Department of Finance welcomes selection of Escrow Agent Custodian in relation to Apple State aid recovery

Following a competitive tender process conducted in accordance with EU procurement rules, and now that the standstill period has concluded, the Department of Finance can confirm that the Bank of New York Mellon, London Branch has been selected as Preferred Tenderer for the provision of escrow agency and custodian services in connection with the alleged Apple State aid recovery process.

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. Further information will be provided in due course.

A separate procurement process for investment managers for the recovery amount is currently in progress. Further information will be provided when the process has concluded. 

Both procurement processes are being conducted on behalf of the Minister for Finance by the National Treasury Management Agency (NTMA).  

 

ENDS

Wednesday, 7th March 2018

 

Notes to Editors:

EU Procurement Rules require a 14 day standstill period post selection of Preferred Tenderer, during which time no contract can be concluded.

 

Contact:

Deborah Sweeney, Press Adviser to Minister Donohoe, +353 86 858 6878

Aidan Murphy, Press Officer, Department of Finance, +353 85 886 6667

pressoffice@finance.gov.ie