The five executive directors of AIB Bank received a 12 per cent pay increase in 2000 sharing €4.8 million (£3.6 million).

According to its annual report, Mr Frank Bramble, who heads its US operations, received the biggest remuneration package of €1.7 million compared with £1.6 million in 1999. This included a basic salary of €783,000, a bonus of €470,000, fees worth €29,000, taxable benefits of €15,000 and pension contributions of €424,000.

Group chief executive Mr Tom Mulcahy who is due to retire in June, was paid €1.2 million, up 15 per cent on 1999. He earned €698,000 in basic salary together with a bonus of €349,000. The rest of this package was made up of fees of €29,000, profit-sharing worth €13,000, taxable benefits of €40,000 and pension contributions of €109,000.

According to the report, Mr Mulcahy has 365,929 AIB shares which at yesterday's closing price of €11.05 are worth €4 million. He also holds share options to purchase a further 336,728 AIB shares at an average price of €6.1 which at yesterday's closing price would realise a paper profit of €1.7 million.

Incoming chief executive Mr Michael Buckley enjoyed the biggest annual increase in total remuneration, up 20 per cent to €705,000. His basic salary was €307,000 and he received a bonus of €157,000 with taxable benefits of €149,000. The bank paid pension contributions of €50,000 with profit-sharing and directors fees adding a further €42,000 to his annual pay.

AIB's head of retail banking, Mr Kevin Kelly, who is also due to retire in June, was paid €598,000 while group finance director, Mr Gary Kennedy, received a remuneration package worth €501,000.

The bank's nine non-executive directors shared total pay of €534,000. Chairman Mr Lochlann Quinn received fees of €198,000, up 5 per cent on 1999. Mr Quinn also has a large shareholding in AIB, with 309,309 shares worth €3.4 million.

Ulster Television chairman Mr John McGuckian received director's fees of €86,000 while former Arthur Andersen managing partner Mr Adrian Burke was paid €65,000. Mr Don Godson, former chief executive of CRH, was paid €42,000 for his services, Ms Carol Moffett received fees of €41,000, Mr Denis Murphy's fees were €38,000, Mr Padraic Fallon got €36,000, former Attorney General Mr Dermot Gleeson earned €24,000 while Mr Derek Higgs was paid just €4,000.