"We not only achieved but significantly exceeded most of the key performance indicators that the government has set," said BAMC.

The audited results show it generated EUR 435m in cash inflows with asset sales and debt repayments, more than twice the statutory target.

According to law, BAMC must offload assets worth 10% of the value of assets it took over when it was established; in 2017 it managed 21.5%.

The loan portfolio remained the main driver of inflows with EUR 322m, while almost EUR 100m was generated from the real estate portfolio.

Surplus liquidity allowed BAMC to perform several early debt repayments ahead of schedule, while the last two outstanding bonds were repaid at the end of the year.

Part of the repayment had to be refinanced, with the terms on the new commercial loans being much more favourable, further reducing the planned financial expenses.