Sinn Féin member Mr Martin Christie today resigned his position on Fingal Co Co at the request of the party.
Mr Christie stepped down following an internal Sinn Féin investigation into what he called "a moment of madness" involving a former employer.
The poll-topper in the Mulhuddart ward in last month's local elections was suspended days after the poll pending the outcome of the inquiry. Today Mr Christie confirmed he would comply with a request by Sinn Féin Ard Comhairle to step down from the council.
However, he indicated that he intended to continue with his membership of the party. "My desire was and still is to work with Sinn Féin. I intend to do this and hope this regrettable incident is now behind me," he said.
He apologised for embarrassing the party and his family after admitting that during a previous employment he inappropriately failed to register the sale of a supply of goods to the value of €1,700.
Despite paying the money back in full days later and no criminal charges being brought, Mr Christie was suspended when the issue came to light.
"This was a moment of stupidity, which was completely out of character and which I have regretted ever since. Naively I believed that it was something, which was over and done with and that I could get on with my life.
"Despite my desire to continue to represent the people of Mulhuddart this is no longer possible.
"This has been a very difficult time for my family, particularly my wife and children and I want to thank them for the support, which they have given me. I also want to apologise for the embarrassment, which I have caused Sinn Féin.
Sinn Féin's Dublin chairman Mr Justin Moran confirmed the party had accepted Mr Christie's resignation and would be appointing his successor in the near future.
"We have accepted his resignation and he will be replaced on the Council in the near future," Mr Moran said.
PA