Oireachtas Joint and Select Committees

Thursday, 17 November 2022

Public Accounts Committee

2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund

9:30 am

Mr. John Hogan:

There is a lot of money involved in this. There was a great deal invested in creating the escrow fund and so on. It is novel in its size. The amount of money involved was market moving but we are quite happy with the way it has been put in place and has been operating. There is money falling away from the account but that is just the nature of it. We has our expectations from the outset going in, and there were always going to be third-country adjustments. The Commission accepted this because when the company comes and looks for the adjustment, it is cleared by the Commission. That was a facet of how this would operate from the outset anyway. The negative interest rate environment was there, as we know.

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