Ireland's Apple escrow fund fell in value by almost €250m last year

The fall in value was due to the current negative interest rate environment and other adjustments

The EU Commission said Apple received unfair tax incentives from the Irish State. Picture: Dan Linehan

The €14.3bn escrow fund set up by Apple and Ireland while an appeal takes place against the EU Commission's tax decision declined in value by €249m last year.

According to the Comptroller and Auditor General (C&AG) the value of the fund at 31 December 2019 totalled €14.02bn which represented a decline of €249 million since the end of 2018. The reduction is made up of adjustments of €209 million, tax charges of €3m and a €37 million fall in value due to the current negative interest rate environment and negative yields on highly rated euro-sovereign bonds.