Mr P.J. Mara said Mr Dermot Desmond, a friend, had "saved my life" when he was in dire financial circumstances in the 1980s.
He agreed he had borrowed around £46,000 from Mr Desmond. However, Mr Desmond had never mentioned Mr Mara owed him money, or a figure of £100,000, at a meeting in Mr Desmond's office in 1990, where the possibility of Mr Mara being employed as a consultant for Century was discussed.
Mr Desmond and Mr Oliver Barry were in favour of Mr Mara's appointment, but Mr James Stafford, a cofounder of the station, was not.
Mr Stafford said in evidence that Mr Desmond stated at the same meeting that Mr Mara "owed" him £100,000.
Mr Mara said he had made no secret of the fact he had borrowed money from Mr Desmond, but Mr Desmond was certainly not the type of man who would mention such a thing at a meeting with "outsiders". He was a man of "exceptional kindness and exceptional character".
Ms Patricia Dillon SC read from Mr Stafford's evidence, where he stated that he left the 1990 meeting in Mr Desmond's office after he realised there was no contract for Mr Mara's proposed consultancy services and he felt there was possibly something "improper" about the request for £30,000 raised on that occasion.
Mr Mara said there was certainly nothing "improper" and he had not been seeking any payment from Century, but a consultancy fee for services, even though the figure differed from what he believed he had agreed with Mr Barry.