The European Commission has cleared the final transfers of €47bn of loans to Nama from the main banks.
Nama paid the banks €18.995bn for the loans – a discount of around 60pc compared to the face value.
However, according to its report, the EU said the market value of the loans was €15.681bn.
The additional €3.2bn paid to the banks is regarded as potentially problematic state aid, which was why EU approval was needed for the loan transfers.
Officials in Brussels approved the establishment of Nama and cleared the initial two tranches of loan transfers back in 2010.
The head of Nama said that the Commission's approval confirmed the robustness of NAMA's due diligence, and said it means that NAMA applied the correct valuation to the loans it acquired.
"We adopted a prudent, consistent and fair valuation policy in respect of these loans and the valuation process was fully in accordance with the Commission's requirements," he said.