Written answers

Tuesday, 25 September 2018

Department of Finance

Apple Escrow Account

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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152. To ask the Minister for Finance the expected interest return per year on the moneys deposited by a company (details supplied) in the newly established escrow account; if the interest will be payable to the State or the company; and if he will make a statement on the matter. [38749/18]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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Notwithstanding that the Government profoundly disagrees with the Commission's analysis in the Apple State aid case, the full recovery of the alleged State aid from Apple has now been completed with approximately €14.3 billion deposited into the Escrow Fund. The funds will remain in the Escrow Fund pending a final determination in the European Courts over the validity of the Commission's Decision.

All income/expenses, including any gains or losses will accrue to the Escrow Fund. As investment deployment of the fund is currently underway it is premature to comment on possible returns. The arrangements in the Escrow Framework Deed include the agreement that all claims of ownership and access to these vast sums of money is suspended until the European Courts have concluded proceedings that the Government and Apple have brought.

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