Permanent TSB paid its chief executive Jeremy Masding €452,000 in total remuneration last year, a reduction of €1,000 on 2014.

Mr Masding’s basic salary was unchanged on €400,000 while his other remuneration, which includes employer pension contributions and taxable expenses, reduced to €52,000 from €53,000 in the previous year.

His other remuneration comprised a pension payment of €48,000, taxable expenses of €3,500 and a benefit-in-kind sum of €500.

Details of executive pay were included in PTSB’s annual report for 2015, published today.

It showed that former chief financial officer Glen Lucken received €329,000 in remuneration last year, down from €442,000 in 2014.

The report states that Mr Lucken stepped down from the board last September and was entitled to a payment of €402,500 on termination of his employment in lieu of notice.

PTSB chairman Alan Cook received €180,000 in fees for last year, the same level as in 2014.

The bank paid its non-executive directors €574,000 in 2015, up from €565,000 in the previous year.

The bank is 75 per cent owned by the State and adheres to the Government’s €500,000 cap on executive salaries.

No bonuses or long-term incentives were paid to executives during 2015 and there were no share options in place for directors.