The EU Court of Justice sets aside the General Court’s annulment of the Commission’s decision concerning state aid granted to a Danish bank (FIH)

When considering whether a measure constitutes State aid for the purposes of Article 107(1) TFEU and applying the well-established private operator principle, one should take into account both the private creditor test and that of the private investor depending on the nature of the transaction. Above all, one should consider only the benefits and obligations linked to the situation of the State as a private operator, to the exclusion of those connected with its situation as a public authority. This leads to the exemption of risks that a State is exposed to in its public capacity. Also, possible precedents must be distinguished carefully, if they concern the application of the private operator principle generally, or its mere application to a particular measure. Facts of the Case FIH, a