76In so far as the applicant maintains that VLM's losses were three times higher than BFR 8.6 million in 1994, the figure mentioned in the seventh paragraph of Chapter V of the contested decision, it must be emphasised that the legality of the contested decision must be assessed in relation to the attitude which a private investor would have had under normal market conditions at the time of the grant of the loan in question, having regard to the information available and developments foreseeable at that time. Consequently, the fact that the losses suffered by VLM in 1994 were nearly three times higher than the estimate contained in the contested decision would be Hable to affect its legality only if it were clear that a private investor would have foreseen that VLM's losses were going to be higher than that estimate.
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