Topping Out Ceremony Held to Celebrate New ECB Headquarters in Frankfurt

Category: Global Markets / Sep 20, 2012 5:07PM EDT
Members of the European Central Bank's Executive Board on Thursday (September 20) attended a so-called "Topping Out" ceremony at the site of the bank's new headquarters in Frankfurt. The ceremony marked the completion of the main structural works of the new premises. After a traditional toast by the construction foreman, the flags of all 27 EU member states were placed in the topping out wreath by ECB officials and then hoisted to the top of the building. When the building is completed it will house all workstations of the banks. According to the ECB, the total spent on the construction is so far estimated at around 530 million euros. In 2005, the final cost was expected to be 850 million euros but the bank now says that this could rise by 200 million due to an increase in the price of construction materials. The building is expected to be completed in 2014 and the bank says that the work is running on schedule.