The Head Office of Banco de Portugal
Renovation and Restoration
Banco de Portugal
Av. Almirante Reis, 71
1150-012 Lisboa
www.bportugal.pt
Publisher
Administrative Services Department Documentation, Editing and Museum Division
Facility and Property Management Division
Office of the Governor
Institutional Communications Office
Design, printing and distribution
Administrative Services Department Editing and Publishing Service
Lisboa, June 2015
Print run
500
ISBN 978-989-678-352-5
Legal Deposit no. 394871/15
The Head Office
of Banco de Portugal
Renovation and Restoration
Contents
3Project timeline
5The renovation and restoration of the head office of Banco de Portugal
Reasons behind the renovation
7Tender
Awarding the tender
8Structures
Structural project
11 Architecture
Architectural project
12 Restoration
Recuperation of the former Church of São Julião
15 King Dinis’ Wall
Conservation of national heritage site King Dinis’ Wall and creation of its museum
16 Museum
Installation of the Money Museum in the former Church of São Julião
19 Archaeology
20 History of the building
23 The head office project in numbers
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Timeline of the project
2004| Banco de Portugal restarts analysis of the work needed to reinforce the head office’s structure,
to comply with the Eurocodes on earthquake resistance and energy efficiency, with fire safety
legislation and with implementation of preventive measures for floods and hurricanes.
2006 Sep.| The Commission for the Redevelopment of Baixa/Chiado proposes to Banco de Portugal to
include its head office in the development of the integrated financial centre in Baixa. The Bank
shows its openness to adding the future installation of the Money Museum in the former Church of
São Julião to its renovation plans.
2007 Jan.| Launch of the selection process of the architecture company for the renovation and restoration of
the head office and former Church of São Julião.
2007 Sep.| Project initiated, awarded to Gonçalo Byrne Architects.
2008 Jan.| Delivery of Prior Information Request to Lisbon City Hall (CML).
2008 Mar.| Presentation of the project to the Mayor of Lisbon.
2008 Apr.| Under the collaboration protocol between IGESPAR, DGCLVT and CML, the latter presents
Banco de Portugal with its opinion on the studies carried out to-date.
Presentation to CML of the Architecture Permit Project.
2008 Nov.| CML issues approval of the Architecture Permit Project.
2008 Dec.| Presentation to CML of the Technical Projects.
2009 Apr.| Launch of the selection process of the building company for the renovation and restoration.
2009 Jul.| Approval by CML of the Technical Projects.
2009 Dec.| Award of the global renovation and restoration work to HCI.
2010 Feb.| The Bank’s services are relocated from the head office to the Portugal Building.
2010 Mar.| Consignment of the work.
2010 Jul.| Confirmation by IGESPAR of the existence of King Dinis’ Wall in the subsoil of the inner yard.
Demolition of the wall was declared impossible due to its national heritage status, and all
construction work at the site was halted while a solution was found to incorporate it in the
project.
2010 Aug.| Discovery of part of the early apse of the high altar. IGESPAR orders a halt to work and
conservation of discovered items, due to their status as notable archaeological finds.
2010 Dec.| IGESPAR allows project alterations and authorises the resumption of work.
2012 Sep. and Oct.| Reoccupation of the building.
3
2012 Aug.| Work completed.
2015| Opening of the Museum.

Topographical map of the city of Lisbon
following the new alignment of architects
Eugénio dos Santos and Carlos Mardel (1758)
4
The renovation and
restoration of the head office
of Banco de Portugal
Reasons behind the renovation
At the beginning of the 21st century, Banco de Portugal restarts the history of its head office in Rua
do Comércio and brings safety and functionality features to its service areas. At the same time, the
Bank offers the community the Money Museum, an open cultural space within the former Church of
São Julião.
The built area of the block housing the Banco de Portugal head office is the result of the progressive
integration of a set of eight buildings and the former Church of São Julião, which the Bank acquired
between 1868 and 1933. Although the façade suggests a homogeneous whole, the successive alterations to the interior of the buildings, arising from the Bank’s evolving functional needs and subsequent integration of the different properties, led to a progressive structural weakness in the building,
warranting urgent intervention.
The solution of a structural recuperation came about after it was recognised that proceeding on the
basis of temporary, sectoral solutions was becoming untenable.
The decision to renovate and restore the head office building of Banco de Portugal was made in
2007, taking various needs into account that were included in the project:
• The general renovation of the building, including its structural reinforcement;
• Compliance with Eurocodes in terms of earthquake resistance and fire protection;
• The adoption of various safety devices and emergency exits;
• The optimisation of the building’s energy solutions;
• The installation of the Bank’s Money Museum.
!
Redevelopment of Baixa/Chiado
The installation of the Bank’s Museum is part of Lisbon City Hall’s revitalisation of Baixa-Chiado.
In September 2006, the Commission for the Redevelopment of Baixa/Chiado proposed the development of the
integrated financial centre located there – of which the head office of Banco de Portugal is part – as an important contribution to the redevelopment of that area. That involved retaining the decision-making centres of the
financial institutions headquartered in Baixa-Chiado, and creating areas for the public, such as spaces for art
exhibitions and other cultural spaces.
In this regard, the Bank showed its openness to adding the future installation of the Money Museum in the
former Church of São Julião to its plans for renovating and restoring the head office building.
5

Greatly deteriorated
wooden beam support
6
Tender
Awarding the tender
The construction work tender for the renovation and restoration of Banco de Portugal’s head office
was allocated through the restricted procedure, in observation of the Portuguese Public Procurement
Law. The Bank invited nine companies to take part in the tender. The winning bidder was chosen on
the lowest-price criterion.
This tender mechanism was chosen because the contracts and the pre-contractual procedures for
the work on Banco de Portugal’s head office were deemed to be secret for the purposes of Article
24 (1) of the CCP.
The reasons behind that decision relate to the premises in question being used for central bank activities, safekeeping of valuables and support to the distribution of cash in the banking system. By their
nature, these activities are subject to security and confidentiality criteria that must be safeguarded.
!
Project Fiche
Architectural Project: Arquitetos Gonçalo Byrne e Falcão de Campos
Structures and Foundations Project: A2P, coordinated by Engineers João and Vasco Appleton
Water Supply and Waste Water Project: Grade Ribeiro
Electrical Installation Project: Joule
Mechanical Installation Project: Galvão Teles
Security Installation Project: Joule
Construction: HCI, Construções
Safety equipment: Gunnebo and Omnistal
Restoration: CaCo3, coordinated by Teresa Silveira
Archaeology: Arquehoje, coordinated by Artur Rocha
!
Investment amount for the period 2007-2013
Projects: EUR 1,990,000 + VAT
Construction: EUR 19,840,000 + VAT
Additional work: EUR 990,000 + VAT
Safety equipment: EUR 2,130,000 + VAT
Legal price updates: EUR 850,000 + VAT
Permits, Surveys, Tests, Inspections and Health and Safety: EUR 750,000 + VAT
Costs arising from the discovery of King Dinis’ Wall and the apse of the early high altar: EUR 1,380,000 + VAT
Museum: EUR 6,000,000 + VAT (forecast)
Total: EUR 33,930,000 + VAT
7
NB: The contracts for the execution of the project are available on the Public Contracts website (base.gov.pt)
Structures
Structural project
The renovation and restoration of the head office of Banco de Portugal is one of the most important
urban recuperation engineering projects undertaken in Baixa Pombalina. Over the 150 years or so of
existence of the buildings comprising the Bank’s head office, work was successively undertaken that
profoundly changed the structural philosophy and undermined the logic of a three-dimensional arrangement afforded by the original façade structures. With the structural reinforcement now complete,
the building is prepared to resist an earthquake similar to that of 1 November 1755.
The structural project, by A2P, was one of the key intervention areas, especially given the structural
weakness of the buildings, which would jeopardise the safety of people and property in a catastrophe
situation.
Diagnostic
The data collection and diagnostic based on structural surveying, designs and building plans in the
Bank’s possession showed that:
• The buildings were very different in terms of structure, requiring a project with a high level of
heterogeneity in terms of types of intervention;
• In two of the buildings, the roof space and the floor immediately below were suspended from
the roof structure, held by metal beams instead of pillars. The absence of pillars allowed for
larger rooms, but constituted a risk;
• In the event of a medium-intensity earthquake (level 7 on the Richter scale), the areas with
greater risk of collapse would be the building that flanks the Board Room, the Bell Tower and
the façade of the Church of São Julião, which would fall outwards.
Intervention
After the diagnostic, the project team defined an action plan to make the buildings compatible with
the Eurocodes on earthquake resistance. This intervention ensures that in terms of safety of people
and property, the buildings are as compliant with Eurocode 8 (the international code regulating earthquake-resistant structures) as new buildings. Specifically, the following interventions were undertaken:
Bell Tower
Transverse metal beams were installed and structural elements were created connecting to the
adjacent buildings. After this reinforcement, the lower part of the tower was removed to make
room for the Money Museum lift.
“Sacrificed” buildings
These are two buildings flanking the Church, on the north and south transepts, whose job is to
anchor the rest of the building. “Sacrificed” means that they were demolished and rebuilt, retaining only the façade. Making use of this construction, a reinforced concrete core was created on
microstakes. Various technical hubs were housed in these buildings: the climate control, uninterruptible power supply, fire and safety plants. They also accommodate the main stairs linking the
various floors and work as evacuation routes to the emergency exits.
Wall reinforcement
The stone boundary walls of the former church and other buildings were strengthened with
reinforced mortar plates laid on microstakes, forming a mixed confining hoop, complying with
Eurocode 8.
8

Structural model representing the elements
of the façade at greater risk of collapse in case
of medium-intensity earthquake (yellow)
9

Longitudinal section
through the south transept
CORTE LONGITUDINAL PELA NAVE LATERAL SUL
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Architecture
Architectural project
The church was included in the block of administrative buildings as a continuation, such
that the neighbouring volumes and architectural
elements (friezes, etc.) were extended. The other
visible change to the building’s exterior on the
side of the former church is the removal of the
railings, allowing access for reduced mobility
individuals. The limestone pillars marking the
external private space were preserved, emphasising the building’s participation in the urban
space.
One of the project’s assumptions was to limit
intervention in the existing administrative areas.
A series of conference and meeting rooms were
created in the building with different capacities and
characteristics. Simultaneous translation booths
were installed in the Assembly Room, where press
conferences are normally held. Various security
devices were installed, the emergency exits were
reorganised and the building’s energy solutions
were optimised in the intervention.
An auditorium holding 100 people will also operate
in the former Church of São Julião, where the
Money Museum will be installed. The auditorium will
be equipped for conferences, events, film presentations or small performances. The whole nave of the
former church will also be able to hold temporary
exhibitions and other initiatives forming part of
the Museum’s programming.
11

Detail of painting under restoration
Restoration
Recuperation of the former Church of São Julião
The successive work undertaken last century in the former Church of São Julião compromised its
morphology and damaged the facings of its high-quality stonework. Banco de Portugal wished to
restore the harmony and beauty of the space, respecting the historical finds discovered during the
course of the work.
The level of damage to the church’s interior created numerous challenges for the restoration team.
Damage was found in the internal walls of the side chapels and high altar, requiring significant recuperation of the original stonework. Other damage was found elsewhere in the stonework: cracks,
signs of wear and missing material.
Restoration phases
The restoration team used dry cleaning, wet cleaning, chemical and even mechanical cleaning
processes, including vibroincisors and micro-abrasion. The stonework of the church’s nave was
deep-cleaned. In the areas with murals, where there were traces of the original paintwork, the painting was restored (using watercolour), and where there were extensive gaps, the joints were filled
with coloured restoration mortar. Some architectural elements, like the 72 balusters, were treated
off-site, firstly undergoing CAD reconstitution. Thereafter they were disinfected and consolidated
(by infilling the gaps), cracks were repaired and the painting work restored.
Discovery of the high altar
After demolishing the old vaults, remains of high altar were salvaged from the early Church of São
Julião, which had burned in 1816. These remains were restored and are a point of interSest for future
visitors to the Museum.
Removal of numbers from the stones
In the 1970s, the church was to be moved to a new location. Every stone of its walls was therefore
numbered in sequence, to allow reconstruction of the building in a new place. The removal eventually
did not go ahead due to political change, but the numbers remained written on the stones. For this
reason, one of the most complicated processes undertaken by the restoration team was the removal
of the ink of around 1800 numbers, using solvents (organic paint-stripper).
12

Apse of the early
high altar
13
King Dinis’ Wall
Conservation of national heritage site King Dinis’ Wall and creation of its museum
During the renovation and restoration work of the head office and the excavations, a significant
section of King Dinis’ Wall was identified in the building’s subsoil. Built to protect the population from
attacks coming from the river Tagus, the wall also had the purpose of stabilising the area, in the form
of a dyke, so that land could be reclaimed from the river.
As a result of the classification of the find as a national monument and its historical interest for the
city and the country, Banco de Portugal decided to create a museum for it, creating an Interpretation
Centre, thereby safekeeping, valuing, promoting and creating a system that offers access to the
monument for all visitors.
The purpose of this Centre is to facilitate interpretation of the archaeological evidence and finds that
put the section of the city wall in context, bringing various narratives together in the exhibition – those
of a King, a city wall, a historical becoming and the every-day life of a medieval city – in a rigorous,
educational and captivating way.
15
 Construction contract for King Dinis’ Wall, 1294
 View of King Dinis’ Wall Museum
Museum
Installation of the Money Museum in the former Church of São Julião
The Money Museum of Banco de
Portugal will be installed within the
former Church of São Julião, scheduled to open in 2015. The museum
will present the theme of money,
its history and its relationship with
society and the individual. Developed by the communication designer
Francisco Providência, the museography is based on topic areas that
span the theme of money, presenting coin and banknote collections,
along with objects and multimedia
virtual devices. The central theme is
revealed through different approaches: the pre-monetary currency,
money around the world, the history
of money over the centuries, the manufacture of banknotes and coins,
personal accounts of the role of
money on modern life, etc.
The topic areas are spread around
the side chapels of the former Church
of São Julião, on four floors. The
museum will offer the visitor a truly
interactive experience, presenting
the Bank’s collection through an unconventional approach, based on
innovative technology, on creating
surprising environments and on the
participation of the visitor in building
knowledge.
The Money Museum makes a priority of targeting various audiences
via its educational and cultural programming; specifically its programme has strong links with the community, aiming also to incentivise local projects, education and training,
partnerships and the new national
artistic creation.
16

Virtual images |
Scale Model of the Money Museum
240
ea (
 M
|
is)
Rea
Kin
gM
an
uel
17
I (1
495
-152
1)
| Goa Mint | Gold
!
Vault door
The door, weighing around seven tonnes, is in the wall
between the nave of the former Church of São Julião
and the Money Museum.
The vault door is a key feature of the museum, creating a symbolic link between the space – the nave of
the church – and the theme of the museum – Money.
This door was in the old vault, where the country’s
gold reserves were kept for many years. The door was
made by the American company York Safe & Lock and
purchased by the Bank in 1932. This company was
famous at the start of the 20th century for the quality
of the safes that it produced and exported, but suffered
huge losses in the Great Depression. During the Second
World War it remained active, making heavy weaponry.
In the 1940s it ceased operations.

Pombaline stake
underpinning

3D reconstruction |
Amphora
18
Archaeology
In 2010, a team led by the archaeologist Artur Rocha launched the archaeology project with excavations, which reached various depths (up to six metres), in the area of the former church and in some
of the head office building’s accessible areas. Various finds of historical interest were discovered:
Modern-day level: One of the most iconic discoveries, even though it was expected, was the
Pombaline stake underpinning, located especially in the foundations and load-bearing walls of
the “sacrificed” buildings (and also in the church). This underpinning (comprising stakes forming a
grid) is from the reconstitution work of the Baixa area after the 1755 earthquake.
Medieval level: The main find from the medieval level is the section of King Dinis’ Wall, beside
which were found traces of party walls and flooring of built houses.
Roman level: Spoil of substantial historical interest was collected, including shards of amphorae
(jars for transporting foodstuffs). Analysing their origin (some with potter’s marks) and contents
may give information on products traded and on Lisbon’s importance in the trade routes of the era.
Necropolis
Various interments were found in the former church’s nave and north and south transepts, dating
from the first half of the 19th century, lacking spacial logic in regard to gender or social condition. No
gravestones were found and only some of the remains were buried in coffins. A number of ossuaries were also found, one of which held 63 individuals, and another 43 (the latter containing some
complete skeletons, possibly indicating a mass grave, probably the result of an epidemic).
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History
of the Building
From international trade and financial hub in the 16th century to head office of the issuing bank at
the end of the 19th century, the location of Banco de Portugal’s head office has been an area of
great commercial and financial activity for centuries.
In the 16th century, Lisbon was one of the world’s most important commercial centres, from which
goods from India, Africa and the Americas were channelled to the European markets. Terreiro do
Paço square thus became one of the focal points of social and political life in Lisbon and was linked
to the interior of the city through the little arches in the old walled boundary open along the north
flank of the square. One of these arches provided direct access to Rua Nova dos Mercadores, also
known as Rua dos Ferros, the most important, busiest street and the true economic and financial
centre of the city, which today corresponds to Rua do Comércio. This long, colourful and bustling
street was flanked by porticoed galleries and housed shops and trading establishments. There were
various moneychangers in Rua Nova dos Mercadores. The National Mint was located in the same
street, occupying part of where Banco de Portugal’s head office is today.
However, Banco de Portugal spent the first quarter of the century in rented accommodation, in a part
of Lisbon City Hall to be precise, for which it paid the sum of 1,418$250 réis in 1862. On the night
of 19 November 1863, a devastating fire destroyed a large part of the City Hall. As an emergency
solution, Banco de Portugal moved into the part of the City Hall that had escaped devastation.
Having failed in its attempt to remain in the same place after the reconstruction work, the Bank
decided to purchase adequate, independent accommodation nearby.
Thus began the effort to find a new home for the Bank, which then had 41 members of staff and
aimed to remain located at the heart of the commercial and financial centre, near Praça do Comércio
square. In the end, two neighbouring buildings located in Rua do Ouro, nos. 17 to 37, were chosen,
on the corner of Rua Nova D’El-Rei (today Rua do Comércio), nos. 142 to 148, and Rua de São
Julião, nos. 155 to 161, belonging to the Councillor José Joaquim Reis e Vasconcelos, a renowned
Portuguese politician and friend of the Duke of Palmela and writer and politician Alexandre Herculano. The deed of 11 September 1868 shows the price was set at 50 contos de réis in cash and 24
five-share securities in Banco de Portugal, valued at 10,800$000 réis.
The buildings comprised shops and residential property, and at the time of the sale housed 12
commercial and six residential tenants. The refurbishment work, carried out by Miguel Evaristo da
Silva Pinto, was considerable and took around a year and a half, costing almost as much as the
building, at 45,464$942 réis. They produced total floor space of 420 square metres, and the move
took place on 28 March 1870. However, the solution was not definitive.
As the Bank faced increasing pressure on space, it progressively added to the head office building’s
size by buying the neighbouring buildings. In 1887, it bought the buildings at Rua de São Julião nos.
163 to 173, undertaking extension work until 1890, this time carried out by José António Gaspar.
It also acquired two further buildings in 1890, one in Rua de São Julião, the other in Rua Nova d’El-Rei, and, in 1907, the building that belonged to Banco Lisboa e Açores, located in the same street.
20
21
Fragment of the current map of Lisbon superimposed on that of Lisbon before the 1755 earthquake. A. Vieira Silva



3D reconstruction of the early Church of São
Julião, before the earthquake
Numbering the stones for the church’s planned transfer to a
new location, 1974
In 1910, in order to have extra space for a possible expansion of its services, Banco de Portugal
decided to buy the former Church of São Julião and its outbuildings and begin planning their immediate renovation. Negotiations between Banco de Portugal and the Archconfraternity of São Julião
ran from 1910 to 1933 to complete the purchase.
Also in 1910, the architect Adães Bermudes presented a project for adapting and refurbishing the
building, encompassing the entire block. This project was not adopted due to the protracted negotiations with the Archconfraternity.
On 7 June 1933, the purchase deed for the former church was signed between the Archconfraternity of São Julião and Banco de Portugal, for the sum of 10,000,000 escudos, making the Bank the
sole owner of the entire block.
On 30 November 1938, the Bank submitted a draft project by the architect Porfírio Pardal Monteiro
to the CML, to replace the various buildings making up the head office, the former Church of São
Julião and its outbuildings with a single building. This covered the block enclosed by Rua do Ouro,
Rua do Comércio, Rua de São Julião and Largo de São Julião. However, the request was not
approved by the council.
Meanwhile, the Bank needed more and more space, due to the attribution of additional tasks leading
to new needs.
Between 1965 and 1970, the Bank drafted two separate projects to redevelop this space:
• Extending upwards by a floor, which was approved by the CML on 3 December 1971;
• Development of the area occupied by the former church and its inclusion in a single building,
approved by the CML in 1973, granting a demolition licence for the building on condition that
the stone blocks be numbered beforehand, suggesting a possible reconstruction elsewhere.
22
This work, begun in the face of opposition to the destruction of the church, was suspended at the
end of 1974 due to the CML’s new orientation after the 25 April revolution in Portugal.
Over all these years, while the succession of projects for an adequate head office occupying the
whole block were developed, the Bank decided to use the spaces available for vaults, technical
areas, offices and archives.
For decades, the former Church of São Julião functioned as the country’s main cash centre, allowing
access by cash-in-transit vehicles.
The entire cash sorting and handling process took place in this group of buildings, gradually losing
operational effectiveness as the quantity of currency in circulation and the demands of the sorting
processes ramped up.
In the second half of the 1990s, after the Carregado Complex was built, the vaults and operations
relating to safe deposits and cash recycling were transferred to this new space, custom-built for the
purpose.
While a definitive decision over the use of the former Church was pending, it was provisionally put
to use over the last few years for archives and storage, loading and unloading of materials and
temporary parking.
!
The Church of São Julião
In the 17th century, the Church of São Julião was not in its current position, but to the north of the Church of
Nossa Senhora da Oliveira (at the junction of Rua de São Julião and Rua Augusta). After the destruction of
the 1755 earthquake, the church was rebuilt on land that had partly been occupied by the Patriarchal Church
of King Joao V, also razed to the ground in the catastrophe. The Patriarchal Church was one of the largest
and most lavish churches in Lisbon at the start of the 18th century. According to historical sources, it was
adorned with gold from Brazil during the reign of King João V. This church faced south, contrary to tradition
among churches of the time.
The rebuilding of the Church of São Julião was completed in 1810. Six years later, a fire destroyed the
stonework and contents of the church, which had to undergo new reconstruction work, lasting until 1854.
Stonework was used for the main chapel from that of the incomplete church of the collapsed Convent of
São Francisco.
During the current work, wall sampling and excavations in the church were undertaken to understand the
methods and construction sequences in the church. This led to the discovery that materials had been reused.
23