Bank of Portugal HQ: Centeno and Santos Pereira face Parliament over the €192M building
Portugal's former and current central bank governors were grilled over the purchase of a new headquarters valued at €192 million. What was — and wasn't — cleared up.
It was one of the most anticipated sessions on Portugal’s parliamentary calendar: Mário Centeno, former governor of the Bank of Portugal, and Álvaro Santos Pereira, the current one, sat before MPs on Thursday to explain the purchase of the central bank’s new headquarters — a deal valued at around €192 million that has already triggered audit requests and months of political controversy.
How much does the new Bank of Portugal headquarters cost?
According to Centeno, the €192 million corresponds to the purchase of the building itself, and on that component, he insisted, there are no uncertainties. What remains open is the bill for the interior: furniture, fittings and equipment depend on decisions still to come. The former governor admitted a maximum budget exists for that phase — but refused to disclose the figure, leaving part of the chamber visibly unimpressed.
Santos Pereira, who took over the bank in October 2025, defended the logic of the project: concentrating the institution’s services in a single building allows savings and improves operational efficiency. The governor also used the session to close another controversy, calling a share purchase a “misunderstanding” and reaffirming that the capital gains in question were donated.
Why is the headquarters controversial?
The argument isn’t (only) about concrete: it’s about timing and transparency. The purchase decision straddled the transition between two governors, the final costs remain open, and Thursday’s hearing had already been postponed twice — which only raised the stakes. The opposition wants to know whether a central bank should make an investment of this size without tighter prior scrutiny; the bank answers that the operation pays for itself by exiting scattered, expensive-to-maintain buildings.
This story won’t end here. With an audit process on the table and the interior budget undisclosed, the new headquarters will likely be back in Parliament before the first desk is moved. The economic backdrop, meanwhile, has been rather kind to the country — which makes this less a debate about money and more one about principle. The bank’s institutional documents are available on the Bank of Portugal’s official site.
Image: Foreign and Commonwealth Office / Wikimedia Commons (OGL v1.0)