The transfer, which started at the end of last year, was a "demanding and extensive project on which a total of 39 employees of the BAMC worked for four months", a BAMC press release says.

In exchange for almost EUR 3.5bn in non-performing assets, the two banks received a total of EUR 1.1bn in state bonds from the BAMC.

The transfer of non-performing assets from the third largest bank, Abanka, which was nationalised in a EUR 348m bailout at the end of 2013, is yet to start. A total of EUR 543m is planned to be transferred to the BAMC.

An additional recapitalisation of Abanka in the amount of EUR 243m and the transfer of toxic assets to the BAMC are awaiting approval of the European Commission. The bank sent a restructuring programme to the commission in February.