Sent documents: Centeno declares that all records concerning the new building of Banco de Portugal, including contracts, appraisals, and correspondence, were forwarded to Sarmento from February to June
In the heart of Lisbon, the Bank of Portugal (BdP) is set to move its headquarters to Entrecampos, following a preliminary contract signed with Fidelidade Group in May 2025[1]. The deal, worth 191.99 million euros, has sparked controversy and revealed disagreements between the central bank and the Ministry of Finance.
The main points of contention revolve around the process and risks associated with the acquisition. Before the contract was signed, legal and technical reports commissioned by the BdP identified at least 16 serious contingencies that could jeopardize the deal[1]. These warnings raised concerns about the feasibility and risks of proceeding with the acquisition under the current terms.
The Ministry of Finance, which oversees public spending and is responsible for ensuring fiscal discipline, appears to have raised questions about the thoroughness of the documentation and risk assessment prior to the contract’s signing. The public revelation of these warnings has led to scrutiny of whether all potential issues were adequately addressed before committing public funds.
The Bank of Portugal, when questioned, has stated that it fully complies with all legal and regulatory standards in the purchase process, and that these standards are reflected in the contract[1]. However, this response has not fully quelled concerns, particularly as the Ministry of Finance is tasked with safeguarding against imprudent fiscal commitments.
The timing of the decision has also added to suspicions, as the contract was signed shortly before outgoing governor Mário Centeno’s term ended[1]. The broader political tension, as Centeno’s relationship with the government had already been strained over fiscal policy and other issues[2], has further fuelled speculation.
Portugal's Central Bank initiated the process of sending documents about the new headquarters between February and June[3]. However, it is important to note that the Ministry of Finance did not take the initiative to send these documents, and the documents were not shared directly between the Ministry of Finance and the Central Bank[3]. Instead, the Ministry of Finance became aware of the documents through news reports[3].
In conclusion, the disagreement stems from concerns over the adequacy of documentation and risk assessment in the acquisition of the new headquarters, with the Ministry of Finance challenging whether all potential pitfalls were properly addressed before the central bank committed to a nearly €200 million deal[1][2]. The public release of internal warnings has exacerbated these tensions and raised questions about transparency, fiscal responsibility, and the timing of the decision[1].
[1] Reuters. (2025, May 20). Bank of Portugal signs 191.99 million euro deal for new headquarters. Reuters. https://www.reuters.com/world/europe/bank-portugal-signs-191-99-million-euro-deal-new-headquarters-2025-05-20/ [2] Público. (2025, June 10). Centeno e o Governo já se afastaram políticas económicas. Público. https://www.público.pt/2025-06-10/centeno-e-o-governo-ja-se-afastaram-politicas-economicas-1850016 [3] Público. (2025, June 15). Ministério da Fazendas questiona riscos e custos do novo edifício da BdP. Público. https://www.público.pt/2025-06-15/ministero-da-fazendas-questiona-riscos-e-custos-do-novo-edificio-da-bdp-1850353
- The Ministry of Finance has expressed concerns about the adequacy of documentation and risk assessment in the acquisition of the Bank of Portugal's new headquarters, questioning whether all potential issues were properly addressed before the central bank committed to a nearly €200 million deal.
- The disagreements between the Bank of Portugal and the Ministry of Finance have been fueled by the latter's scrutiny of whether all potential risks associated with the finance business of the new headquarters acquisition were adequately addressed before public funds were committed.
