Minister of Justice László Trócsányi discussed the Land Act and the situation of banks in Hungary with Austrian Federal Minister of Justice Wolfgang Brandstetter, on 15 October in Budapest.
Following the meeting, Minister Trócsányi said that he had briefed his Austrian colleague about Hungarian regulations on land-use and informed him about the reasons for Hungarian legislation having come to a decision with regard to fictional and illegal land-use agreements, which created a new environment from 1 May 2014 and requires the termination of previous rights of usufruct.
"There are differences between the Hungarian and Austrian approaches. We are currently waiting for the reply of the European Commission regarding the issue, and future action will occur accordingly", Minister Trócsányi said.
The other important topic of discussion was the situation of foreign currency borrowers. Minister Trócsányi briefed his Austrian counterpart on the Hungarian system, which provides judicial remedy for banks under the rule of law.
The two ministers agreed to hold regular consultations in the future with regard to these issues. The Hungarian Minister of Justice will visit Minister Brandstetter in December to discuss ways in which Austria and Hungary can cooperate on various points of EU law.