AIB's five executive directors received a 21 per cent pay rise last year, sharing total remuneration packages worth £4.25 million (€5.4 million), up from £3.5 million in 1998.

The director of the bank's US operations, Mr Frank Bramble, received the largest package, earning £1.58 million. This includes a salary of £609,000, a bonus of £487,000 and a £444,000 contribution to his pension.

His predecessor, Mr Jerry Casey, who retired from his position last year, received a payment of £1.47 million from the bank. This includes a salary of £249,670, a bonus of £449,817 and a payment of £648,450 due to him under the terms of a post-retirement consultancy contract he negotiated with the bank.

AIB's group chief executive, Mr Tom Mulcahy, received a package worth £1.08 million, including a salary of £603,000, a bonus of £301,000, taxable benefits such as the use of a company car worth £39,000, and pension contributions of £94,000. Mr Micheal Buckley, who heads the bank's Polish operations, was paid £587,000, comprising a salary of £272,000, a bonus of £143,000 and taxable benefits of £87,000.

The bank's head of retail, Mr Kevin Kelly, received a package worth £540,000, again including a salary of £278,000 and a bonus of £143,000 and taxable benefits of £46,000. AIB's finance director, Mr Gary Kennedy, was paid a package worth £464,000, including a salary of £228,000 and a bonus of £117,000 and taxable benefits of £39,000.

The bank's annual report also shows that AIB chairman, Mr Lochlann Quinn, was paid £189,000 last year. The bank's nine non-executive directors were paid total fees of £556,000. After Mr Quinn, Mr John McGuckian received the highest payment, of £66,000. The fees paid to other non-executives were: Mr Adrian Burke (£43,000), Mr Padraic Fallon (£35,000), Mr Don Godson (£41,000), Mr Ray McLoughlin (£16,000) Ms Carol Moffett (£40,000), Mr Denis Murphy (£43,000) and Mrs Miriam Hederman O'Brien (£45,000).

The bank's executive directors also have substantial share options. Mr Tom Mulcahy has 536,728 share options, which allows him to buy AIB shares at €5.19 each. Mr Kevin Kelly has 257,500 share options at €5.08, Mr Micheal Buckley has options over 246,500 shares at €5.08 and Mr Gary Kennedy has 220,000 share options at €6.25.