Ireland is seeking ways to indemnify itself against any losses stemming from holding about €13 billion of Apple's back taxes, according to a report from Bloomberg today.
The financial news agency was citing two people familiar with the follow-up to last year’s record-breaking European Union state-aid ruling.
As Apple prepares to hand over the money for safe keeping, Ireland wants to make sure it is not left on the hook for any drop in the value of the fund during years of appeals at the EU courts, the sources said.
The European Commission last year slapped Apple with the multibillion-euro bill, saying Ireland granted unfair deals that reduced the company's effective corporate tax rate.
If the appeal, which could take as long as five years, is successful, the money will be returned to Apple.
A Department of Finance spokesman declined to comment.
Ireland should step up its efforts to recoup unpaid taxes from Apple or it could end up in court, the European Commission said last month.
The Government is preparing a tender seeking offers to collect and manage the money, new Finance Minister Paschal Donohoe said this week.
Ireland has used indemnities before to protect itself.
The Strategic Banking Corporation of Ireland was part funded by a German state-owned development bank when the SBCI was set up in 2014.
As part of that process, the Government agreed to make good potential losses the Germans might suffer. In turn, the Finance Department is entitled to claim losses back from the SBCI.