Renovations to the iconic Banco de Portugal building on Avenida Almirante Reis in Lisbon have stalled since 2021, resulting in mounting costs and public scrutiny. Despite scaffolding and tarpaulins covering the structure for nearly four years, no visible progress has been made, and no construction work has taken place.
- Scaffolding and Tarpaulins: The Bank of Portugal has spent €1,052,650.52 (including VAT) on scaffolding and tarpaulins alone.
- Repeated Contracts with Tubos Vouga: Over three direct contracts and one public tender, Tubos Vouga has secured significant revenue despite the absence of construction work. The most recent contract, worth €486,047.29, was awarded due to the existing scaffolding, avoiding the need for replacement.
Timeline of Delays
- The scaffolding was initially installed in June 2021 after façade elements fell, posing a safety hazard.
- In February 2022, the National Civil Engineering Laboratory reported that parts of the façade had reached their “useful life.”
- A contract was awarded to Struconcept in December 2023 to design the façade repair project, with a 392-day deadline, ensuring the scaffolding remains until at least 2025.
The Bank of Portugal has also incurred costs unrelated to the façade repairs:
- €90,000 for garden maintenance at the building over three years.
- €3.8 million for facility maintenance, including electrical systems, across two buildings.
- €600,000 for interior remodeling of spaces in Lisbon, excluding the façade.
The Bank of Portugal plans to vacate the building and relocate services to the Marconi Building in Entrecampos. Long-term, the institution intends to centralize operations in a new headquarters on land purchased in 2018 for €37 million.
The building, designed in 1973 by renowned architect Maurício de Vasconcelos, has no official heritage status. Architect Manuel Cottinelli Telmo Pardal Monteiro expressed surprise at the lack of restoration progress, describing the delays as typical maintenance issues.
Criticism mounts over the wastefulness of prolonged scaffolding use and uncertainty regarding the building's future.
The stalled renovation project reflects poor planning and inefficiency, raising questions about resource management and accountability within the Bank of Portugal. While the institution prepares for a potential relocation, its historic building on Avenida Almirante Reis faces an uncertain fate.
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