Former Senator Liam Cosgrave has resigned as a member of Fine Gael with immediate effect.

The news was confirmed by party leader Enda Kenny in a short statement this afternoon.

Liam Cosgrave's resignation comes in the wake of his denial at the Flood Tribunal that he had taken bribes from lobbyist Frank Dunlop to rezone land at Carrickmines in south Co Dublin.

He did admit failing to tell the Public Offices Commission of a number of payments he had received.

Politicians are required by the Ethics legislation to disclose all payments of over €635.

Also during his evidence to the Tribunal, the Dún Laoghaire based councillor rejected an accusation that he had concealed a financial record from the Tribunal.

A previous internal inquiry by Fine Gael into payments to its representatives led to Mr Cosgrave rejecting any suggestion he had received any payments for planning favours.