Property developer Johnny Ronan has apologised for any offence caused by his use of a Nazi slogan in his statement to the banking inquiry.
Mr Ronan was criticised for including the phrase "Arbeit Macht Frei" (Work makes you free), which was placed over the entrances to a number of Nazi concentration camps during World War II.
Former minister for Justice Alan Shatter led numerous calls for the removal of the phrase from the statement.
Its use was also criticised by the Jewish Representative Council of Ireland.
Mr Ronan last night issued a statement explaining his submission.
He said: "I apologise for any offence which has been caused by quoting the phrase "Arbeit Macht Frei" (work will set you free) at the end of my submission to the Oireachtas Banking Inquiry.
"It was genuinely unintended. The reason for the quote I believed (perhaps mistakenly) was evident from the context of my submission - NAMA promised its borrowers that they would be treated fairly if they co-operated, but that unfortunately was not the case; co-operating businesses, including Battersea Power Station, Treasury Holdings and our China business (Forterra Trust) were destroyed, with all the consequences of that for Irish jobs and the taxpayer."
The developer added: "The significance of this and continuing anger I feel over what occurred is not however comparable with the horrors perpetrated by the Nazi regime.
"I recognise that I used an inappropriate analogy in my submission and have written to the Oireachtas Banking Inquiry to request the offending phrase be removed."
Mr Shatter this morning said Mr Ronan's statement was welcome.
He said: "I also welcome his apology and his recognition that his difficulties with NAMA are not comparable with the horrors perpetrated by the Nazi regime'.
"I appreciate the enormous support I have received in recent days from people both at home and abroad for my comments on this important issue. I hope the statement now circulated by Mr Ronan will alleviate the hurt felt by those with family members who perished in the Holocaust."
