Extensive references to the International Valuation Standards (IVS) produced by the International Valuation Standards Council are made in the European Banking Authority's handbook on valuation for purposes of resolution.
As the RICS Valuation – Professional Standards (the ‘Red Book’) fully incorporates IVS, this is a great development for RICS valuers undertaking valuations for resolution purposes across the European Union.
The aim of the handbook is to foster the convergence and consistency of valuation practices as well as the interaction with independent valuers across the EU. It refers to the IVS as an authoritative source of reference on best market practice.
The handbook, developed with input from RICS, is addressed to the so-called ‘resolution authorities’, which are national central banks and financial supervisory bodies across the EU. You can find your national resolution authority here.
This is a significant recognition of the International Valuation Standards and by association the RICS Red Book which provides probably the most recognised delivery framework for IVSC compliant valuations.
Ben Elder FRICS
RICS International Director for Valuation
Director Corporate Affairs, Europe