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Council pays £6.8m too much into bank account
12:10pm Tuesday 19th February 2013 in News
OXFORDSHIRE County Council paid £6.8m too much into one of its bank accounts.
The council avoids having more than £10m in each account it holds, to minimise risks.
But an error resulted in £16.8m of council funds being paid into an account at Lloyds TSB. Council spokesman Marcus Mabberley said: “Limits are sensibly imposed by the council on how much money is placed with any bank at any one time to minimise credit risk.
“The matter in question was a genuine human error, and due to the nature of the council’s robust and thorough checks and balances system, it was detected and rectified with absolutely no harm done whatsoever.
“Staff have been reminded of relevant internal procedures in relation to processes.”
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