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Bank Of New York Mellon Wins Irish Government Apple State Aid Recovery Bid

Irish Government news service Merrion Street published the following release today in connection with the bidding process for the Apple State aid recovery process.

"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)."