Property developer Owen O'Callaghan has admitted to the Mahon Tribunal it was a disaster for the Quarryvale development when Fianna Fáil lost its majority on Dublin County Council.
Mr O'Callaghan said he was over confident in telling AIB that he was sure of getting rezoning following the local elections in 1991.
He said he had a battle on his hands after the elections and agreed that the Fianna Fáil majority had carried the day for the first successful Quarryvale vote.
But after the June elections 14 of the 31 councillors who had voted for Quarryvale had lost their seats.
He said he was facing a turf war with Green Property, who were the developers of a rival site at Blanchardstown.
Mr O'Callaghan said he had spent a £1m loan to his company Riga by August 1991 to get the project moving.
He said he was pretty sure that AIB knew how the money had been spent, which included Shefran payments to Frank Dunlop.
