Chambers emphasized that the €14.1 billion should not be used for day-to-day spending or tax cuts. Instead, the Government is committed to investing the funds in critical areas like housing, energy, water, and transport infrastructure.

The windfall follows a European Court of Justice ruling last month, which upheld a 2016 European Commission decision that Ireland had provided Apple with undue tax benefits, violating EU state aid rules.

Chambers stated that a framework will be developed to guide how the windfall will be allocated, with a key focus on ensuring that all citizens benefit and that it supports future economic growth. He expects the framework to be submitted for Government approval in the first quarter of next year.

“Our ability to deliver for both current and future generations hinges on careful and prudent management of the state’s resources,” Chambers told the Dáil. “The recent Court of Justice ruling has given the state a one-time revenue boost that could be transformational.”

While specific decisions on how to allocate the Apple funds have not been finalized, Chambers announced in the Budget that €3 billion from the sale of the state’s AIB shares would be directed toward housing, water, and energy infrastructure projects.

Public Expenditure Minister Paschal Donohoe echoed the sentiment, stressing the importance of maximizing the long-term value of the Apple funds. He said the money would be invested in four “strategic pillars”: water, electricity, transport, and housing.

“Investment in these sectors will address the needs of our citizens, support economic growth, and help us meet our climate and environmental objectives,” Donohoe said.

Officials from Donohoe’s department will now work on creating an investment framework to ensure alignment with existing projects under the National Development Plan. – PA