Apple escrow account value loss
Deputy Howlin asked whether the €16 million fall in the Apple escrow account would fall on taxpayers if Ireland won the case. The Minister said she would ask the Minister for Public Expenditure and Reform to reply later, prompting brief ironic exchanges.
It has been reported that the Government-established escrow account, into which Apple has placed €14.3 billion, has declined in value by €16 million, which is not an insignificant sum. The loss has been attributed to negative interest rates, difficult investment climate and so on.
If the Government wins the case it is taking against the European Commission, will the taxpayer be required to make up the deficit, which is €16 million and climbing, or will Apple take back the diminished amount that will be left in the escrow account? Will the Government take any action in the interim to ensure that there are not further losses?
Comment on this
The best answer I can give is that I will ask the Minister for Public Expenditure and Reform to communicate with the Deputy later today.
