The Government has a similar issue — but with nearly €14bn more than you pulled from your jeans (if that’s the final sum of money taken from the escrow account, and if other EU nations don’t get part of it, of course).

With the Government now obliged to take the money it has spent the guts of a decade arguing that it doesn’t want, attention turns to what might be done with it and, ahead of an election, the asks are already coming.

Debt paydown

In September 2016, then finance minister Michael Noonan was adamant that the EU position on the Apple money was that “if it were available, it would be regarded as a windfall”.

The EU’s fiscal rules, he said, state one cannot spend it for ongoing expenditure. He argued at the time that this meant that the money could really only be used for debt paydown.

With national debt standing at €234bn, paying off a decent chunk of the principal would save hundreds of millions in interest payments in the future, allowing future generations more flexibility.

This is a pragmatic but somewhat boring use of a massive windfall, but is something that is being considered, at least in part.

Capital projects

There are hundreds of capital projects that could be paid for with the money, though the Government will argue that the National Development Plan is already backed by a funding pledge that’s over 10 times larger.

Demands for more housing and schools have been made by the opposition, but capacity to build these remains an issue that more money wouldn’t necessarily solve.

One suggestion is to take part of the money and allow local authorities finish out projects which may otherwise have a difficult time being backed such as theatres and venues, public realm overhauls and infrastructure improvements.

The fund would cover the Dublin Metro and Cork Luas, but it’s unlikely a government would put all of its eggs in just two cities.

Invest it

Ireland has two long-term investment funds — the Future Ireland Fund and the Infrastructure, Climate & Nature Fund.

Squirrelling away the money would mean a protection for future generations and a pension fund that is in danger of running out. It would also stop the money from becoming an election issue and would avoid adding spending to a budget that the Irish Fiscal Advisory Council has said is overheating. 

This appears to be the favoured route for both departments of Finance and Public Expenditure in the immediate aftermath.

Structural change

Ahead of last year’s budget, the ESRI published research that suggested a second tier of child benefit, a means-tested payment, could lift 40,000 children out of poverty. This would, the ESRI said, cost €700m a year.

For 20 years, this fund could ward off some of the worst, most abject poverty experienced by children.

Alternatively, the Government could use the money to begin a State-provided childcare sector.

However, the rules around the fund’s use could preclude any ideas like that as they may be considered day-to-day funding by the EU.

Go nuts

The State has an additional €13bn available at a time of widespread prosperity. It doesn’t want the money.
Paschal Donohoe has argued that adding money to this or next year’s budgets would stoke inflation and add fuel to the fire.

If the Government doesn’t want it and doesn’t want to spend it, it could give every person over the age of 15 in the country around €3,200.