Four New Ireland directors who will stay with the company after the Bank of Ireland buy-out will benefit from more than £3.6 million in share options as a result of the takeover. Managing director, Mr Jack Casey, who has a £187,500 salary plus perks under a June 1996 contract, stands to receive over £1.6 million from the 75,796 share options he has at an exercise price of 235 1/2p. They are worth £23.82 a share under the Bank of Ireland bid. Deputy managing director, Mr Jim Gallivan is in line for £910,000 if he cashes in his 42,462 share options while the other deputy managing director, Mr Enda O'Brien stands to get £890,000 for his 41,613 options.

Company secretary, Mr Giles Kerr will receive just over £296,000 for his 13,800 options.

Two of New Ireland's overseas directors, who are nominees of current owner AXA-UAP, also stand to make substantial sums from the sale. Frenchman, Mr Gilles Avenel will get £1.1 million while Briton, Mr Michael Hart stands to receive almost £114,000.