ECB controls found to be lacking

The European Central Bank has been told by European Union auditors that there
were weaknesses in controls for the construction of its £362m Frankfurt

The EU Court of Auditors said evidence was lacking that best value for money
had always been achieved in tenders and that there were some weaknesses in risk
management, the FT reports.

The ECB plans to convert Frankfurt’s Grossmarkthalle, a former wholesale
market, and build a new office tower. The project is due for completion at the
end of 2011.

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