Wednesday 23 May 2018

US bank to hold Apple tax €13bn

The Government and Apple have consistently insisted the tax was never owed, and both have appealed the controversial ruling. Photo: Reuters
The Government and Apple have consistently insisted the tax was never owed, and both have appealed the controversial ruling. Photo: Reuters
Ellie Donnelly

Ellie Donnelly

Bank of New York Mellon (BNY Mellon) has been tapped by the Department of Finance to manage an escrow account to hold the €13bn Apple tax funds the European Commission ordered Ireland to collect, while a challenge against the ruling is under way.

A separate process to find an investment manager for the funds once collected is also in progress.

Finance Minister Paschal Donohoe said he'll issue a statement once the process is finalised.

Speaking in London, where he held talks yesterday with British Chancellor of the Exchequer Philip Hammond, Mr 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."

The Government and Apple have consistently insisted the tax was never owed, and both have appealed the controversial ruling. European Commissioner for Competition Margrethe Vestager has in the past complained that she has been given "no indication" of when Ireland will start to collect the €13bn.

Irish Independent

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