Enquiries from the Garda Fraud Squad to the Bank of Ireland have not revealed any matters which give cause for concern, the deputy group chief executive of the bank has said in a message to staff.

Mr Pat McDowell said in an internal memo that seven cases had been referred to the bank by the Garda, "most of which were resolved within hours of their receipt". The bank is co-operating fully with the Central Bank and the Director of Consumer Affairs in their investigations, and is dealing centrally with complaints lodged with the Fraud Squad.

Mr McDowell said the bank intends in the coming months to introduce new products which are more customer friendly and more transparent "than anything available up to now from any source".

"Part of the current problem has arisen because of the complexity of the product range and associated charges within the banking industry. Customers often cannot understand our charging structures and, not surprisingly perhaps, distrust them."

Mr McDowell thanked staff members who have been working on dealing with customer enquiries and concerns. The past eight days had been very challenging for the banking industry in general, he said. Customer confidence had been badly shaken "by the various facts, accusations and innuendo which have filled the media."

Branch staff and front-line business units had at times been confronted by "worried and sometimes angry customers who, as a minimum, required reassurance". Staff had been very successful in dealing with these customers, he said.