RICS intensifies its cooperation with the banking sector in Europe

To further advance professionalism in real estate and real estate finance, we are delighted to have been accepted by the European Mortgage Federation (EMF) as Observer Member.

EMF is the voice of the European mortgage industry, representing the interests of mortgage lenders at European level. With banking being an important sector for many RICS members, deepening our relationships will be a positive development in working towards a more sustainable built environment.

Throughout the years, we have already cooperated, mainly through the EMF’s valuation committee, promoting RICS valuation membership and the Red Book, as well as being an early partner to the EMF’s Energy Efficiency Mortgages Initiatives, where RICS had a leading role in the valuation component of the initiative.

Looking ahead, there are two immediate areas of cooperation we will focus on.

First, with the EMF being part of the RICS European Leaders Forum on “Future of Valuations: the impact of ESG”, we are cooperation to work towards embedding ESG requirements into valuations and the valuation process. At the core of this is the development of an ESG & Valuation Data List to be supported by the large valuation companies and financial clients.

Second, by becoming an Observer Member we can intensify our relationships towards the EU institutions. Currently there is a discussion around “Prudent Value” as part of the EU’s Capital Requirements Regulation (CRR), which will need to be implemented by 1 January 2025. Only by ensuring the industry acts with one voice can we prepare our valuers for this development.