Central Banker Clarifies HQ Deal Amid Political Shifts

Mário Centeno, still at the helm of Banco de Portugal, has addressed lingering questions surrounding the institution’s significant investment in its future headquarters.

Centeno Defends Independence, Hints at Future

Appearing at RTP, Governor Mário Centeno aimed to dispel any doubts about his independence and the contractual specifics of the bank’s new base. He expressed well wishes to Álvaro Santos Pereira, the government’s choice to succeed him at the central bank.

Centeno stated that he was only informed of his non-reappointment by the Minister of Finance. While not ruling out a return to politics, he remarked, The future to God belongs.

New Headquarters Under Scrutiny

The central bank’s substantial investment in its upcoming headquarters has faced scrutiny, with concerns raised about high-risk factors. This move comes as Centeno prepares to transition from his role, with an estimated 80% of major infrastructure projects in Portugal experiencing cost overruns, according to a 2023 study by the Portuguese Court of Auditors.

Centeno’s Departure and Succession

The Banco de Portugal governor’s comments follow reports that he was informed of his impending departure by the finance minister. His statement suggested the decision was not his own, though he maintained his commitment to his current duties.

Centeno‘s departure marks a significant shift, with Álvaro Santos Pereira tapped to lead the institution. The outgoing governor’s tenure has been characterized by navigating complex economic landscapes.

“He says he was only informed of the non -reappointment by the finance minister and even, unintentionally, and he was not “religious roots”, he did not closed his doors to a return to politics: “The future to God belongs.””

—Mário Centeno, Governor of Banco de Portugal