Embassy News

Táncsics Property Exchange Signed Today at the Foreign Ministry

Video transcript

On September 10, Ambassador Foley and Foreign Minister Göncz signed an agreement on an exchange of properties between the Governments of the United States and of Hungary. According to the agreement, a cash-free real estate exchange deal, the historic complex on Táncsics Street in the Castle District, purchased on the free market in the late 1940s, as well as two other U.S.-owned properties in Budapest will get back into Hungarian hands. In return, the Hungarian side will renovate the two buildings adjacent to the main Embassy building on Szabadság tér and give them to the United States to be used as part of a consolidated Embassy complex.

Speaking at the Hungarian Foreign Ministry Ambassador Foley began her remarks with the following:

"Ladies and gentlemen,

-- In June 2006, President Bush visited Hungary and spoke about his admiration and respect for Hungary’s heroic struggle for freedom and democracy. 

-- He saw in this struggle a lesson and an inspiration for our common efforts today to bring the blessings of liberty to all countries, especially those suffering from tyranny and terrorism. 

-- President Bush praised Hungary as one of the leaders of this effort, working with the U.S. and other allies in Iraq, Afghanistan, and in many other countries to assist their transitions to democracy.

-- Recognizing the importance of the Tancsics complex on Castle Hill to Hungary’s struggle for freedom, President Bush made a commitment to Prime Minister Gyurcsany and the Hungarian people to return this historic property to the Hungarian government..."