The EU Court of Justice establishes that the privatisation of the Austrian bank has not been carried out in the light of the private investor in a market economy principle (Land Burgenland)

* Article published on Lexxion State Aid Blog (click here), republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no relationships with a party or related third party. Article will need e-Competitions Board approval before publication.

Private Vendor Principle: How to Organise a State-Aid-Free Sale of Public Assets* Introduction The private investor principle (PIP) or market economy investor principle is well established in the case law. A closely related concept is the private vendor principle (PVP). The PIP applies when a public authority assumes risk by investing in an undertaking, for example through the purchase of shares, injection of capital, granting of a loan or provision of a guarantee. The PVP applies when a public authority reduces its risk exposure by, for example, selling capital assets or land. In either case such a public authority must disregard any public policy objective. In both cases the public authority must have a single purpose: obtaining a market rate of return or profit. The scope of the

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Phedon Nicolaides, The EU Court of Justice establishes that the privatisation of the Austrian bank has not been carried out in the light of the private investor in a market economy principle (Land Burgenland), 24 octobre 2013, e-Competitions October 2013, Art. N° 60111

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