The ethics watchdog has decided not to pursue further an investigation into some 388 complaints that independent TD Michael Lowry had failed to declare the true value of land in Britain when completing his Dáil Register of Interests.

The Standards in Public Office Commission wrote to Mr Lowry on Wednesday to inform him of the decision. The Tipperary North Deputy welcomed the development in a statement last night.

The case was referred to the Commission by the Dail’s Committee on Members Interests after it had received complaints, many of them duplicates, from members of the public with regard to Mr Lowry’s declaration of his interests under ethics legislation that applies to TDs and Senators.

The complaints arose over valuations put on Mr Lowry's shareholdings of land in Wigan in England.

In his statement last night Mr Lowry said: “As part of its investigation the commission sought estimates of the value of my shareholding in the lands in Wigan from two UK, independent, professional valuers. The valuations put the value of my shareholding in the lands at less than €13,000,” he stated.

He pointed out that the report that found that most of the 388 complaints were phrased similarly.