Bank of Ireland executives saw their pay rise substantially last year.Chief executive Mr Michael Soden saw his remuneration fall to €1.32 million from €1.6 million for the six months he served in the previous financial year.

However, when €963,444 in stock granted to Mr Soden when he joined the bank in September 2001 is stripped out, the package shows a small increase on the previous year.

Last year Mr Soden was the main driver behind a failed approach to Abbey National.

Mr Brian Goggin, the only other executive director to serve in both years, saw his package rise by more than 50 per cent to €743,000.

Overall, boardroom remuneration rose nearly 21 per cent to €3.39 million from €2.81 million a year earlier.

Governor Mr Laurence saw his pay rise 18 per cent to €292,000 with pension contributions adding €20,000 to the package.