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German central bank abandons controversial overhaul
The Bundesbank will convert its historic Frankfurt headquarters into a European School campus after cancelling a €4.6 billion renovation due to cost concerns.
- On Wednesday, Germany's central bank announced it will abandon the renovation of its historic Frankfurt headquarters and move permanently to a new site, Bundesbank chief Joachim Nagel said.
- Last year, Germany's top audit authority estimated renovation costs at 170 million euros, prompting controversy despite the Bundesbank scaling back projections.
- Officials say about 170 million euros had already been spent, including asbestos removal, and the bank had relocated temporarily to downtown offices during the planned overhaul.
- Officials say the ECB and Frankfurt city plan to transform the 10-hectare site into a new campus to replace the overcrowded European school within four to six years, with gold reserves remaining in the vaults.
- The 1970s brutalist building has long symbolized Bundesbank culture, while the case drew comparisons to the U.S. Federal Reserve headquarters scandal, with ECB President Lagarde hailing a breakthrough for the school plan.
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Following the renovation of its headquarters, the Bundesbank will not move back into the concrete building in the north of Frankfurt am Main.
InsideNoVA.com
German central bank abandons controversial overhaul
Germany's central bank said Wednesday it was abandoning a project to renovate its historic Frankfurt headquarters after furious criticism over costs that could spiral into the billions, and would instead move permanently to a new site.
Here you will find information on the topic "What will become of Bundesbank construction?". Read now "Gold next door – school should move into Bundesbank headquarters".
The Executive Board of the Bundesbank has made a fundamental decision: the old headquarters will be abandoned. Frankfurt wants to accommodate the European School there. Special plans are available for the vault.
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