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.
What’s special about the new EVS? Aren’t standards fairly constant?
EVS have become the default valuation standards for Europe, recommended in the Mortgage Credit Directive and given primacy over all other standards by the European Central Bank in its Asset Quality Review of banks’ real estate collateral.
TEGoVA's Recognised European Valuer Scheme is designed to maintain, enhance and harmonise valuation standards and the valuation profession in Europe, and, by the granting of the status TEGoVA 'Recognised European Valuer' and designation REV™, to provide individual practising valuers in each member country with a well-defined indicator of qualification and experience, with the aim of assuring clients of their valuation proficiency.
Welcome to the Recognised European Valuer Scheme.
To date, as a TEGoVA Member, IPAV has trained and awarded 62 of its valuers to "REV" status, who are now using the "Blue Book" valuation standards with pride and excellence.
This scheme is designed to maintain, enhance and harmonise valuation standards and the valuation profession in Europe.
IPAV's Chapter - Country-Specific Legislation and Practice
Country Chapters compiled by TEGoVA Member Associations (TMAs) are provided to outline country-specific legislation and practice. The information provided is not intended to provide definitive advice but assists an understanding of the characteristics employed in any evaluation undertaken in reaching an opinion of value.
The Blue Book
The publication of EVS 2016 is the culmination of a journey that started immediately after the last edition was published. The quest for excellence has energised members from many member associations and the endless work of the European Valuation Standards Board (EVSB) has in itself resulted from feedback, commentary, queries and requests for additional information and guidance.
IPAV is a “TEGoVA Member Association” (TMA) since May 2013 and is awarded the right to confer Recognised European Valuer (REV) status on it's members.
REV status is a guarantee that an IPAV (REV) Valuer is proficient in TEGoVA Minimum Educational Standards (MES) and can complete valuations to “Blue Book” standards.