Bank of Ireland shareholders have approved the bank's capital raising plans by an overwhelming majority.
Shareholders were voting on the biggest fund raising exercise of its kind in the history of the State.
They were asked to put more money into Bank of Ireland as the State increased its stake to 36% as part of an effort to raise €3.4bn as the bank transfers billions of loans to NAMA.
Earlier, the meeting heard a call for a new chief executive and criticism of 'outrageous lending in the Celtic Tiger years'.
The shareholders attacked the bank's offer and said it was unfair for the bank to look for them to put in more money when they had lost so much in the past.
They were also critical of the bank for being unable to say when it would be able to pay a dividend in future.
The bank's Chairman Pat Molloy expressed confidence in management and said the share offer would restore sustainable stockholder value.
Almost 100,000 shareholders are being given the opportunity to buy more shares at a discount price.
If they decide to buy more stock they will maintain the economic value of their stake.
If they do not, they can sell their rights to buy cheap shares into the stock market, but then they will see their stake in the bank cut in half.
The State will increase its stake but will not put in fresh cash - instead it is converting existing funds given to the bank last year into shares.
In 2007, shares in Bank of Ireland peaked at over €18. Now, the decision for shareholders is whether to buy at a discounted price of 55c.
It is estimated that there were over 400 attendees at today's meeting.
This is well below previous numbers, except for a meeting last January 2010 during especially cold weather.
Shares in the bank were down 4.3% to stand at €1.36 in Dublin this afternoon.
