The Department of Finance has confirmed that the Bank of New York Mellon (London Branch) has been selected to manage the Apple escrow account. 

The bank will act as custodian to oversee the management of more than €13 billion of taxes and interest the country has been ordered to collect from Apple.

It was selected after a competitive tender process. 

The Department said that over the coming weeks, the State and Apple will be working with the Bank of New York Mellon to finalise the contract and operational arrangements for the escrow. 

It said that further information will be provided in due course.

Meanwhile, a separate procurement process for investment managers for the recovery amount is currently in progress. 

Further information will also 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.  

The Bank of New York Mellon is a US worldwide banking and financial services holding company headquartered in New York City. 

It also has operations in Ireland, where it employs 1,800 people in Cork, Wexford and Dublin.

It is believed that the process of establishing an escrow account has so far cost the State €2.5m.

Apple was ordered to pay the back taxes after the European Commission ruled that the tech giant had received unfair tax incentives from Ireland.

Both Apple and Ireland are challenging the ruling at the European Court of Justice.

It is expected that the money from Apple will start to be collected during the second quarter of the year.