KBC Bank Ireland paid €1.386 million last year in resignation payments to its former chief executive John Reynolds and former chief financial officer Ian Black.

The exit payments are in accounts filed for KBC Bank Ireland plc and subsidiaries. The executives are not named in the financial statements but a spokesman for KBC confirmed to The Irish Times that they related to Mr Reynolds and Mr Black.

The accounts also show that Mr Black owed €533,000 in loans to KBC at the time of his resignation in June last year. This was down from €700,000 at the start of 2012.

Mr Reynolds stepped down as KBC’s chief executive in Ireland in November 2013 after more than five years at the helm. He recently took on a role a non-executive director of Computershare Investor Services (Ireland) Ltd.

The payments were part of €3.8 million in total compensation paid to members of its board of directors in 2013.