Apple’s escrow account has €6m in operating costs

The Comptroller and Auditor General’s (C&AG) report on the Apple tax funds held in an escrow account revealed that operating costs amounted to €6 million last year. These costs were mainly associated with fees for investment managers and escrow agents, similar to the previous year. The fund’s assets increased by €400 million in 2023, reaching a total of €13.774 billion, marking the first gain since Apple deposited €14.3 billion in 2018 following a European Commission ruling. The fund’s investment policy aims to minimize risk and preserve capital value within the low-risk category.

The report highlighted the shift in asset allocation, with 45% now in financial assets and 55% in cash equivalents, in anticipation of the final Court of Justice ruling. The Government anticipates the funds to be transferred to the exchequer in two phases, though all will be recorded this year. The report provides insight into the strategic investment decisions made to navigate market conditions and regulatory requirements surrounding the Apple tax case.