Latest news with #escrow
Irish Times
15 hours ago
- Business
- Irish Times
Apple's €14bn escrow account wound down
The Apple escrow account has been closed, resulting in the transfer of almost €14.25 billion to the exchequer, the Department of Finance has revealed. The value of the assets held in the account increased by €470 million in the 16 months in advance of its closure in May, having already grown by €400 million during the preceding year. This left the total value of the funds at €14.244 billion – slightly less than the €14.3 billion originally lodged by Apple in 2018 after the Court of Justice of the European Union (ECJ) found that the group had received illegal state aid from Ireland. The financial assets had depreciated in value for five successive years before recording their first gain in 2023 as a result of higher interest rates and investment in assets with higher yields. READ MORE The final accounts, just published by the Department of Finance, show that the Ireland Apple Escrow Fund increased in value by €475 million in the 16 months before its closure, resulting in a €470 million profit after operating expenses. Following the closure of the fund on May 16, €1.567 billion was transferred directly to State coffers, while €12.677 billion was paid to the Revenue Commissioners for onward transfer to the Exchequer. Apple had originally transferred €14.3 billion to the escrow account in 2018 pending its appeal against a European Commission decision, which found that the tech giant owed Ireland €13.1 billion plus interest of €1.2 billion. The figure amounted to the tax the multinational previously had not paid on profits, due to a favourable tax arrangement that existed for its Irish subsidiaries over several years. Last September, the ECJ delivered its final verdict in the long-running tax case, ruling against Apple's latest bid to overturn the Commission's decision. Its ruling 'set aside' a ruling by the EU's second-highest court, the General Court, four years ago, which had quashed the commission's decision that Apple owed the Republic the back taxes. The long-running dispute was the world's largest antitrust case to date.
BreakingNews.ie
17 hours ago
- Business
- BreakingNews.ie
Apple tax money grew in value by €470m in 16 months prior to closure of account
The escrow account containing the Apple tax money has been closed, resulting in the transfer of almost €14.25 billion to the Exchequer, the Department of Finance has revealed. The value of the assets held in the account increased by €470 million in the 16 months leading up to its closure on May 16th, having already grown by €400 million during the preceding year. Advertisement This left the total value of the funds at €14.244 billion – slightly less than the €14.3 billion originally lodged by Apple in 2018 after the European Court of Justice (ECJ) found that it had received illegal state aid from Ireland. The financial assets had depreciated in value for five consecutive years before recording its first gain in 2023 as a result of higher interest rates and investment in assets with higher yields. Final accounts just published by the department show that the Ireland Apple Escrow Fund increased in value by €475 million in the 16 months prior to its closure, resulting in a €470 million profit after operating expenses. Following the closure of the account on May 16th, €1.567 billion was transferred directly to state coffers, while €12.677 was paid to the Revenue Commissioners for onward transfer to the Exchequer. Advertisement Apple had originally transferred €14.3 billion to the escrow account in 2018 pending its appeal against a European Commission decision, which found that the tech giant owed Ireland €13.1 billion plus interest of €1.2 billion. Last September, the ECJ delivered its final verdict in the long-running tax case, ruling against Apple's latest bid to overturn the Commission's decision. At the end of 2023, €6.165 billion of the funds in the escrow account were held in financial assets, while €7.629 billion remained in cash or cash equivalents. Accounts published by the department on Monday note that the investment policy for funds in the account had been agreed by the finance minister and Apple. Its performance was overseen by an investment committee comprising officials from the NTMA and the tech company. 'The investment objective was to preserve capital to the greatest extent possible in light of the prevailing market conditions,' the department said in a note accompanying the accounts. 'The risk appetite in respect of the fund as specified in the investment policy was 'low', with investment permitted only in highly rated euro-denominated fixed income securities.'
Bloomberg
2 days ago
- Business
- Bloomberg
Jane Street Deposits $564M to Comply With India Order
Sources say Jane Street Group has deposited around $564 million in an escrow account to comply with an order from Indian regulators. Bloomberg's Abhishek Vishnoi tells us, this allows the firm to resume trading in local markets as it grapples with allegations of market manipulation. He appeared on Insight with Haslinda Amin. (Source: Bloomberg)
Bloomberg
2 days ago
- Business
- Bloomberg
Jane Street Deposits $564 Million in Options Gains Asked By SEBI
Jane Street Group LLC has deposited 48.4 billion rupees ($564 million) in an escrow account to comply with an order from India's securities market regulator, according to people familiar with the matter. The US trading giant deposited the sum as per the directives of the Securities and Exchange Board of India's July 3 order, the people said, asking not to be named as the information is private. Jane Street does not immediately intend to resume trading in India's derivatives market, one of the people said.
Yahoo
03-07-2025
- Business
- Yahoo
Steph Curry, Nikola Jokic Lose Millions After Recent Report
Steph Curry, Nikola Jokic Lose Millions After Recent Report originally appeared on Athlon Sports. The NBA ratings problem has officially hit the players' pockets. According to a report by Kurt Badenhausen of Sportico, NBA players will forfeit over $480 million from their escrow fund. Advertisement The league failed to meet its projections for basketball-related revenue for the 2024-25 season. The new CBA allows the NBA to withhold up to 10 percent of players' salaries to make sure the revenue split stays at 51 percent for the players. As a result, the players will keep just 90.9 percent of their projected salaries from last season. Notably, that means that those who make the most money will also take the biggest hit: "Stephen Curry, the NBA's highest-paid player at $55.8 million, will forfeit $5.1 million from the escrow fund. Other star players facing significant cuts include Joel Embiid ($4.7 million), Nikola Jokic ($4.7 million), Bradley Beal ($4.6 million), and Kevin Durant ($4.5 million)," reported Badenhausen. Advertisement Of course, that's pocket change for successful superstars and entrepreneurs like the aforementioned, but it's still something to keep a close eye on going forward. Badenhausen adds that the league's projected revenue took a big hit due to "choppy local media environment, and multiple small-market teams reaching the playoffs." There was a lot of talk regarding the big hit in ratings as well, but the league should do just fine after inking a massive media rights deal that will pocket them $77 billion over the next eleven years. Even so, Commissioner Adam Silver will be under a lot of pressure to make sure to drive eyeballs back to the league. Advertisement This story was originally reported by Athlon Sports on Jul 3, 2025, where it first appeared.
