Ireland’s debt agency has invested disputed taxes collected from Apple (AAPL.O) in low risk, highly rated euro-dominated fixed income securities, mainly short to medium-term sovereign and quasi-sovereign bonds, it said in an annual report.

Axar.az reports citing Reuters.

The European Commission ruled in August 2016 that Apple had received unfair tax incentives from Dublin in breach of EU state aid rules and ordered Ireland to recover more than 14 billion euros, including interest, from the iPhone maker.

While Apple and Dublin are appealing against the ruling, saying the tax treatment was in line with Irish and EU law, Apple nevertheless had to hand over the full amount, pending the result of the appeal - which will likely take several years.

Ireland is holding the funds in an escrow account whose aim, the National Treasury Management Agency’s (NTMA) annual report said, was to preserve capital to the greatest extent possible given prevailing market conditions.

The government said Irish taxpayers would be protected from any losses when setting up the fund. NTMA chief executive Conor O’Kelly said on Monday that the value of the fund was very likely to fall unless the interest rate environment changes.