'It's a very expensive house'

Michael Lowry remortgaged his home for €550,000 in 2003 to raise funds to pay his tax debts.

Speaking to reporters outside the tribunal, the former government minister said the bulk of the money used to settle the debts of his refrigeration company, Garuda, had come from his personal resources.

The Co Tipperary house remortgaged by Mr Lowry was renovated in the early 1990s and Dunnes Stores picked up the bill. The disclosure of this fact led to Mr Lowry's resignation from government and a Revenue inquiry into Mr Lowry's affairs and those of his company.

Asked how having to make a €1.43 million tax settlement had affected him financially, Mr Lowry said: "Obviously I'm back where I was in the sense that I wanted to take responsibility for it, irrespective of the circumstances under which Ben Dunne conducted the work on my house."

He said the settlement, arising from the renovation payment and other, undeclared payments from Dunnes Stores, had been difficult but was "a weight off my shoulders. It's been extremely difficult. Let's put it this way, it's a very expensive house."

Mr Lowry said that although the €1.43 million settlement left him in a difficult position, "I'm not saying I'm broke". His principal interest had been to ensure that his company would survive, and it had. "I'll survive into the future with difficulty, but I have my financial affairs under control and the company is trading profitably."

Asked if he believed the DPP would recommend that a prosecution for tax offences should be taken against him, Mr Lowry said he had faith in the independence of the DPP.