Two directors of Allied Irish Banks, Mr Michael Buckley and Mr Kevin Kelly, have each made profits of more than £500,000 (€635,000), cash and paper, after exercising share options and then selling some of the shares into the market.

Mr Buckley exercised options over 100,000 shares at £2.65 each at a total cost of £265,000.

He then sold 60,000 into the market at €10.82 (£8.52) each to realise £511,200, while the remaining unsold 40,000 shares are worth £340,000 at the current market price.

Mr Kelly also bought 100,000 shares at £2.65 and then sold 65,000 into the market to realise £559,000 with the remaining 35,000 shares worth £298,000.