Mr Tom Toner, the chairman of Irish Continental Group (ICG), has made a paper profit of #524,481 (£413,062) through the exercise and sale of shares options in the company.

Mr Toner exercised his options over 51,724 shares on January 15th at a price of #1.46 or a total cost of #75,517. At yesterday's closing price of #11.60, the shares were worth #599,998.

Another director of ICG, Mr Gearoid O'Dea, acquired 20,690 shares through the exercise of options at #0.70. He then sold 3,000 shares at #11.60 to make a profit of #32,700.