Ms Margrethe Vestager:

We do not investigate or value the intellectual property. We have not done that here. We have seen that Apple has organised itself with what it refers to as a cost-sharing agreement. This means that most of the research and development takes place at the Apple Inc. facility in Cupertino. Apple Sales International and Apple Operations Europe, which are based in Cork, pay a sum for that work. This allows them to use the intellectual property and to record the profits coming from Apple sales in Europe, the Middle East, India and north Africa.