Europäisches Beihilfenrecht Blog

State Aid Uncovered Blog

In Lexxions Blog „State Aid Uncovered” veröffentlicht Prof. Phedon Nicolaides wöchentlich kritische Analysen zu den neuesten Urteilen und Entscheidungen zu staatlichen Beihilfen. Jeder Beitrag stellt die wichtigsten Punkte eines Gerichtsurteils oder einer EU-Kommissionsentscheidung vor, ordnet sie in den Kontext ähnlicher Rechtsprechung oder Praxis ein, bewertet die zugrundeliegende Argumentation und zeigt etwaige Ungereimtheiten oder Widersprüche auf.

In loser Folge werden auf diesem Blog auch Gastbeiträge von anderen Experten für staatliche Beihilfen veröffentlicht, welche die Inhalte der Blogbeiträge ergänzen.

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Professor at Maastricht University; Professor at University of Nicosia, and Academic Director at Lexxion Training

- imputability ×

23. Dezember 2025  |   State Aid Uncovered von Phedon Nicolaides

No Imputability to the State of Investment by a State Enterprise
State Aid Blogs - State Aid Uncovered photos 88
Introduction  The past three articles have dealt with cases where the Commission or an EU court concluded that they were free of state aid or there were doubts as to whether they constituted state aid.  Today’s article reviews another case concerning a state intervention that was free of state aid. In decision SA.100862, the Commission found that transfer of state assets to a Finnish undertaking did not confer an advantage […]
Mehr lesen
Keine Kommentare
16. Dezember 2025  |   State Aid Uncovered von Phedon Nicolaides

Services Inextricably Linked to the Functions of the State
State Aid Blogs - State Aid Uncovered photos 87
Introduction  There are many cases where recipients of public subsidies perform non-economic activities and, therefore, those subsidies do not constitute state aid in the meaning of Article 107(1) TFEU. By contrast, there are only a handful of cases where activities that are normally economic in nature become non-economic because they are inextricably linked to a function reserved for the state or the […]
Mehr lesen
Keine Kommentare
17. Juni 2025  |   State Aid Uncovered von Phedon Nicolaides

Coverage of Losses of a State-Owned Company
State Aid Blogs - State Aid Uncovered photos 55
Introduction Eu law does not prohibit states from owning or investing in companies [see Article 345 TFEU]. This means that when the state, as owner, makes payments to the companies it owns or loses part of its capital as a result of commercial losses, it does not grant to them State aid if such payments are mandated by law and […]
Mehr lesen
Keine Kommentare
30. August 2024  |   State Aid Uncovered von Phedon Nicolaides

A State-Owned Company Acts as a Private Investor – Part II
State Aid Blogs - State Aid Uncovered photos 9
Part II: Advantage The Commission, first, explained that the “(80) intervention must be considered as a whole, considering the purpose and timing of the various stages in which AMCO’s intervention is to be made, within the context and contents of the second arrangement proposal. Whether or not a transaction is in line with market conditions must be established through a […]
Mehr lesen
Keine Kommentare
27. August 2024  |   State Aid Uncovered von Phedon Nicolaides

A State-Owned Company Acts as a Private Investor
State Aid Blogs - State Aid Uncovered photos 8
Introduction When a party to a financial transaction is a company that is owned and controlled by the state, it is difficult to determine whether the transaction is free of State aid. This is because it is not easy to prove that the state had no influence over the decision of the company to carry out that transaction. The Commission […]
Mehr lesen
Keine Kommentare
13. Februar 2024  |   State Aid Uncovered von Phedon Nicolaides

State Resources, Control and Imputability
State Aid Blogs - State Aid Uncovered photos 1
Introduction A public measure can be classified as State aid only when it is funded from state resources. Measures funded from the budgets of public authorities are always considered to be supported by state resources. However, measures not funded from state budgets may still be supported by state resources. This is because, rather counterintuitively, the concept of state resources covers […]
Mehr lesen
Keine Kommentare
19. September 2023  |   von Phedon Nicolaides

When Are Decisions of State-owned Companies Imputed to the State?
State Aid Blogs - Untitled design 8
Introduction According to Article 4 of Regulation 2015/1589 [the Procedural Regulation], when the Commission, after a preliminary examination of a State aid measure, has doubts as to the absence of State aid or the compatibility of the aid with the internal market, it must open the formal examination procedure. The case law says that doubts arise when the Commission encounters […]
Mehr lesen
Keine Kommentare
19. April 2022  |   State Aid Uncovered von Phedon Nicolaides

Injection of Capital in a Postal Operator
State Aid Blogs - State Aid Uncovered SM posts 2
The resources of a public undertaking necessarily count as “state resources”, regardless of the degree of autonomy of the public undertaking. However, not every decision of a public undertaking can necessarily be “imputed” to the state. A prudent investor may take into account authorised State aid. A prudent investor may tolerate short-term losses if it can realise sufficient profits in […]
Mehr lesen
Keine Kommentare
9. März 2021  |   State Aid Uncovered von Phedon Nicolaides

Can the Decision of a Private Entity be Imputed to the State?
State Aid Blogs - StateAidHub blogpost7 Bank Italy
A measure is imputable to the state whenever the state is involved in its adoption or shapes the decision that leads to its adoption. 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 […]
Mehr lesen
Keine Kommentare
26. Januar 2021  |   State Aid Uncovered von Phedon Nicolaides

Training and State Resources
State Aid Blogs - StateAidHub blogpost4 training
The definition of quality indicators and the establishment of certificates of quality do not amount to control by the state over the resources belonging to non-state entities. Introduction Consider the case of a public university which decides to finance the proposal of one of its researchers to launch a research project in collaboration with a private company. For sure the […]
Mehr lesen
Keine Kommentare
Nächste Seite »

- imputability ×

23. Dezember 2025  |   State Aid Uncovered von Phedon Nicolaides

No Imputability to the State of Investment by a State Enterprise
State Aid Blogs - State Aid Uncovered photos 88
Introduction  The past three articles have dealt with cases where the Commission or an EU court concluded that they were free of state aid or there were doubts as to whether they constituted state aid.  Today’s article reviews another case concerning a state intervention that was free of state aid. In decision SA.100862, the Commission found that transfer of state assets to a Finnish undertaking did not confer an advantage […]
Mehr lesen
Keine Kommentare
16. Dezember 2025  |   State Aid Uncovered von Phedon Nicolaides

Services Inextricably Linked to the Functions of the State
State Aid Blogs - State Aid Uncovered photos 87
Introduction  There are many cases where recipients of public subsidies perform non-economic activities and, therefore, those subsidies do not constitute state aid in the meaning of Article 107(1) TFEU. By contrast, there are only a handful of cases where activities that are normally economic in nature become non-economic because they are inextricably linked to a function reserved for the state or the […]
Mehr lesen
Keine Kommentare
17. Juni 2025  |   State Aid Uncovered von Phedon Nicolaides

Coverage of Losses of a State-Owned Company
State Aid Blogs - State Aid Uncovered photos 55
Introduction Eu law does not prohibit states from owning or investing in companies [see Article 345 TFEU]. This means that when the state, as owner, makes payments to the companies it owns or loses part of its capital as a result of commercial losses, it does not grant to them State aid if such payments are mandated by law and […]
Mehr lesen
Keine Kommentare
30. August 2024  |   State Aid Uncovered von Phedon Nicolaides

A State-Owned Company Acts as a Private Investor – Part II
State Aid Blogs - State Aid Uncovered photos 9
Part II: Advantage The Commission, first, explained that the “(80) intervention must be considered as a whole, considering the purpose and timing of the various stages in which AMCO’s intervention is to be made, within the context and contents of the second arrangement proposal. Whether or not a transaction is in line with market conditions must be established through a […]
Mehr lesen
Keine Kommentare
27. August 2024  |   State Aid Uncovered von Phedon Nicolaides

A State-Owned Company Acts as a Private Investor
State Aid Blogs - State Aid Uncovered photos 8
Introduction When a party to a financial transaction is a company that is owned and controlled by the state, it is difficult to determine whether the transaction is free of State aid. This is because it is not easy to prove that the state had no influence over the decision of the company to carry out that transaction. The Commission […]
Mehr lesen
Keine Kommentare
13. Februar 2024  |   State Aid Uncovered von Phedon Nicolaides

State Resources, Control and Imputability
State Aid Blogs - State Aid Uncovered photos 1
Introduction A public measure can be classified as State aid only when it is funded from state resources. Measures funded from the budgets of public authorities are always considered to be supported by state resources. However, measures not funded from state budgets may still be supported by state resources. This is because, rather counterintuitively, the concept of state resources covers […]
Mehr lesen
Keine Kommentare
19. September 2023  |   von Phedon Nicolaides

When Are Decisions of State-owned Companies Imputed to the State?
State Aid Blogs - Untitled design 8
Introduction According to Article 4 of Regulation 2015/1589 [the Procedural Regulation], when the Commission, after a preliminary examination of a State aid measure, has doubts as to the absence of State aid or the compatibility of the aid with the internal market, it must open the formal examination procedure. The case law says that doubts arise when the Commission encounters […]
Mehr lesen
Keine Kommentare
19. April 2022  |   State Aid Uncovered von Phedon Nicolaides

Injection of Capital in a Postal Operator
State Aid Blogs - State Aid Uncovered SM posts 2
The resources of a public undertaking necessarily count as “state resources”, regardless of the degree of autonomy of the public undertaking. However, not every decision of a public undertaking can necessarily be “imputed” to the state. A prudent investor may take into account authorised State aid. A prudent investor may tolerate short-term losses if it can realise sufficient profits in […]
Mehr lesen
Keine Kommentare
9. März 2021  |   State Aid Uncovered von Phedon Nicolaides

Can the Decision of a Private Entity be Imputed to the State?
State Aid Blogs - StateAidHub blogpost7 Bank Italy
A measure is imputable to the state whenever the state is involved in its adoption or shapes the decision that leads to its adoption. 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 […]
Mehr lesen
Keine Kommentare
26. Januar 2021  |   State Aid Uncovered von Phedon Nicolaides

Training and State Resources
State Aid Blogs - StateAidHub blogpost4 training
The definition of quality indicators and the establishment of certificates of quality do not amount to control by the state over the resources belonging to non-state entities. Introduction Consider the case of a public university which decides to finance the proposal of one of its researchers to launch a research project in collaboration with a private company. For sure the […]
Mehr lesen
Keine Kommentare
Nächste Seite »

- imputability ×

23. Dezember 2025  |   State Aid Uncovered von Phedon Nicolaides

No Imputability to the State of Investment by a State Enterprise
State Aid Blogs - State Aid Uncovered photos 88
Introduction  The past three articles have dealt with cases where the Commission or an EU court concluded that they were free of state aid or there were doubts as to whether they constituted state aid.  Today’s article reviews another case concerning a state intervention that was free of state aid. In decision SA.100862, the Commission found that transfer of state assets to a Finnish undertaking did not confer an advantage […]
Mehr lesen
Keine Kommentare
16. Dezember 2025  |   State Aid Uncovered von Phedon Nicolaides

Services Inextricably Linked to the Functions of the State
State Aid Blogs - State Aid Uncovered photos 87
Introduction  There are many cases where recipients of public subsidies perform non-economic activities and, therefore, those subsidies do not constitute state aid in the meaning of Article 107(1) TFEU. By contrast, there are only a handful of cases where activities that are normally economic in nature become non-economic because they are inextricably linked to a function reserved for the state or the […]
Mehr lesen
Keine Kommentare
17. Juni 2025  |   State Aid Uncovered von Phedon Nicolaides

Coverage of Losses of a State-Owned Company
State Aid Blogs - State Aid Uncovered photos 55
Introduction Eu law does not prohibit states from owning or investing in companies [see Article 345 TFEU]. This means that when the state, as owner, makes payments to the companies it owns or loses part of its capital as a result of commercial losses, it does not grant to them State aid if such payments are mandated by law and […]
Mehr lesen
Keine Kommentare
30. August 2024  |   State Aid Uncovered von Phedon Nicolaides

A State-Owned Company Acts as a Private Investor – Part II
State Aid Blogs - State Aid Uncovered photos 9
Part II: Advantage The Commission, first, explained that the “(80) intervention must be considered as a whole, considering the purpose and timing of the various stages in which AMCO’s intervention is to be made, within the context and contents of the second arrangement proposal. Whether or not a transaction is in line with market conditions must be established through a […]
Mehr lesen
Keine Kommentare
27. August 2024  |   State Aid Uncovered von Phedon Nicolaides

A State-Owned Company Acts as a Private Investor
State Aid Blogs - State Aid Uncovered photos 8
Introduction When a party to a financial transaction is a company that is owned and controlled by the state, it is difficult to determine whether the transaction is free of State aid. This is because it is not easy to prove that the state had no influence over the decision of the company to carry out that transaction. The Commission […]
Mehr lesen
Keine Kommentare
13. Februar 2024  |   State Aid Uncovered von Phedon Nicolaides

State Resources, Control and Imputability
State Aid Blogs - State Aid Uncovered photos 1
Introduction A public measure can be classified as State aid only when it is funded from state resources. Measures funded from the budgets of public authorities are always considered to be supported by state resources. However, measures not funded from state budgets may still be supported by state resources. This is because, rather counterintuitively, the concept of state resources covers […]
Mehr lesen
Keine Kommentare
19. September 2023  |   von Phedon Nicolaides

When Are Decisions of State-owned Companies Imputed to the State?
State Aid Blogs - Untitled design 8
Introduction According to Article 4 of Regulation 2015/1589 [the Procedural Regulation], when the Commission, after a preliminary examination of a State aid measure, has doubts as to the absence of State aid or the compatibility of the aid with the internal market, it must open the formal examination procedure. The case law says that doubts arise when the Commission encounters […]
Mehr lesen
Keine Kommentare
19. April 2022  |   State Aid Uncovered von Phedon Nicolaides

Injection of Capital in a Postal Operator
State Aid Blogs - State Aid Uncovered SM posts 2
The resources of a public undertaking necessarily count as “state resources”, regardless of the degree of autonomy of the public undertaking. However, not every decision of a public undertaking can necessarily be “imputed” to the state. A prudent investor may take into account authorised State aid. A prudent investor may tolerate short-term losses if it can realise sufficient profits in […]
Mehr lesen
Keine Kommentare
9. März 2021  |   State Aid Uncovered von Phedon Nicolaides

Can the Decision of a Private Entity be Imputed to the State?
State Aid Blogs - StateAidHub blogpost7 Bank Italy
A measure is imputable to the state whenever the state is involved in its adoption or shapes the decision that leads to its adoption. 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 […]
Mehr lesen
Keine Kommentare
26. Januar 2021  |   State Aid Uncovered von Phedon Nicolaides

Training and State Resources
State Aid Blogs - StateAidHub blogpost4 training
The definition of quality indicators and the establishment of certificates of quality do not amount to control by the state over the resources belonging to non-state entities. Introduction Consider the case of a public university which decides to finance the proposal of one of its researchers to launch a research project in collaboration with a private company. For sure the […]
Mehr lesen
Keine Kommentare
Nächste Seite »

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