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BARRY O’CALLAGHAN, the chief executive of Education Media and Publishing Group (EMPG), has told The Irish Timesthat he is not “broke” and he will honour every financial commitment on his investments, including the millions of euro owed to Anglo Irish Bank in relation to his equity stake in the educational publisher.

EMPG is in the middle of a financial restructuring that Mr O’Callaghan said would reduce his 21 per cent shareholding to “zero”. Mr O’Callaghan, from Cork, borrowed millions from Anglo to fund his stake in the business and said he would pay every cent back.