Santos Pereira announced today that the Bank of Portugal (BdP) will collaborate with the Inspectorate-General of Finance (IGF) and provide information regarding the new headquarters, although it cannot be audited by politically controlled entities.
“Those who have nothing to hide fear nothing, and the BdP will provide all necessary information to the Portuguese people and respond to all questions posed by the IGF,” declared Santos Pereira in parliament during the mandatory hearing before being appointed as the governor of the BdP.
The economist further stated that the BdP is not subject to “audits conducted by politically controlled institutions,” such as the IGF, and can only be audited through internal audits or by the Court of Auditors.
Concerning the new headquarters, Santos Pereira stated he will familiarize himself with the process upon taking office, as he will have decisions to make, emphasizing the importance of centralizing the BdP’s currently dispersed departments within a single central building in Lisbon.
In May, the Bank of Portugal announced it signed a contract with Fidelidade to acquire a building on the grounds of the former Feira Popular in Entrecampos (Lisbon) for the institution’s future premises, valued at 191.99 million euros, with the finalization of the transaction expected by late 2027.
Online newspaper ‘Observador’ reported in July that the cost of the future premises would exceed the announced figure, as it only covers structural works, and the project had raised concerns among BdP consultants, particularly regarding licenses and the potential need for an environmental impact assessment for the parking structure.
BdP stated it adheres to all rules and regulations in the process of purchasing the new headquarters, which was assured in the contract with Fidelidade.
In response to this controversy, the government requested an audit by the IGF regarding the headquarters construction process.
The IGF is a service under the Ministry of Finance responsible for inspecting public administrative sector entities, operating directly under the finance minister but with administrative autonomy.
Last week in parliament, the Inspector-General, António Ferreira dos Santos, mentioned awaiting the scheduling of a meeting with the BdP to clarify issues concerning the new headquarters.
When asked if the IGF had the authority to intervene in this matter, the Inspector-General stated it was not his place to comment but added he could not “ignore” the finance ministry’s directive to analyze this issue.
Álvaro Santos Pereira was also queried on whether there should be rules preventing an outgoing governor from making significant decisions near the end of their term, to which he responded that he anticipates “introducing regulation on this matter.”
