The chief executive of Aer Lingus, Dermot Mannion, is to receive €63,000 more than his predecessor Willie Walsh in basic salary, but no performance related bonus has been awarded to the former Emirates executive to date.

According to the airline's annual report Mr Walsh earned a basis salary of €327,000 in 2004, but Mr Mannion's salary has been set at €380,000. Mr Mannion's total remuneration comes to €517,000, compared with Mr Walsh's €544,000. Mr Mannion was previously president (group support services) at the Dubai-based airline.

The main reason for the difference is that Mr Mannion has not received any performance related bonus to date.

It is understood that under board procedures the issue of a bonus can only be considered after the chief executive has completed a year in office - Mr Mannion joined the airline in August 2005.

Emoluments at the airline generally were stable in 2005 at €1.4 million and this money was shared among 10 directors.

Also included in the annual report is a warning that Aer Lingus urgently needs fresh funding or other airlines will be able to take advantage of the long haul opportunities the airline is planning.

In the annual report Mr Mannion says: "There is considerable urgency to this, as we need to be in a position to take advantage of the opportunities before others do so".

Mr Mannion says the airline needs €2 billion between now and 2012.

In 2005 the airline posted turnover of €883 million, down from €906 million in the previous year. The company's operating profit was down to €72.4 million from €107 million, a drop of 48 per cent. Passenger numbers were up at 8 million, from 6.9 million.