Who was that mystery man in the mask - oh, just the loan arranger

The million pound mystery - Boston's pioneering version of quantitative easing all those years ago -rumbles on.
According to the BBC's website of Lincolnshire news, "an investigation" has begun at Boston Borough Council into the reasons for the loan ... at 11 per-cent ... taken out nearly 20 years ago, and officials have admitted they haven't a clue why the money was borrowed or what it was used for.
The BBC quotes Councillor Richard Lenton as saying that the situation is "unacceptable" - which has echoes of the saga of Sir Fred Goodwin's bonus about it.
"A lot of the records seem to have disappeared one way or another. We are in fact investigating this, we're going back to State Street (the holders of the loan) to find out exactly what it is for.
"Investigations are going on through the finance department at the moment, clearly this is an anomaly.
"To do this over a 50 year term is a bit peculiar. You've got to question the thinking."
As far as we can discover, no mention of this matter appears in the Council's Policy and Finance Committee's minutes up until May 1991.
But the year was one of some upheaval. The late R Ernest Coley retired as town clerk early in 1991 and there was an acting postholder until the unforgettable James McAusland took the reins later in that year .
But, despite all the current fulminations, this loan affair is not "new" news in that councillors were told of it in late 2006.
At that time they were aware of forthcoming financial budget restraints, and started work on a five year plan.
Officers were told to contact the loan company to see if agreement could be reached to settle it.
But the amount at was far more than the council could afford to pay and the advice was to wait until times were better.
We suppose that any further questions were "lost" in the run up to the 2007 May elections.

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