Bank of Ireland CEO Francesca McDonagh has said the lender has contacted 97.5% of customers who have been impacted by the tracker mortgage scandal.

Ms McDonagh, who was addressing her first AGM as head of the bank, said 80% of these customers have accepted offers of compensation and redress.

She added the bank is trying to be as customer-focused as possible.

What are the issues facing Bank of Ireland ahead of the AGM?

Shareholders were also told the bank has approved 3,000 new mortgages from a €1 billion fund that was set aside for housing and construction.

Ahead of the AGM, Bank of Ireland released a trading update, which showed new lending exceeded repayments by €100m for the first three months of the year as new lending for the period increased by 20% year on year.

The bank's new mortgage lending in the Irish market was up by a third for the first quarter, with total customer loan volumes amounting to €76 billion.

In an investor note, Davy said the lending increase "is a good performance considering it is typically the seasonally weakest quarter". 

The bank says it continues to trade in line with expectations, with economic growth in its core markets of Ireland and the UK remaining positive, despite "ongoing uncertainties related to the UK’s decision to leave the European Union".

Bank of Ireland added it expects operating expenses this year to be lower than 2017 with the lender saying it is maintaining tight control over its cost base.

Yesterday, Minister for Finance Paschal Donohoe said he would be abstaining in a resolution to be brought forward at the bank’s AGM in relation to remuneration.

Irish firms who held back on investing due to the uncertainty caused by the UK's decision to leave the European Union are beginning to make investment decisions again, Bank of Ireland's outgoing chairman said today.

"In the Republic of Ireland, we have seen a range of customers holding back on investment decisions. 

"However we are seeing a releasing of that, people starting to make investment decisions," Archie Kane told the bank's annual shareholder meeting in Dublin.