Johnny Ronan has publicly apologised for using the phrase 'Arbeit macht frei' in his Banking Inquiry evidence.

The infamous Nazi slogan was displayed over the entrance to concentration camps in World War Two.

The property developer used the phrase to describe NAMA who required him to sell exclusive properties in Dublin City Centre to pay off his debts.

During the week, former Minister Alan Shatter led numerous calls for Mr Ronan to apologise and to explain his decision to include the words.

Mr Ronan has broken his silence overnight and provided a comprehensive statement.

In it he says he apologises for any offence caused which was genuinely unintended. He goes on to say he recognised that he used an inappropriate analogy in his submission and has written to the Banking Inquiry to request the offending phrase be removed.

Mr Ronan explains, "the reason for the quote I believed (perhaps mistakenly) was evident from the context of my submission - NAMA promised its borrowers that they would be treated fairly if they co-operated, but that unfortunately was not the case; co-operating businesses, including Battersea Power Station, Treasury Holdings and our China business (Forterra Trust) were destroyed, with all the consequences of that for Irish jobs and the taxpayer.

"In my view Nama operated outside the law with no regard for people's legal or constitutional rights. The significance of this and continuing anger I feel over what occurred is not however comparable with the horrors perpetrated by the Nazi regime," he added.

Former Justice Minister Alan Shatter has welcomed the apology issued by Mr Ronan.

Deputy Shatter, who is Jewish, says he hopes the statement will alleviate the hurt felt by those with family members who perished in the Holocaust.

"I appreciate the enormous support I have received in recent days from people both at home and abroad for my comments on this important issue," he added.