Sinn Féin's policing spokesperson Gerry Kelly has said he has agreed to pay a fine of £100 and damage costs of £50 after he removed a clamp from his car.
Speaking to BBC Ulster, he said he was a regular in the gym where the car was clamped and he borrowed the bolt cutters from it to remove the clamp.
Mr Kelly said he did not think he was above the law.
Sinn Féin has issued a statement from Mr Kelly about the incident giving his explanation of events.
Mr Kelly said he came out of the gym just after 8am on Friday to head to Stormont for talks.
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He said: "I saw that my car had been clamped. I phoned the number on the notice and the only response I got was music. I then went in to the Mac and asked had they another number for the company. I immediately rang that number and this number was out of use. I was under pressure to get to the talks meetings.
"I remembered that the gym had a set of bolt cutters and I borrowed them. Let me add that staff at the gym were not aware what I was using the bolt cutters for. I then removed the clamp.
"I made an on-the-spot decision which ... I now regret. I have contacted the company and paid the fine. The issue has now been resolved."
He was questioned by the PSNI over alleged criminal damage after footage emerged of a man removing a clamp from a car.
The 64-year-old was interviewed about the incident in Belfast city centre on Friday.
He later tweeted: "No one can be above the law.
"I made a voluntary arrangement to meet the police and met them today for interview.
"I want to get the issue resolved as soon as possible."
Social media footage appears to show a man kneeling down to remove the orange device from the vehicle's right-hand wheel, before resting it against a nearby wall.
A pair of bolt cutters appear to be lying beside the wheel.
The private parking firm that controls the area outside the Metropolitan Arts Centre (MAC) near St Anne's Cathedral had reported the matter to police.
