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The Commission submits that the behaviour of the State cannot be compared with that of a private investor. It is unlikely that a private investor would have approved the amendment to the repayment terms to which the Netherlands State agreed. In general, the Commission considers that the private investor principle does not apply to an additional measure in favour of the recipient of State aid which is being restructured. According to the Commission, where restructuring aid has already been granted to an undertaking in difficulty, other forms of financial aid would not usually be analysed pursuant to the private investor principle. However, since the initial agreement and the amendment agreement were concluded within a short time of each other, on 11 November 2008 and 24 October 2009 respectively, as part of the restructuring of ING on the basis of the financial crisis, the amendment to the repayment terms cannot be separated from the initial agreement so that it can be assessed in the light of the private investor test. In any case, the amendment at issue is not in conformity with that test. The right question is whether, taking into account the fact that ING wished to repurchase half of the securities in 2009, the amendment to the repayment terms conferred an advantage on it compared to the initial agreement, which was clearly the case. Furthermore, not only did the applicants confirm on several occasions during the administrative procedure that ING wished quickly to repay the capital injection; those securities also had negative consequences for ING and its shareholders. The facts even prove that the argument that it would be unlikely that ING would repurchase the securities at a price greater than the market value of the ordinary shares (that is to say EUR 15 plus the repayment premium) is incorrect, because ING actually repurchased half of those securities following the amendment to the repayment terms at EUR 11.21 per security, whereas the average price of an ordinary share was less than EUR 10 for the five-day period which preceded that transaction. The Commission also doubts that the early repayment of the securities could not be taken for granted given the movement in the share price during the period from the date of issue until the end of October 2009, during which the ING share price was always considerably lower than EUR 15. Admittedly, the Commission acknowledged that ING shares had reached a floor during the first half of 2009, falling to around EUR 2.5 in value, but that value had risen steeply again thereafter. On the eve of the announcement of the amendment to the repayment terms and of the issue of shares necessary to that end, shares traded at a value of EUR 11.66, that is to say more than four times the value achieved about six months previously. It was not therefore impossible that such a trend would continue. ING shares even traded, around 2001, at EUR 43. It was therefore certainly possible that the share price could rise to EUR 15, the price from which ING says it would have repurchased the securities on the terms initially provided for. Finally, the Commission qualifies the argument that it would be attractive for a private investor to opt for the amended repayment terms, because they guarantee a return of at least 15% annually for half of its investment. Even following that amendment, the State could not be absolutely sure that it would be repaid. The risk remained that ING would not obtain (sufficient) funds on the market in order to carry out that transaction. The Commission acknowledges that that risk was limited, given that the market situation from the third semester of 2009 was very favourable to the collection of money on account of the excess of available liquidity.