Current and former members of the UBS executive board received much more in pay and bonuses for 2009 than in the year earlier.

Even though the banking group reported its third consecutive loss, executives, both old and new, received an almost ten-fold increase.

The Swiss banking giant has revealed members of the 13-man executive board received total compensation of 68.7 million Swiss francs in 2009, including bonus payouts of 54.9 billion francs.

Six board members who stepped down during the year received 41.3 million francs.

According to UBS, the increases occurred mainly due to contractual obligations, with some of the payments in notional shares that need to be held for the next three to five years.