Costs of new ECB headquarters soar

The European Central Bank says the cost of its new Frankfurt headquarters will jump by as much as 41 per cent due to higher prices for construction materials and "a number of unforeseen challenges".

The 185-metre twin-tower building would cost as much as €1.2 billion (HK$12.07 billion), up to €350 million more than the initial price of €850 million, the ECB said. The relocation to the new premises remains scheduled for 2014.

via Business feed http://www.scmp.com/business/banking-finance/article/1045259/costs-new-ecb-headquarters-soar