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Austrian Federal President Heinz Fischer Signs Hypo Special Act into Law

Published: July 31, 2014; 16:45 · (FriedlNews)

After intensive testing, together with the former President of the Constitutional Court and current adviser to the President, Prof. Dr. Ludwig Adamovich, Federal President Heinz Fischer has decided to carry out the notarization of the adopted bill and thus clear the way for review by the Constitutional Court.

Fischer Signs Hypo Special Act into Law / Picture: © Wikipedia / GuentherZ

"After termination of the proceedings in the National Council and in the Federal Council, said federal law pursuant to Article 47 B-VG has been submitted for notarization of constitutionality.

The scheme was the subject of several legal opinions and extensive discussions in the parliamentary and extra-parliamentary area, the results were not identical. At the center were the cessation of certain liabilities and the connected elimination of collaterals and guarantees.

From a constitutional and European legal point of view, the extinction of private law liabilities has to be qualified as expropriation. For the admissibility of such, the Constitutional Court has developed an extensive and detailed case law, at which the question of the existence of a "public interest" plays a special role.

Only federal law, which has been published in the Federal Law Gazette, may, however, be examined by the Constitutional Court. The proclamation requires the certification by the Federal President.

The present case contains quite serious constitutional problems, but they can not be classified as "evident unconstitutionality".

I have decided therefore to carry out the notarization of this legislative decree within the meaning of Article 47 B-VG and thus free up also the way to review the constitutional issues by the Constitutional Court."