–Corrects Headline And 1st Paragraph To Read E350 Million, Not Billion
–Corrects 3rd Paragraph to read E100 Mln and E150 Mln, Not Billion
FRANKFURT (MNI) – The cost of the European Central Bank’s new
headquarters here could exceed the previously planned E850 million by as
much as E350 million, European Central Bank Executive Board member Joerg
Asmussen said Thursday.
Speaking at the Topping Out ceremony at the ECB’s new building in
Frankfurt, Asmussen said, “it is anticipated that increases in the price
of construction material and construction activities from 2005 until the
completion of the project in 2014 will lead to a E200 million increase
in the overall investment cost,” Asmussen said.
Moreover, the complicated nature of the construction, such as a
contaminated roof, insufficiently strong foundation and steel support of
the older parts of the building are “likely to account for additional
costs of about E100 million to E150 million,” Asmussen said.
In 2008, the ECB postponed construction of the new headquarters
because it was intent on sticking to its original budget and could not
find a contractor willing to do it for that price.
–Frankfurt newsroom +49 69 72 01 42; e-mail jtreeck@mni-new.com
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