En ce qui concerne le premier, la Commission a constaté qu'une banque privée a aussi proposé un financement à VAOP, que la BNG a demandé des garanties suffisantes et que les conditions financières du prêt ne suggèrent pas une aide d'État.
On the first loan, the Commission found that a privately owned bank had offered at the same time financing to VAOP, that BNG had requested adequate securities and that the financial terms of the loan do not point to state aid.