Executive pay rose only moderately at EBS last year, according to the building society's annual report.

Chief executive Ted McGovern received a pay packet worth a total of €601,200 in 2004, up 2 per cent on his 2003 remuneration.

Mr McGovern was paid a basic salary of €336,200, as well as a bonus of €121,400.

He was also awarded €110,000 under the building society's medium-term incentive scheme.

Other benefits amounted to €33,600.

John Cullen, the EBS finance director, saw his pay packet rise by 10 per cent in 2004 as he received total remuneration package of €392,900.

His basic salary amounted to €248,300.

The society's company secretary, Joe Ryan, was paid €397,200, up 6.4 per cent on 2003.

Mr Ryan's basic salary was also €248,300.

The three executive directors also shared pension contributions of €314,500 last year, up from €299,500.

The society's eight non-executive directors, meanwhile, shared remuneration of €397,000 in 2004, compared to €375,000 in the previous year.

The largest non-executive package went to the society's chairman, Brian Joyce, who received €90,000.

This compared to the €85,000 that was paid to him in 2003.

Vice-chairman Ron Bolger was paid €66,000, up from €62,000.