The European Commission has approved the transfer of the first tranche of loans to the National Asset Management Agency (Nama).
The transfer of the impaired loans from the banks was authorised under EU state aid rules, with the commission describing it as an "appropriate means of remedying a serious disturbance".
"The commission found this transfer to be in line with the approved scheme and with its guidance on the treatment of impaired assets," it said in a statement.
"In particular, the transfer satisfies predefined transparency and disclosure requirements, the assets fulfil the criteria for participation in the scheme and their valuation complies with the requirements of the commission’s guidance and results in adequate burden sharing."
The commission said it was relying on the Government's commitments to ensure Nama would not unduly distort competition.
The average discount applied to the first tranche of loans was 47 per cent.
