A well-known Irish developer has denied reports that he could be "considered insolvent" if the global banking crisis ensues.

Sean Dunne reportedly told the New York Times he could face financial difficulties should the international situation fail to improve.

However, Mr Dunne has today distanced himself from those comments.

Contrary to the Times' article, Mr Dunnes office said the actual quote stated: "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.

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"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."

The New York Times piece ran with: "The Celtic Tiger may be dead and, if the banking crisis continues, I could be considered insolvent."

A spokesman for Mr Dunne refuted claims in the piece that the original interview had taken place at a Dublin bar at 3am.

"One would think that Mr Dunne, Ireland's best-known building developer, would be in bed at this hour. It's a weeknight, after all, and he has meetings that begin before first light," said the spokesman.

Instead the bulk of the article was collated over 12 hours, during two days of interviewing.

"What's more, the Irish economy, pummelled by the most severe housing bust in Europe, has collapsed. And the gossip around town is that Mr Dunne, whose brazen deal-making and Donald Trump-like lifestyle epitomised the country's euphoric boom, might be going bankrupt," added the spokesman.

(PR/KMcA)