European Central Bank Favours “European Valuation Standards” Over All Other Standards
After years of topical discussion about valuation standards especially since the EU Mortgage Credit Directive came into force on 20 March 2014, this Directive was finally transposed into Irish Law by S.I. No 142 of 2016 on the 21 March 2016.
The Institute of Professional Auctioneers and Valuers (IPAV) established in 1971, is the only representative body solely catering for the professional and educational requirements of more than 1,300 Auctioneers and Valuers throughout Ireland. Following an in depth study of valuation standards, and taking into consideration IPAV's firm endorsement of European partnership, the decision weighed heavily towards Europe. As a result, IPAV adopted and implemented the European Valuation Standards (EVS) as its valuation standard.
The EVS are largely referred to as the “Blue Book”; underpinned by European Valuation Standards, it was created and developed by The European Group of Valuers Associations (TEGoVA) to serve the needs of its valuers throughout Europe and recognised as International Valuation Standards. The Blue Book is now in its 8th edition to accommodate the new EVS 2016, successfully launched in May 2016. And now, in light of Britain's imminent departure from the EU 28, IPAV’s adoption of the EVS provides IPAV valuers with a security and market lead throughout Europe and beyond.