmes and Housing Capital Investment programmes, including cash flow management. (£41.569million)

Details of repayment amounts are:

* Public Private Partnership (PPP) - Based on current 18/19 figures. Total principal and interest repayments of £566,000 per month. Payments are charged to the council’s revenue budget.

* Non Profit Distributing (NPD) - Based on current 18/19 figures. Total principal and interest repayments of £309,000 per month. Payments are charged to the council’s revenue budget.

* Lender Option Borrower Option (LOBO) - The principal is repaid at the date of maturity. Interest is repaid on a six-monthly basis and the amount is £1,419,000. Payments are charged to the council’s Loans fund.

* Public Works Loan Board (PWLB) - The principal is repaid at the date of maturity. Interest is repaid on a six-monthly basis and the amount is £4,315,000. Payments are charged to the Council’s Loans fund.

* Other - Consists of temporary borrowing arrangements where repayments are made at maturity or on demand. Included in the Other category is a Scottish Government loan which is repaid at date of maturity. Finally, there are three loans in the Other category where repayments are made six-monthly in equal instalments. The total value is £43,000, charged to the Loans Fund.