Central banks face controversies over headquarters renovations

Central banks in Europe and the United States are facing challenges and controversies regarding the renovation or relocation of their headquarters, primarily driven by rising costs exceeding initial estimates.

In Portugal, the Banco de Portugal faced political scrutiny following a decision by former governor Mário Centeno to acquire a building in Lisbon for €192 million. Following concerns over costs and the timing of the decision, successor Álvaro Santos Pereira modified the project to consolidate into a single building. This change is expected to reduce costs by €35 million to €40 million, with the acquisition price adjusted to €165 million.

In the United States, the Federal Reserve's headquarters renovation, overseen by Jerome Powell, became the subject of investigation following criticism from Donald Trump. The investigation focused on a $2.5 billion renovation project. However, prosecutors reportedly struggled to find evidence of criminal conduct, with one prosecutor admitting in a closed hearing that the government had not found evidence of a crime.