Seán Fleming (Laois, Fianna Fail) | Oireachtas source

I thank Mr. Cody. I want to ask the Department of Finance a question first about Ireland's arrangement on corporation tax, which is the topic we are discussing today, and about the decision by the European Commission on the illegal state aid arising from our corporation tax arrangements with multinational companies. It was decided in August 2016 that €13 billion was to be collected by Ireland. That was 15 months ago. Ireland was given a number of months to do so and has not met the deadline. Six months after the deadline expired, the Commission indicated that it may take the case to the European Court of Justice given that Ireland is not complying with the Commission's decision. We are not here to discuss the case or the merits of what is due or where it is due. This is not a discussion for the Committee of Public Accounts today. That will be decided at European level. Pending that decision Ireland was instructed to collect that money. I am aware of the complexities involved in that. I know it is not a simple question of opening up an account in Dublin Castle and sending over the money. We know this and the Department does not need to tell us this. I understand that an arrangement has to be put in place for an escrow account to be opened. I understand the account will have to be managed for the entire duration and that management must be in place for the issue of the interest rates and be responsible for the handling of gain or loss on that investment. I understand that the account will probably have to be held in bonds instead of cash - or a combination of both. The Minister has indicated during oral statements in the Dáil Chamber and written answers to parliamentary questions that investment managers would have to be appointed by mid-November. I also understand that in July 2017 the National Treasury Management Agency, NTMA, started the procurement process in respect of appointing advisers on this matter. This was six months after the deadline by which we were told by the European Commission to collect the money. Perhaps the Department could tell the committee - as we sit here - where the €13 billion is, given that the European Commission decision was for €13 billion to be collected by Ireland arising from our corporation tax arrangements with multinational companies.