AN INVESTIGATION into one of the county's biggest health providers' finances has been closed.

Health regulator Monitor launched a probe into Oxford Health Foundation Trust's accounts in July after it emerged it had lost £3.7 during the financial year 2014 to 2015.

But today the regulator announced it had closed the investigation after the trust identified ways to save £5m this year and more in 2016.

Monitor’s Regional Director Paul Streat said the regulator will support Oxford Health to continue to improve its finances.

He added: “Our investigation found the trust is taking clear action to strengthen its financial position.

"Since opening our investigation we have supported the trust as it has developed its plans to improve finances, and we believe it will be able to do this without the need for regulatory action.

“It’s good news for patients that the trust has identified ways to save money, as that money will help the trust continue to provide quality care to patients across the area.”

Oxford Health runs mental health services, community hospitals and community nurses across the county including the Warneford Hospital in Headington.

It identified using its assets better, improving its nurse staffing plans and cutting down on agency workers as ways to cut its deficit.

The plan aims to cut the forecast deficit for the end of this financial year from £5.4m to £1.8m, with land sales in Buckinghamshire putting the trust on target to hit this target.