Facebook Ireland builds €1bn fund to pay for potential fines

Multiple watchdogs likely to penalise the social media giant for regulatory issues involving data protection

Facebook CEO Mark Zuckerberg. His company's centre of operations in Europe is based in Irealnd.

Facebook Ireland, the social media giant's main centre of operation for its European operations and beyond, has set aside even more millions to build what is effectively a fund of more than €1bn to pay the fines it believes is likely heading its way from multiple regulators.                    

The latest accounts for the Irish-registered company show it added a further €724m in provisions last year and has now set aside just over €1bn for fines "arising from various regulatory matters principally under investigation by the relevant data protection supervisory authorities".