Apple agreed to place the money into escrow, but as $15B escrow funds aren't exactly available as off-the-shelf financial products, and the iPhone maker believes it will get its money back when a court finally rules, it wanted to negotiate the terms of the escrow fund - presumably to ensure that it is earning a decent return.
"We expect the money will begin to be transmitted into the account from Apple across the first quarter of next year", Donohoe said and added that the government was now seeking an investment manager and custodian to operate the fund.
The Ireland Department of Finance announced it has reached an agreement with Apple Inc.to put almost $15 billion in escrow while its dispute with the European Commission over alleged unpaid taxes proceeds through the courts.
While both have appealed the decision, the money Apple owes will be put in escrow while everything is being hashed out - but it will start being paid.
What did Apple do exactly to warrant a payment as big as €13 billion? Not only is it ethically questionable, the European Commission declared this as state-aid which is illegal. The Cupertino, Calif. -based tech company said in a statement that it remains confident the court will overturn the ruling once evidence has been reviewed. Despite Apple not wanting to pay the bill - and the Irish Government not wanting to receive it - the two sides have now come to an agreement that means the money owed will now be collected. Since then though, it seems that Apple has reached an agreement with Ireland to pay back €13 billion in back taxes.