Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

The EU found that Apple owes Ireland €13 billion in back taxes. Getty Images

We now know who'll be holding onto the Apple billions that are destined for Ireland

The money will be held in an escrow account subject to an appeal by Ireland.

THE STATE HAS chosen the financial institution that will hold onto the billions of euro in back taxes the EU Commission says Apple owes to Ireland.

The Bank of New York Mellon, London Branch has been selected as the preferred bidder for the role by the National Treasury Management Agency.

The decision was made following a tendering process which began last year.

The EU Commission ruled in 2016 that Ireland gave multinational tech giant Apple illegal state aid worth up to €13 billion over a decade.

The Department of Finance is appealing the decision because it denies that there was any sweetheart deal in place.

Despite the appeal, Ireland is obliged to collect the funds and hold them in escrow until the appeal process is concluded.

The size of the funds could be between €13-15 billion, including EU interest.

The department announced this morning that BNY Mellon will operate the multi-billion euro escrow account.

“Over the coming weeks, the State and Apple will be working with the preferred tenderer to finalise the contract and operational arrangements for the escrow,” the department said.

“A separate procurement process for investment managers for the recovery amount is currently in progress,” the department added.

The EU Commission had previously complained that Ireland was “taking too long” to recover the funds from Apple.

Read: Government to start collecting €13 billion in Apple tax in the New Year >

Read: The government isn’t saying when the €13 billion from Apple will be recovered >

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Close
141 Comments
This is YOUR comments community. Stay civil, stay constructive, stay on topic. Please familiarise yourself with our comments policy here before taking part.
Leave a Comment
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.

    Leave a commentcancel

     
    JournalTv
    News in 60 seconds