67 Owing to the substantial change in circumstances referred to in paragraph 65 above, the assessment by the Commission of those aid schemes cannot therefore be considered as prejudicing the assessment which would have been carried out of an aid scheme, containing similar measures, but which would have fallen to be implemented in economic circumstances radically different from those which the Commission took into account in its assessment. It follows that the compatibility with the internal market of the new aid scheme which was the subject of an application addressed to the Council by Hungary under the third subparagraph of Article 108(2) TFEU must be evaluated following an individual assessment distinct from that of the schemes referred to in paragraph 16 above, which takes into consideration the relevant economic circumstances at the time when the aid is granted (see, to that effect, Case C-261/89 Italy v Commission [1991] ECR I-4437, paragraph 21, and Case C-459/10 P Freistaat Sachsen and Land Sachsen-Anhalt v Commission [2011] ECR I-109, paragraph 48).

73 Owing to the substantial change in circumstances referred to in paragraph 71 above, the assessment by the Commission of those aid schemes cannot therefore be considered as prejudicing the assessment which would have been carried out of an aid scheme, containing similar measures, but which would have fallen to be implemented in economic circumstances radically different from those which the Commission took into account in its assessment. It follows that the compatibility with the internal market of the new aid scheme which was the subject of an application addressed to the Council by the Republic of Latvia under the third subparagraph of Article 108(2) TFEU must be evaluated following an individual assessment distinct from that of the scheme referred to in paragraph 18 above, which takes into consideration the relevant economic circumstances at the time when the aid is granted (see, to that effect, Case C-261/89 Italy v Commission [1991] ECR I-4437, paragraph 21, and Case C-459/10 P Freistaat Sachsen and Land Sachsen-Anhalt v Commission [2011] ECR I-109, paragraph 48).

82 Owing to the substantial change in circumstances referred to in paragraph 80 above, the assessment by the Commission of those aid schemes cannot therefore be considered as prejudicing the assessment which would have been carried out of an aid scheme, containing similar measures, but which would have fallen to be implemented in economic circumstances radically different from those which the Commission took into account in its assessment. It follows that the compatibility with the internal market of the new aid scheme which was the subject of an application addressed to the Council by the Republic of Poland under the third subparagraph of Article 88(2) EC must be evaluated following an individual assessment distinct from that of the schemes referred to in paragraph 18 above, which takes into consideration the relevant economic circumstances at the time when the aid is granted (see, to that effect, Case C-261/89 Italy v Commission [1991] ECR I-4437, paragraph 21, and Case C-459/10 P Freistaat Sachsen and Land Sachsen-Anhalt v Commission [2011] ECR I-109, paragraph 48).

66 Owing to the substantial change in circumstances referred to in paragraph 64 above, the assessment by the Commission of that aid scheme cannot therefore be considered as prejudicing the assessment which would have been carried out of an aid scheme, containing similar measures, but which would have fallen to be implemented in economic circumstances radically different from those which the Commission took into account in its assessment. It follows that the compatibility with the internal market of the new aid scheme which was the subject of an application addressed to the Council by the Republic of Lithuania under the third subparagraph of Article 108(2) TFEU must be evaluated following an individual assessment distinct from that of the scheme referred to in paragraph 15 above, which takes into consideration the relevant economic circumstances at the time when the aid is granted (see, to that effect, Case C-261/89 Italy v Commission [1991] ECR I-4437, paragraph 21, and Case C-459/10 P Freistaat Sachsen and Land Sachsen-Anhalt v Commission [2011] ECR I-109, paragraph 48).

The Court has, on the contrary, held that when the Commission considers the compatibility of a measure of State aid with the common market, it must take all the relevant factors into account, including, where relevant, the circumstances already considered in a prior decision and the obligations which that previous decision may have imposed on a Member State (see, in particular, Case C-261/89

70 Therefore, in accordance with equally settled case-law, it is necessary to assess whether, in similar circumstances, a private investor of a dimension comparable to that of the bodies managing the public sector could have been prevailed upon to make capital contributions of the same size (Case C-261/89 Italy v Commission [1991] ECR I-4437, paragraph 8; Joined Cases C-278/92 to C-280/92 Spain v Commission, cited above, paragraph 21; Case C-42/93 Spain v Commission [1994] ECR I-4175, paragraph 13), having regard in particular to the information available and foreseeable developments at the date of those contributions.

Therefore, in accordance with equally settled case-law, it is necessary to determine whether, in similar circumstances, a private investor of a dimension comparable to that of the bodies managing the public sector could have been prevailed upon to make capital contributions of the same size (Case C-261/89

26 The first subparagraph of Article 93(2) of the Treaty makes the Commission responsible for implementing, subject to review by the Court, a special procedure involving the constant review and monitoring of aid which Member States intend to introduce (Case C-301/87 France v Commission [1990] ECR I-307 and Case C-294/90 British Aerospace and Rover v Commission [1992] ECR I-493, paragraph 10). In particular, under Article 92(3) of the Treaty, which applies to the contested decisions, the Commission enjoys a wide discretion, and the exercise of that discretion involves assessments of an economic and social nature which must be made within a Community context (France v Commission, paragraph 49). When the Commission examines the compatibility of a State aid with the common market it must take all the relevant factors into account, including, where appropriate, the circumstances already considered in a prior decision and the obligations which that decision may have imposed on a Member State (Case C-261/89 Italy v Commission [1991] ECR I-4437, paragraph 20).

8 In view of these arguments it should be pointed out first, that, according to the Court' s established case-law, a contribution by the public authorities to the capital of an undertaking, in whatever form, may constitute State aid when the conditions referred to in Article 92 of the Treaty are fulfilled, and that, in order to determine whether such contributions amount to State aids, it must be considered whether, in similar circumstances, a private investor of a stature comparable to that of the bodies administering the public sector might have been induced to provide contributions of capital to a like extent (Case C-305/89 Italy v Commission [1991] ECR 1603, paragraphs 18 and 19 of the judgment).