ULSTER Bank chief executive Mr Ronnie Kells received a 9 per cent pay rise last year, earning £186,933, compared with £171,579 in the previous year. The bank's annual report shows that it also paid pension contributions of £16,213 for Mr Kells, bringing his total remuneration package to £203,146.

According to the report, Mr Kells received a basic salary of £139,377, and benefits worth £20,125 last year. His annual performance related bonus, however, dropped to £27,431 from £31,435 in 1994.

Ulster Bank chairman Sir George Quigley earned £48,434 in fees and benefits last year.