Selon le Tribunal, la Commission ne pouvait se limiter à constater que la modification des conditions de remboursement de l’apport en capital constituait ipso facto une aide d’État sans examiner, au préalable, si cette modification conférait à ING un avantage qu’un investisseur privé, placé dans la même situation que l’État néerlandais, n’aurait pas consenti.
According to the Court, the Commission could not limit itself to finding that the amendment to the capital injection repayment terms constituted by its very nature State aid, without first examining whether the amendment conferred on ING an advantage to which a private investor in the same situation as the Netherlands State would not have agreed.
