Reports that a €350m Limerick retail scheme will not go ahead have been rubbished by the developer, who described them as a "red herring".

Doubts had been cast over the development due to its affiliation with the Allied Irish Bank, however, plans for the Opera Centre in the city are still in the hands of An Bord Pleanala.

Regeneration Developments, who is behind the proposals, said the bank's 50% share in the scheme is "irrelevant" to its future.

According to the Limerick Leader, the developer described reports that the scheme would be scrapped as a "red herring".

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It was reported Anglo Irish Bank acquired its stake in the venture in 2007, under the assumption its share would be later sold on to private clients, something that never happened.

"Regeneration Developments want the project to go ahead and are continuing to work on it.

"They purchased the project from the original developers with a view to building it. It will be built if we get planning, get anchor tenants and other major tenants, and if a bank - it doesn't have to be an Irish bank - is prepared to fund the commercial developments," a spokesperson for Regeneration Developments told the Limerick Leader.

The Opera Centre will be the largest shopping complex in Munster, creating around 300 jobs during construction as well as an additional 800 upon completion.

Regeneration Developments submitted revised drawings for the project a fortnight ago.

A decision is expected from An Bord Pleanala next month.

(PR/JM)