American firms in Ireland send home €50bn after Trump’s tax cuts

● Amount of treasury bills held by Irish-based entities fell from €290 billion to €239 billion ● Drop comes with overhaul of tax code, as profits could be repatriatated at a once-off lower tax rate

More than €50 billion of cash was repatriated to the US by entities in Ireland in the year since US president Donald Trump enacted sweeping reforms of America’s tax laws.

Figures released by the US treasury department reveal that between January 2018 and January this year the amount of treasury bills, which are short-term bonds, held by Irish-based entities plunged from $327.7 billion (€290 billion) to $270.1 billion (€239 billion).

The drop coincided ...