Almost €1.4 million (£1.1 million) in severance payments was paid by First Active to the three directors who resigned last year as part of a major boardroom reshuffle, according to the bank's annual report.

The report shows that former chief executive Mr John Smyth received a "termination payment" of €686,000 in addition to the €42,000 in pay and benefits he received last year for the month he spent as chief executive before he resigned at the end of January 2000. In addition to his termination payment, First Active also paid €317,000 into the group's pension scheme to fund Mr Smyth's pension entitlements, bringing the total cost of his severance to just over €1 million.

First Active's deputy chief executive Mr Tony Shanahan, who resigned in June, received a termination payment of €387,000. On top of this, he received salary of €112,000 for the 61/2 months he spent as deputy chief executive, Mr Shanahan also received a pension contribution of €115,000.

Operations director Mr Paul Reville, who resigned in September, received a termination payment of €315,000 and a pension contribution of €95,000. He received a salary of €125,000 for the portion of the year before his resignation. First Active chief executive Mr Cormac McCarthy was appointed to his job at the end of July. Up to the end of the year, he received a total of €189,000, which included €106,000 in salary, a €34,000 bonus and a €44,000 pension contribution.

The report shows that First Active chairman Mr John Callaghan, who was acting chief executive between February and July, received fees of €95,000 and a pension contribution of €13,000.

First Active holds its annual general meeting in Dublin on May 16th. Ahead of that meeting, the group is holding a series of shareholder information meetings at various locations around the country. The first of these will he held in Waterford on April 30th and will be attended by both the chairman Mr Callaghan and the chief executive Mr McCarthy.