A number of shareholders going into the meeting expressed their unhappiness at the bank's stock market performance since the banking crisis began.
Outgoing Bank of Ireland Governor Richard Burrows told the AGM that the bank was facing difficult market conditions, but was aiming to rebuild trust with stakeholders.
Mr Burrows went on to describe the last trading year as one of 'unprecedented dislocation'.
He accepted that the decision to cancel the payment of dividends had caused 'difficulty and distress'.
He said accountability for this distress must be 'taken at the top' and so he had decided to retire as Governor of the Bank of Ireland.
Bank of Ireland Chief Executive Richie Boucher said the bank is approving four of out five loan applications for small business.
He said that the bank was open for mortgage business and that mortgage loan applications were up by 60%.
Pat Molloy is Governor-designate and will be appointed as Governor at the end of today's meeting.
Mr Molloy said he has confidence in the bank and its future.
He also expressed confidence in the leadership of the bank.
