Accounts were systematically plundered and the monies squandered on the high life

Judge Gerald Price

But using her knowledge of the branch's computer system, Rees had invented seven account holders to gain access to thousands of pounds in loans.

Ms Rees of Golden Grove Llandeilo -who was paid an annual salary of �14,000 - was deeply in debt in the months before her fraud began and owed more in loan payments every month than she earned.

The jury heard that her spending spree began soon after she had been promoted to customer accounts manager at the branch where she worked in November 1997.

The 'phantom' customers all had overseas addresses and although colleagues had never seen them, Rees insisted she met and spoke to them regularly over a two-year period.

A total of �17,000 was found in Rees's home

At the time of her arrest, police found a total of �17,000 stashed under her bed.

The money was used to fund an 18-month spending spree which culminated in a round-the-world trip.

Over the past two years, the court heard, Rees spent �20,000 on holidays and �53,000 on cars, more than five times her net income.

Following the eight-day trial, she was found guilty of 30 charges of theft and nine charges of false accounting.

Sentencing her to four years, Judge Gerald Piece said: Judge Gerald Price said she gave considerable thought to her crime, carrying out a system of persistent and methodical thefts from her employer, Lloyds TSB.

"These grave breaches of trust were cunning and intelligently executed." he said.

Rees created phantom customers at the bank

"Accounts were systematically plundered and the monies squandered on the high life."

A statement issued by Lloyds bank read: "We would like to reassure customers that there was no fraud committed against customers, only against the bank. We would stress therefore, that no customer funds were involved...

"Since this investigation we have enhanced some of our operational procedures."