Apple taxes in escrow account losing tens of millions a year

NTMA chief tells Oireachtas PAC that the €14.3 billion held in escrow had been designed by the company and the NTMA to potentially lose €70 million a year, given current negative interest rates

The Irish state and Apple successfully appealed the European Commission’s decision last year. Picture: Getty

The Apple escrow account will continue to lose tens of millions of euro every year until all legal avenues have been exhausted, or unless the negative interest rate environment in Europe changes, an Oireachtas committee has heard.

Conor O’Kelly, chief executive of the National Treasury Management Agency (NTMA), was speaking during an appearance at the public accounts committee earlier this month.

The escrow account was set up in 2018 to hold €14.3 billion in back ...