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)

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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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