BNY Mellon will work with Ireland’s Department of Finance in connection with the alleged Apple State aid recovery process, where European officials are seeking the return of up to €13 billion.
The Irish Government selected BNY Mellon following a competitive tender process to provide escrow agency and custodian services relating to the case.
In October 2017, the European Commission referred Ireland to the European Court of Justice for failing to recover from the Apple illegal State aid.
This followed a ruling in August 2016 which concluded that Ireland’s tax benefits to Apple were illegal under EU State aid rules, because it allowed Apple to pay substantially less tax than other businesses.
The rules require the State aid has to be recovered to remove the distortion of competition.
Commenting on the case in October 2017, Commissioner Margrethe Vestager said: “Ireland has to recover up to 13 billion euros in illegal State aid from Apple.
“However, more than one year after the Commission adopted this decision, Ireland has still not recovered the money, also not in part. We of course understand that recovery in certain cases may be more complex than in others, and we are always ready to assist.
“But Member States need to make sufficient progress to restore competition. That is why we have today decided to refer Ireland to the EU Court for failing to implement our decision.”
The Department of Finance has now said that over the coming weeks, the State and Apple will be working with the Preferred Tenderer to finalise the contract and operational arrangements for the escrow.
“A separate procurement process for investment managers for the recovery amount is currently in progress,” the Department of Finance said in a statement.