EU and Ireland - Apple Talks Continue
Further to our report last week the Irish Government has said that it is "fully committed" to ensuring the swift recovery of the sums involved in the Apple state aid case. However, they confirmed that the "precise terms" of the escrow fund - a financial instrument held by a third party on behalf of the other two parties in a transaction - are still being negotiated.
The Finance Department has issued a statement confirming the launch of a procurement process for an escrow agent/custodian. It said that the recovery amount will be placed into an escrow fund. The sums will then be released once the European courts have issued their final ruling on the Government's appeal.
However, it added that, "given the scale and bespoke nature of such a fund, the precise terms are still being negotiated and are subject to confidential and commercially sensitive deliberations."