Friday 25 May 2018

Government selects BNY Mellon to manage Apple escrow account

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Ellie Donnelly & Cormac McQuinn

It is understood that the Irish Government has selected BNY Mellon to manage the back taxes that Apple allegedly owes to Ireland.

A spokesperson for the National Management Treasury Agency (NTMA), which along with the Department of Finance, is responsible for the contracting of the escrow management, refused to comment on reports by the Irish Times that BNY Mellon had been selected.

The search to find investment managers to look after the escrow is on-going.

Earlier this year John Hogan, assistant secretary in the tax division of the department, told the Public Accounts Committee that the €13bn in taxes would be paid in the coming months.

The Government and Apple have consistently insisted the tax was never owed, and both have appealed the controversial ruling.

EC Commissioner for Competition Margrethe Vestager has in the past complained that she has been given "no indication" of when Ireland will start to repay the €13bn.

When asked by reporters to respond to reports that BNY Mellon has been appointed to oversee the escrow account, Finance Minister Paschal Donohoe said that the successful conclusion of a tendering process in relation to an escrow custodian to oversee the account into which the Apple funds will be deposited is "a very important priority for myself and for the government.

"We’re now entering the last number of days in relation to the cooling off period for this procurement process.”

"When the cooling off period is complete I’ll issue a statement then in relation to how that process will be concluded and who will be managing the escrow account."

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