Pat Hickey has been released from Bangu Prison in Rio after being held there for nearly two weeks since his arrest during the Olympics.
Mr Hickey was being held by Brazilian police in relation to alleged mis-selling of tickets for the Olympic Games.
Yesterday a judge in Rio de Janeiro recommended that Mr Hickey be freed from prison on bail.
This afternoon, Mr Hickey was released from prison on bail and was driven away in a blacked out car.
He has temporarily stood aside as president of the Olympic Council of Ireland during the investigation.
Pat Hickey leaves Bangu Prison in Rio and is driven away in blacked-out carhttps://t.co/20eW6mXl8K— RTÉ News (@rtenews) August 30, 2016
Mr Hickey issued a statement this afternoon, saying: "I have been released from the police detention system. I will now stay in Rio and my lawyers will proceed to have the charges laid against me set aside as there is no substantive proof of any wrongdoing on my part.
"I would like to thank the prison authorities for their kindness they have shown to me. Due to my medical condition, I will be making no further statements."
Mr Hickey's family have said they are "greatly relieved" but remain concerned about his health.
They added that they hope to meet Minister for Foreign Affairs Charlie Flanagan in the coming days.
The OCI issued a statement saying it "welcomes the release on bail of Mr Pat Hickey from Bangu Prison earlier today.
"The OCI also welcomes the news that three OCI officials are due to have their passports returned over the coming days and we look forward to welcoming Kevin Kilty, Stephen Martin and Dermot Henihan home shortly."
European Olympic Committee - "We believe this was the correct decision as it respects the dignity & fundamental human rights of Mr. Hickey."— Philip Bromwell (@philipbromwell) August 30, 2016