The Ministry of Finance has announced that it will request an audit by the Inspectorate General of Finance (IGF) in light of reports concerning the new building of the Bank of Portugal. This decision aims to protect the institution and uphold its independence, according to a press release from the office of Finance Minister Joaquim Miranda Sarmento.
No further details were provided by the government on this matter.
The issue revolves around a contract signed in May by the central bank, headed by Mário Centeno, with Fidelidade for acquiring a building on the former site of Feira Popular in Entrecampos, Lisbon. The purchase price is set at €191.99 million, with the transaction expected to finalize by the end of 2027.
The online newspaper Observador reported on Monday, July 21, that the final cost of the new facilities will exceed €192 million, as this amount only covers structural works. The total cost is projected to rise to €235 million.
The report also mentioned concerns from the Bank of Portugal’s consultants, specifically about licensing and the potential need for an environmental impact assessment for the parking lot construction.
The IGF, to whom Joaquim Miranda Sarmento intends to direct the audit request, is part of the Ministry of Finance responsible for inspecting public administrative sector entities, operating directly under the Finance Minister but with administrative autonomy.
The bank responded to inquiries by Lusa, asserting compliance with all regulations during the building’s purchase. “The Bank of Portugal has complied, and will continue to comply, with all applicable legal and regulatory standards until the final contract is executed,” an official source stated.
When asked by Lusa about the total estimated cost of the building, the Bank of Portugal did not specify, only noting that “the purchase price followed the lowest independent assessment requested by the Bank of Portugal.”
In response to the technical alerts, the central bank stated that throughout the process, “technical procedures and diligences were adopted according to the best national and international practices, ensuring rigorous control of the legality, financial, and patrimonial configuration of the operation.”
This controversy arises days before the announcement of the next governor of the central bank for the upcoming five years. Mário Centeno’s term as governor of the Bank of Portugal ended on Sunday, without a successor being named by the government. The decision is expected on Thursday, the day of the Council of Ministers meeting, as announced by the Prime Minister.
