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 during World War Two. The German phrase means "'work makes you free".
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.
He signed off the statement with the line: "‘Arbeit macht frei’ nó, i nGaeilge, ‘Tugann saothar saoirse’."
However, Mr Ronan now admits that the anger he feels over his treatment is "not comparable with the horrors perpetrated by the Nazi regime" and has written to the Oireachtas Banking Inquiry to have the offending phrase removed.
Former Justice Minister Alan Shatter later welcomed the apology, saying that he hopes the statement will alleviate the hurt felt by those with family members who perished in the Holocaust.