Apple’s back tax billions held in ‘low-risk bonds’

The National Treasury Management Agency has invested disputed taxes collected from Apple in low risk, highly rated euro- dominated fixed income securities, mainly short- to medium-term sovereign and quasi-sovereign bonds, it said in its annual report.

The European Commission ruled in August 2016 that Apple had received unfair tax incentives from Dublin in breach of EU state aid rules and ordered the Government to recover more than €14bn, including interest, from the iPhone maker.