Dáil Éireann Debate, Tuesday - 1 May 2018
89. Deputy Michael McGrath asked the Minister for Finance the number of payments a company (details supplied) will make into the escrow account; when the entire amount will be paid into the account; and if he will make a statement on the matter. [18754/18]
Amharc ar fhreagra91. Deputy Michael McGrath asked the Minister for Finance the body that will be responsible for the costs incurred on the management of an escrow account (details supplied); the expected cost of running the escrow account; the body that will have a right to the annual yield of the fund; and if he will make a statement on the matter. [18756/18]
Amharc ar fhreagraI propose to take Questions Nos. 89 and 91 together.
The Government does not accept the Commission’s analysis in the Apple State aid Decision and has lodged an appeal in the European Courts. However, we have always been clear that we are fully committed to ensuring that recovery of the alleged Apple State aid takes place and have committed significant resources to ensuring this is achieved. Given the unprecedented scale of the recovery amount, this has been a complex technical and legal process.
As the Deputy may be aware, on 24 April the Escrow Framework Deed which sets out the detailed legal agreement regarding the recovery of the alleged State aid was signed by me on behalf of the Government and also signed by Apple. This is a significant milestone with regard to the commencement of the recovery of the alleged State aid. This followed recent announcements that the Bank of New York Mellon London Branch has been selected as the preferred tenderer for the provision of escrow agency and custodian services to the fund and 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.
The signing of the Escrow Framework Deed now allows for the final processes to be completed including the formal appointment of the Escrow Agent/Custodian and the Investment Managers which in turn activates the process for the collection of the alleged State aid.
It is anticipated that the funds will flow into the escrow account in significant tranches and I expect that the full recovery will be effected by the end of Q3 2018.
In general, I should say that the costs associated with the fund are a liability of the fund. 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.
