The top managers and directors of Depfa Bank, the Dublin-based but Frankfurt-listed bank, were paid more than €44 million last year, according to its latest annual report.

The remuneration package, heavily-weighted in favour of the six members of Depfa's executive committee, exceeds that of the largest Irish banks and that of Germany's biggest bank, Deutsche Bank, whose management board shared €28.72 million last year.

AIB, the biggest domestic retail bank by market capitalisation, said this week that its executive directors' received €7.96 million in pay and benefit last year.

Depfa's 2005 report shows that "key management compensation" rose to €44.23 million last year from €34.84 million in 2004. Included in that sum was remuneration of €40.26 million, shared between the executive committee. The members are: chairman and chief executive Gerhard Bruckermann; deputy chief executive Matthias Mosler; chief financial officer Reinhard Grzesik; managing directors Bo Heide-Ottosen and Andrew Readinger; and Rolf Hengsteler.

Depfa spokesman Hanno Strube attributed the rise in pay to the increase in the bank's share price, which traded at around €4 in 2004 and was trading yesterday at €14.65. Shares allocated to top managers under trust plans in 2003 and 2004 matured last year, he said.

Eight non-executive directors and three executive members of Depfa's board received significantly less than their counterparts on the executive committee, sharing €3.96 million.

This was heavily weighted in favour of Mr Bruckerman, Mr Grzesik and former AIB executive Dermot Cahillane. Non-executive directors include former Central Bank head Maurice O'Connell.