Dáil Éireann Debate, Tuesday - 27 March 2018
90. Deputy Michael McGrath asked the Minister for Finance when he expects the escrow account to be set up with regard to a matter (details supplied); when he expects the company concerned to start paying into the escrow account; and if he will make a statement on the matter. [13647/18]
Amharc ar fhreagraWhile the Government has never accepted the Commission’s analysis in the Apple State aid decision, we have always been clear that we are fully committed to ensuring that recovery of the alleged State aid takes place without delay and has committed significant resources to ensuring that this is achieved as quickly as possible.
Significant progress has been made on this complex issue and the establishment of an escrow fund in compliance with all Irish and Constitutional law is closer to completion. Following a competitive tender process, the Bank of New York Mellon, London Branch has been selected as Preferred Tenderer for the provision of escrow agency and custodian services. In addition, the Department of Finance announced on 23rd March that following a competitive tender process, Amundi, BlackRock Investment Management (UK) Limited and Goldman Sachs Asset Management International have been selected as preferred tenderers for the provision of investment management services.
Over the coming weeks, the National Treasury Management Agency (NTMA), which is conducting the procurement process on behalf of the Minister for Finance, and Apple will be working with the preferred tenderers to finalise contracts.
Officials and experts from across the State have been engaged in intensive work to ensure that Ireland complies with all its recovery obligations as soon as possible. It is expected that payment into the escrow account will commence from Q2 2018.
