Mr Fox could face disciplinary proceedings within the party following the revelation that he gave incorrect information to an inquiry into political funding three years ago.
Mr Fox told the inquiry that the largest political contribution he ever received was £500.
However, he told the Flood tribunal on Thursday he received a payment of £600 during the local elections in 1991, and £1,000 when he sought a nomination for the general election in 1992. Both contributions came from Monarch Properties.
Mr Fox represents the Dundrum electoral area in Dún Laoghaire-Rathown County Council.
He was first elected as a councillor in 1985, and he has served a term as cathaoirleach of the county council.
In the 1999 local elections, he topped the poll with 2,828 first preferences or over 1.5 quotas, one of the largest votes in the State.
Fianna Fáil took three of the seats in the six-seater, increasing its vote by 6 per cent.
Mr Fox is regarded by his colleagues in all parties as hardworking and diligent.
"He is prepared to work on a cross-party basis for the good of the community," said one colleague.
A tailor by profession, Mr Fox lives in Mountain View Park, Churchtown.
A colleague who has known Mr Fox for many years said yesterday: "I have never seen any evidence of wealth on Mr Fox's part."
As a formidable vote-getter, the absence of Mr Fox on the ticket in the 2004 local elections would be a major setback to the party in the Dundrum electoral area.
The Green Party, which now has a TD in the Dublin South constituency, Mr Eamon Ryan, could well challenge for a seat to strengthen the party's base.
