Massive news from the world of finance today.
It has been confirmed that Apple deposited €14.3 billion into an Escrow Fund (third party account) until a full agreement has been reached.
Paschal Donohoe, The Minister for Finance and Public Expenditure and Reform, confirmed the news on Tuesday afternoon.
They have also paid a further €1.2 billion in EU interest.
Speaking today Minister Donohoe said: “While the Government fundamentally disagrees with the Commission’s analysis in the Apple State Aid decision and is seeking an annulment of that decision in the European Courts, as committed members of the European Union, we have always confirmed that we would recover the alleged State aid.
“We have demonstrated this with the recovery of the alleged State Aid which will be held in the Escrow Fund pending the outcome of the appeal process before the European Courts.
“This is the largest State Aid recovery at c. €14.3 billion and one of the largest funds of its kind to be established. It has taken time to establish the infrastructure and legal framework around the Escrow Fund but this was essential to protect the interests of all parties to the agreement.”
A ruling by the European Commission in 2017 stated that Apple had to pay the fee as it had received unfair tax incentives in Ireland.
The money will remain in the Escrow Fund until a full agreement is reached.
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