We did not maintain effective controls to provide reasonable assurance that accounts were complete and accurate and agreed to detailed support, and that account reconciliations were properly performed, reviewed and approved.

FORBES: Connect

It would take in the money, put it in its bank account, and when presented with bills that were approved, would pay those bills.

CNN: AllPolitics - Ethics Transcript

For example, the Chilean pension system that has attracted so much publicity requires most workers to pay 10% of their pay into their own personal retirement account, which can then be invested in any of a number of privately managed funds approved by the government.

ECONOMIST: Time is working against state pensions

It was revised to take account of these concerns, and further negotiations with the US resulted in the new deal, approved by the parliament on 8 July.

BBC: Q&A: US data deal with Europe