Oireachtas Joint and Select Committees
Thursday, 2 February 2017
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
EU State Aid Rules - Investigation into Preferential Tax Rulings: Minister for Finance and Office of the Revenue Commissioners
9:30 am
Michael Noonan (Limerick City, Fine Gael) | Oireachtas source
I will read a note on the interest as well because I do not want toad libit.
The application of interest in the recovery calculation is set out in the EU regulation published on the Commission's website. The interest rate varies according to the date and the individual member state, although generally speaking the rate is linked with EURIBOR rates. The interest is calculated on a compound basis and the interest rates will only cease to apply on satisfaction of the recovery order, that is, on payment. As soon as the payment is made by Apple the interest calculator stops running.
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