Thursday

30th Mar 2017

New headquarters to clear €1bn, ECB admits

  • Occupy protesters outside the Frankfurt HQ earlier this year - German police have evicted the camp (Photo: Valentina Pop)

The cost of the European Central Bank's (ECB) new 45-floor headquarters will clear €1 billion according to a statement released by the bank to celebrate its "topping out ceremony."

At an opening even attended by Frankfurt's Mayor Peter Feldmann, ECB executive board member, Jorg Asmussen, said that the total cost of the twin tower skyscraper would be around €200 million higher than the original €850 million budget. He added that €530 million had already been spent on the work.

Dear EUobserver reader

Subscribe now for unrestricted access to EUobserver.

Sign up for 30 days' free trial, no obligation. Full subscription only 15 € / month or 150 € / year.

  1. Unlimited access on desktop and mobile
  2. All premium articles, analysis, commentary and investigations
  3. EUobserver archives

EUobserver is the only independent news media covering EU affairs in Brussels and all 28 member states.

♡ We value your support.

If you already have an account click here to login.

Building started in 2010 on the site of 1920s listed-building Grossmarkthalle, which had previously been used for Frankfurt's wholesale food market.

The building, which stands at 185 metres, consists of two polygonal office towers with 45 and 43 floors, respectively, connected by an atrium.

Described in the project plans as a "vertical city," the towers will bring the ECB's 2,600 staff together under the same roof.

Asmussen blamed the extra costs on unforeseen problems in converting the site, including late discoveries of contamination of the roof and insufficient steel support structures, as well as difficulties in finding a contractor to lead with the building work when the tender was originally put out in 2008.

He added that "the new premises will provide the ECB with a modern and functional headquarters, and I hope that they will be viewed by the people of Frankfurt, and beyond, as an enrichment of Frankfurt’s skyline and the landscape of Europe."

The construction is also running six months late, but the bank insists that it will be ready to open in January 2014.

Since its creation in 1998, the ECB has never owned its own home, instead renting its current "eurotower" headquarters as well as two other office blocks in the centre of Frankfurt.

The revelation comes at an awkward time for the ECB, which has been a chief player in the EU's response to the eurozone debt crisis.

Together with the European Commission and the IMF, the bank has formed part of the "Troika," demanding severe austerity measures from Greece, Ireland and Portugal in return for multi-billion euro bailouts. I

It has also played an active role in keeping government lending costs down through its bond-buying programmes.

Transparency is key EU tactic in Brexit talks

EU chief negotiator Michel Barnier said his mandate and all EU commission working documents will be made public during the negotiations. Tactic or policy shift? This time, the EU is interested in transparency.

Interview

Französische und deutsche Wahlen 'entscheidend' für Putin

Die Schwächung der EU durch Einflussnahme auf die französischen und deutschen Wahlen wird in diesem Jahr an erste Stelle der russischen Außenpolitik stehen, warnt der russische Oppositionsführer Mikhail Kassjanow.

News in Brief

  1. UK publishes 'Great Repeal Bill' plan to replace EU laws
  2. Scots share May's vision for Brexit deal, survey says
  3. Coalition talks leader expects Dutch government by summer
  4. EU commission allows ex-member Hill to join law firm
  5. Reuters: Greece and lenders move closer to deal
  6. Italy: Le Pen win would mean 'permanent political risk'
  7. Danish parliament misinformed on Nord Stream 1
  8. UK delivered its Article 50 letter to the EU

Stakeholders' Highlights

  1. Malta EU 2017Green Light Given for New EU Regulation to Bolster External Border Checks
  2. The Idealist QuarterlyCan Progressive Stories Survive Our Post-Truth Era? After-Work Discussion on 6 April
  3. ACCAG20 Citizens Want 'Big Picture' Tax Policymaking, According to Global Survey
  4. Belgrade Security ForumCall for Papers: European Union as a Global Crisis Manager - Deadline 30 April
  5. European Gaming & Betting Association60 Years Rome Treaty – 60 Years Building an Internal Market
  6. Malta EU 2017New EU Rules to Prevent Terrorism and Give More Rights to Victims Approved
  7. European Jewish Congress"Extremists Still Have Ability and Motivation to Murder in Europe" Says EJC President
  8. European Gaming & Betting AssociationAudiovisual Media Services Directive to Exclude Minors from Gambling Ads
  9. ILGA-EuropeTime for a Reality Check on International Day for the Elimination of Racial Discrimination
  10. UNICEFHuman Cost to Refugee and Migrant Children Mounts Up One Year After EU-Turkey Deal
  11. Malta EU 2017Council Adopts New Rules to Improve Safety of Medical Devices
  12. Nordic Council of MinistersNordic Energy Research: How to Reach 100 Percent Renewable Energy

Latest News

  1. Hungary attempts to stifle Soros-founded university in Budapest
  2. European right shows divisions on EU values after Brexit
  3. Transparency is key EU tactic in Brexit talks
  4. Russia building 'arc of iron' around Europe
  5. Französische und deutsche Wahlen 'entscheidend' für Putin
  6. EU trying to salvage US deal on data privacy
  7. MEPs draw 'red lines' on Brexit deal
  8. MEPs call for reset in relations with Belarus