Developer Seán Dunne has clarified remarks attributed to him in the New York Times. The paper quoted him as saying that, if the banking crisis continued, 'I could be considered insolvent'.
But in a statement, Mr Dunne's office said the developer had been misquoted. His office said the quote given to the newspaper was: 'With countries, banks in almost every country and legends of the banking world for over 100 years going bust in the current credit crunch, I would not bet against myself or anybody else being taken out. However, if it does happen, I would like to think that my conservative gearing prior to the credit crunch and the location and quality of my assets present as good a buffer as is possible.'
Mr Dunne's office also said the interview did not take place at 3am in Doheny & Nesbitt's pub in Dublin, but for 12 hours over two days.
The interview, in a longer piece about the Irish economy, covered Mr Dunne's plans for the site in Ballsbridge in Dublin which he bought for €379m in 2005.
