Value of Apple escrow fund sinks by €36m

Decline 'primarily reflects the current negative interest rate environment and negative yields on highly-rated euro-sovereign, quasi-sovereign bonds, and fund operating expenses'

The account was established by the Government to hold the €14.3bn in alleged back taxes and interest which the European Commission ordered Ireland to collect from tech giant Apple.

The value of the escrow account established by the Government to hold the €14.3bn in alleged back taxes and interest which the European Commission ordered Ireland to collect from tech giant Apple has fallen by €36m, according to Department of Finance figures.

According to the department, the value of the Ireland Apple Escrow Fund stood at just over €13.98bn as of the end of 2020.