Bank of Ireland has announced the recapitalisation of the bank by Government has been completed.
Under the deal the National Pension Reserve Fund has invested €3.5 billion into the financial institution in return for preference shares.
The bank's shareholders overwhelmingly passed a vote on the recapitalisation plan at an Extraordinary General Meeting last Friday.
However, there was much criticism of the bank's board, with many shareholders calling for its members to go.
Bank of Ireland Governor Richard Burrows told the meeting that all board members would tender their resignation and stand for re-election at the bank's annual shareholder meeting in July.
He apologised to shareholders, acknowledged their devastation, but said the bank had a sound business and its value would be rebuilt.
