Council pays £6.8m too much into bank account

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.”

Comments (9)

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1:05pm Tue 19 Feb 13

Honcho oxon says...

Silly mistake by silly old OCC - after all it is only £6.8Million!!! Perhaps we should all be told now many accounts there are holding £10Million each?
Silly mistake by silly old OCC - after all it is only £6.8Million!!! Perhaps we should all be told now many accounts there are holding £10Million each? Honcho oxon

1:09pm Tue 19 Feb 13

Andrew:Oxford says...

Honcho oxon wrote:
Silly mistake by silly old OCC - after all it is only £6.8Million!!! Perhaps we should all be told now many accounts there are holding £10Million each?
£10m doesn't go very far...

It probably just about covers the monthly salary run.
[quote][p][bold]Honcho oxon[/bold] wrote: Silly mistake by silly old OCC - after all it is only £6.8Million!!! Perhaps we should all be told now many accounts there are holding £10Million each?[/p][/quote]£10m doesn't go very far... It probably just about covers the monthly salary run. Andrew:Oxford

1:13pm Tue 19 Feb 13

JennyBear says...

No wonder they can afford to hire expensive barristers like Harriet Townsend to represent them in court in order to persecute local people! Paid for by, well - local people!
No wonder they can afford to hire expensive barristers like Harriet Townsend to represent them in court in order to persecute local people! Paid for by, well - local people! JennyBear

1:55pm Tue 19 Feb 13

mytaxes says...

Just a human error it happens.
Just a human error it happens. mytaxes

4:28pm Tue 19 Feb 13

xjohnx says...

It happens, I know I have paid 10 or 12 million into the wrong account several times.
Only last week I bought an island in the Thames rather than the Galapagos.
It happens, I know I have paid 10 or 12 million into the wrong account several times. Only last week I bought an island in the Thames rather than the Galapagos. xjohnx

4:58pm Tue 19 Feb 13

Thinkingoutloud says...

Better it was spotted straight away and rectified
Better it was spotted straight away and rectified Thinkingoutloud

6:24pm Tue 19 Feb 13

Milkbutnosugarplease says...

My account at Lloyds TSB is available for next time, unless you're a Nigerian princess.
My account at Lloyds TSB is available for next time, unless you're a Nigerian princess. Milkbutnosugarplease

12:20pm Wed 20 Feb 13

Sid Hunt says...

xjohnx wrote:
It happens, I know I have paid 10 or 12 million into the wrong account several times.
Only last week I bought an island in the Thames rather than the Galapagos.
I think you were scammed - I bought the same island.
[quote][p][bold]xjohnx[/bold] wrote: It happens, I know I have paid 10 or 12 million into the wrong account several times. Only last week I bought an island in the Thames rather than the Galapagos.[/p][/quote]I think you were scammed - I bought the same island. Sid Hunt

4:27pm Wed 20 Feb 13

Mariayr says...

how silly
http://adf.ly/JR6GL
how silly http://adf.ly/JR6GL Mariayr

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