Property Developer Owen O'Callaghan has described as fantasy Tom Gilmartin's allegation that he had Albert Reynolds on his payroll.

Mr O'Callaghan said the claim that then Taoiseach Albert Reynolds intervened in the Quarryvale development on his behalf was another figment of Mr Gilmartin's imagination.

Owen O'Callaghan admitted that he had met Albert Reynolds at a private fundraising dinner in Cork in March 1994 where he donated £10,000 to Fianna Fáil.

He also met with Mr Reynolds on a number of occasions about a proposed stadium development at Neilstown.

He said he would have told Mr Gilmartin of these contacts but he denied telling Mr Gilmartin that Mr Reynolds was on his payroll.

He also denied boasting that - on his behalf - Mr Reynolds got the IDA to 'jump on' the St Patrick's Trust lands at Quarryvale to interfere with Mr Gilmartin's plans for a shopping centre development.

He said this was absolute rubbish and a figment of Mr Gilmartin's imagination adding 'you mention something to him he goes on a fantasy trail and comes up with a fantastic story'.