Wexford TD Mick Wallace has said he is not in a good position financially, after a Commercial Court ruling against him for more than €19m.
The builder gave personal guarantees on five loans issued to his company M & J Wallace between 2004 and 2008.
He has been ordered to pay the debts owed to ACC bank.
The politician said he acknowledges his responsibility to uphold the law of the land.
Asked if he had the money to pay back the debt, Mr Wallace said: "No, I am not in a very good position, but I accept the judgement of the court.
"I borrowed the money, I can't pay it back, so it's my problem."