land. The lease was subject to review every 20 years. Although the NCDC would not permit an architectural competition for the corner site on Northbourne Avenue, there was no objection to a competition for the legal precinct site, notwithstanding the fact that NCDC imposed height and bulk conditions in the lease. The Canberra Branch of the Reserve Bank is the result of an architectural competition, approved by the Royal Australian Institute of Architects (RAIA). The National Capital Development Commission (NCDC) managed the competition to the requirements of the Reserve Bank. The competition was advertised on 13 December 1961 and closed on 16 April 1962. It required a building to front London Circuit, but with all elevations of equal importance. Other design and siting requirements included the building having: a ground floor and two upper floors with the height not to exceed RL 1902; a copper roof; all plant contained within the building; air conditioning and heating using smokeless fuel; suitable landscaping; no underground accommodation. The Reserve Bank required the following accommodation: a banking chamber on the ground floor with a and up to counter; working space of , and a public space the full length of the counter. The manager's room was to be and the assistant manager's room . Also required was a cash handling area of and a strong room with walls, floor and roof thick. The climatic conditions of Canberra required special attention and the total cost was not to exceed . There were 131 submissions from 248 registrations, and the assessors: Professor Ingham Ashworth, (Sydney); Professor R A Jensen (Adelaide); and Mr Grenfell Ruddick (NCDC Associate Commissioner) reported that the response was "extremely disappointing" with the majority of the schemes lacking "architectural distinction". Another complaint was that the schemes were "totally unsuited for the site in question". The assessors report noted that "the most successful schemes were those based on a simple rectangular form". The winning architects were Howlett and Bailey of Perth. Tenders for construction eventually closed in July 1963 with the successful tenderers being Civil & Civic with a quotation of , some more than the competition limit. Construction was commenced in 1963 and completed in 1965. The artwork in the banking chamber was initially sculpted by Margo Lewers in 1965 to a design by Gerald Lewers. This work was originally untitled but has since been referred to as "Four Pieces". Cast in copper,