IN AN article published in The Irish Timeson Tuesday, November 18th, 2008, entitled "Lehman creditors told failure bigger than Enron default", it was stated that a list of Lehman Brothers bank's seven thousand counterparties revealed that more than one hundred and seventy Irish financial institutions had exposure to Lehman European branch, either owing or being owed money by the bank.

It was erroneously claimed that financier Dermot Desmond was identified as having exposure to Lehman Bros through the hedge fund IIU Convertible Fund Plc, which was run by his company IIU Assets Strategies.

The Irish Timesnow accepts that neither Mr Desmond nor the hedge fund IIU Convertible Fund Plc had any exposure to Lehman's European branch or any other branch.

The Irish Timesregrets this error and is happy to publish this apology by way of correction thereof. A sum of money has been paid to a charity nominated by Mr Desmond.