Can the Decision of a Private Entity be Imputed to the State?* Introduction One of the trickiest aspects of determining whether a financial transaction involves State aid is its attribution or imputation to a decision of the state, especially when the entity providing the funding is private. Private entities do not grant State aid because, by definition, State aid is a gratuitous benefit which is given without anything in return, a “quid” without “quo”. Private entities are presumed to act rationally and in their self-interest in always expecting a payoff of at least equivalent value in return to the funding they provide [this is also the reason why a private entity that gives away something for nothing would be classified as a non-undertaking]. Yet, in a rather unusual case, the
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The EU Court of Justice rejects the appeal brought by the Commission against the General Court’s decision concerning the measures adopted by Italian banks to support one of its members (Banca popolare di Bari)
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