THE three executive directors of the First National Building Society shared total remuneration of £837,000 for 1995, giving an average package of £279,000.

The average remuneration of the executive directors increased by just over 8 per cent in 1995. First National does not disclose the remuneration package of its highest paid director in its annual report.

The total cost of the packages for executive directors rose by 48 per cent last year. But the rise reflected the appointment to the board of Mr Gerry Murphy in October 1994.

For 1995, the building society had three executive directors group managing director Mr John Smyth deputy managing director Mr Tony Shanahan and group operations director Mr Gerry Murphy. In the previous year First National had only two executive directors until Mr Murphy joined the board in October.

The total remuneration package for executive directors included salaries, fees, bonuses, pension contributions and benefits in kind. Average salaries fell in 1995 but bonuses were higher.

Salaries for executive directors cost First National £391,000 in 1995 compared with £291,000 in 1994. The average salary per director fell to £130,300 in 1995, from £132,880 in 1994.

First National executive directors received a total bonus of £197,000 for 1995, an average of £65,666 per director. The payment compared with total bonuses of £110,000 in 1994, an average payment of £50,230 each. First National reported a 20 per cent rise in pre-tax profits to £24.1 million for 1995. By year end total assets had risen by 9 per cent to £2,330 million.

Pension contributions for the executive directors increased to £153,000 from £89,000.

Fees paid to non-executive directors increased to £153,000 from £112,000, reflecting an increase in the number of board members. There were seven non- executive directors at year end and the annual fee for directors in 1995 was £18,000. Pension contributions for non-executive directors were unchanged at £11000.