TWO directors of Allied Irish Banks have made cash and paper profits of almost £850,000 after exercising share options and then selling some of the shares into the stock market.

Mr Kevin Kelly has made a cash profit of £549,000 after buying 50,000 shares at €1.98 (£1.56) and then selling the shares into the market at €15.92 (£12.54).

Another director, Mr Michael Buckley, has made a cash profit after buying 40,000 shares at the €1.98 option price and then selling 25,000 shares into the market at €15.00 (£11.81). Mr Buckley has also made a paper gain of £155,000 on the 15,000 shares he has retained.