ASSOCIATED NEWSPAPERS, WHICH owns the Irish Daily Mail, has apologised to developer Paddy McKillen in open court.

The apology, read by a solicitor acting on the firm’s behalf, relates to the headline on an August 2015 Matt Cooper column.

The article was entitled Nama’s Busted Tycoons and related to a number of developers who had returned to the markets, some of whom had loans taken into Nama.

The statement said:

“In the course of the piece, reference was made to the well-known developer, Mr Paddy McKillen.

“The headline to the article, which was not written by Matt Cooper, referred to ‘NAMA’s busted tycoons’.

“We wish to make it clear that it was never our intention to suggest that Mr McKillen fell within this category.

“In fact, Mr McKillen’s borrowings have at all times been fully performing and he has never been a burden on the taxpayer. He has contributed millions of euros to the State in revenues and created over a thousand jobs. He successfully blocked NAMA from acquiring his loans and has since repaid his IBRC loans in full.

“We are happy to make this clear and to apologise to Mr McKillen.”

A statement from Paddy McKillen, who was not present in court, said:

“Paddy McKillen is very satisfied with the comprehensive and categoric retraction and apology read before the High Court this morning which, together with a substantial donation to a charity nominated by my client, has provided a total vindication of his reputation.”