"I think it's absolutely staggering to think that anyone had the brass neck to sanction this," Senator Ross added.
"The whole structure is wrong and it shows that we are creeping back towards the old style pay for bankers."
The overall salary for the chief executive, Mike Aynsley, was capped at €500,000 as the bank took part in the Government's credit guarantee scheme.
However, the chairman, Donal O'Connor, saw his fee jump from €218,000 to €250,000, a 14.6pc increase.
Sean Fitzpatrick resigned from the role of chairman in December 2008.
Meanwhile non-executive directors' fees were increased from €44,000 to €73,000, according to new documents uncovered.
A representative for the Department of Finance confirmed that the Minister gave the thumbs up for the boost.
"The Minister did sanction higher fees in light of the additional workload," the spokeswoman confirmed.
"At the time, there was no management structure in place. It was felt that because there was no executive director, it was recommended that the other non-executive directors should receive an increase."
The government representative added that now that there is a management structure in place, the level of fees would "have to be reviewed".
However, they could not confirm a schedule for when this evaluation would take place.