The transfer of the first batch will be completed as soon the green light is received, the bank said Friday, noting that contracts for subsequent transfers were also prepared and were awaiting execution.

BAMC said it had received "very restrictive" guidelines from the European Commission's competition directorate with regard to what can be done in order to not run afoul of provisions on state aid.

Consequently, BAMC is "still looking for a pilot case" for the first transfer that would be in compliance with Slovenian law and the Commission's demands.

The news comes after the European Commission emphasised several times that valuations of the transferred assets needed to be spotless.

At its insistence the implementing regulation of the bad bank was recently changed to include an independent valuation of the assets.

While BAMC works out the details with the Commission, it is expected that it will try to nevertheless transfer the first batch of non-performing loans early next week.

PM Alenka Bratušek said yesterday that a EUR 100m tranche for which EU approval is not needed would be transferred.