VALUATION COMMITTEE MEETING BRUSSELS 30 th of October 2015 Draft Minutes
|
|
- Gavin Potter
- 6 years ago
- Views:
Transcription
1 List of Participants VALUATION COMMITTEE MEETING BRUSSELS 30 th of October 2015 Draft Minutes Mr. Ákos Fischl Ms. Marie Lund Bendtsen Mr. Ebbe Røjgaard Mr. Wolfgang Kälberer Mr. Jörg Quentin Mr. Raimondo Lucariello Mr. Luis Varandas Ms. Yvonne Vitikan Mr. Jonny Sylven Ms. Silvia Cappelli Mr Adrian Vascu Secretariat Ms. Jennifer Johnson Ms. Marie Louise Andersen Mr. Paolo Colonna HU (Chairman) DK DK DE DE IT PT RO SE ASSOVIB ANEVAR EMF-ECBC EMF-ECBC EMF-ECBC 0. Chairman s Welcome The Chairman welcomed delegates. 1. Minutes of the Last Meeting of the Valuation Committee on 24 th of April 2015 The Secretariat explained that the Minutes of the last Valuation Committee Meeting held on the 24 th April 2015 had been approved in written procedure. This item was on the agenda for information only. 2. European Commission Consultation on Covered Bonds The Secretariat delivered a presentation outlining the main features of the European Commission Consultation on Covered Bonds and highlighting the property valuation elements of the Consultation. In relation to the latter, W. Kälberer commented that any property valuation related measures in any future Covered Bond specific legislation should be in line with the CRR in order to maintain preferential risk weights. The reference to statistical methods should be treated from a principle-based point of view, and remain in the hands of national authorities to determine which statistical methods are appropriate. Human control of the output remains crucial and should not be regulated at an EU level. S. Cappelli noted that ASSOVIB has an interest in the role of the valuer in relation to the requirements put forward in the Consultation Paper, particularly in relation to revaluation. W. Kälberer highlighted the interpretation issues in relation to the revaluation requirements, for example, the definition of material decline. He noted that Bafin had provided some guidance but that the interpretation might not 1
2 be the same everywhere. Also, he raised the question of what is revaluation: a new report or a simple screening. E. Røjgaard stated that Danish authorities have very strict regulation. For example, as a minimum requirement they look into the rental potential of every property. He was of the view that the system should not change. W. Kälberer highlighted that Article 209 (3) of the CRR provides some guidance on professional qualifications which the EMF-ECBC could build on. The valuation profession is not defined anywhere. R. Lucariello agreed that there should be alignment with the CRR. There should be no further harmonisation at an EU level. The Secretariat noted that is not clear what the European Commission means when referring to valuation processes. W. Kälberer suggested the following elements would be covered by valuation processes: Application Terms of engagement Valuation report Liability insurance W. Kälberer acknowledged the importance of transparency and clarity in processes but insisted upon the importance of a principle-based approach and stressed that any future legislation should not be prescriptive but rather should only refer to the parameters of the process. He added that the national authorities should be in charge of outlining the valuation process. The Chairman and E. Røjgaard agreed that the whole process should be dealt within the context of internationally accepted standards. W. Kälberer summarised that the valuation process should be: Transparent Independent Based on international standards Structured The Secretariat will take account of the Committee s views in the elaboration of the the EMF-ECBC response to the Consultation Paper on Covered Bonds 3. EBA Opinion on Mortgage Lending Value (MLV) The Secretariat recalled that on the 5 th of October, the EBA had published an Opinion on the mortgage lending value (MLV) addressed to the European Commission and related to the EBA's mandate to deliver technical standards harmonising the concept of MLV in the CRR. In this Opinion, the Authority raises concerns about the possible unintended consequences that a harmonised definition of MLV across the CRR might have on the EU covered bonds market. Further to a question from E. Røjgaard, W. Kälberer explained that the MLV is used in Germany, Austria, Poland and Spain and that Romania had recently included it in its covered bond law. E. Røjgaard wondered where the mandate to the EBA in the CRR had originated from. W. Kälberer explained that it had come from the European Council, thus from the Member States (MS) as a result of concerns raised by some about the MLV concept itself. There was a common agreement to mandate the EBA to design a rigorous framework. Ironically, none of the countries applying the MLV had asked for 2
3 this. On the basis of its mandate, the EBA drafted a very synthetic model, which, according to German valuers would not be practicable in the market. W. Kälberer suggested that the best outcome for the time being is the EBA Opinion, which asks the European Commission to clarify the mandate and remove or replace it, because it has effectively halted progress on this issue for the time being. Apparently even the European Commission is not quite sure yet on how to proceed: possibly with a future CRR II. W. Kälberer suggested that the Industry should not intervene anymore at this stage as there would be a risk of collateral damage of pursuing a RTS based approach. R. Lucariello asked whether there is freedom for MS to choose to use the MLV. W. Kälberer replied that guidance on the criteria for the elaboration of the MLV could have the effect of discouraging those who do not use MLV from doing so. It could also mean that those who use it stop using it. E. Røjgaard asked whether the Spanish MLV is different from the German one. W. Kälberer replied that it based on a discount of the market value. As a consequence, it is more volatile with respect to German MLV, which has no link with the market value. [The Spanish delegation requests the addition of the following clarification: This statement is only valid in the case of a portion of total completed houses (residential real estate) that are intended for own use by the owner, and only if it can be assessed that a broad and stable market of comparable properties exists in that location. In other cases, even when it comes to rural properties, the MLV is calculated by different methods in Spain trying to ensure the sustainability of the value along the business cycle.] In response to a question from R. Lucariello, W. Kälberer explained that the Polish MLV is similar to the German one from a methodological standpoint. However, it is only applicable to mortgage banks, of which there are only three in Poland. W. Kälberer underscored the importance of challenging the full harmonisation approach more generally. He pointed out that RICS is currently working on a UK version of the MLV, which will take the form of a sustainable long-term value. He suggested that the best outcome would be for EBA of pursuing a principles based approach (Guidance on MLV) and for MS to be left to decide how they design the MLV methodology at national level. The Secretariat will continue to monitor developments in relation to the MLV file and keep delegates up-to-date on any developments. 4. Mortgage Credit Directive (MCD) & other retail financial services developments at EU level The Secretariat provided delegates with an overview of the European Commission s work on transposition of the MCD. Delegates were invited to exchange information on the way in which their respective Member State national competent authorities intend to transpose the property valuation article into national law. Italy A draft law was published in September and will be approved by spring 2015 but it will still need to be formally adopted by decree thereafter. The implementation of Article 19 will be done at a very high level And will most likely favour self-regulation, specifically, the guidelines promoted by ABI, ASSOVIB, all the professional bodies of who can perform valuations in Italy, as well as Tecnoborsa, the agency of Italian Chamber of Commerce specialised in valuations of immovable properties. Sweden 3
4 Sweden will most probably be delayed in terms of implementation, possibly as late as summer The Government wants the FSA to regulate valuation separately. The Government will also allow the FSA to regulate amortisation. Legal problems are expected in the process of transposing the MCD. Hungary The Hungarian government started reviewing its mortgage-related legislation. Most likely the new legislation will include also the article 19 provisions. The Hungarian National Bank will also play a role in the implementation. Romania There have been some delays in transposing the Directive. The national law was drafted by the Consumer Protection Association. One of the key valuation related provisions is that borrowers may choose any valuer on a list of certified ones held by the banks. While the Consumer Protection Association maintains that the client should be able to choose any ANEVAR valuer, the banks argue that an internal list of certified valuers is necessary to ensure the quality of the valuations and the accountability of valuers. The Secretariat will keep delegates informed of developments at EU level with regard to the transposition of the Directive; Members will inform the Secretariat of any developments in their markets in this area. 5. Use of AVMS in the EU & Portfolio Evaluation The Secretariat gave participants an update on the revised draft EMF Note on the Use of AVMs in the EU with a specific focus on portfolio valuation, which is being drafted in cooperation with the European AVM Alliance (EAA). The Secretariat explained that bilateral discussions had taken place with between the EAA, CRIF and the Spanish and Italian delegations which had expressed concerns about certain elements of their respective country information in the draft Note. These concerns have now been addressed. The Secretariat went on to explain that the comparative accuracy section would be made more neutral and renamed Relative merits of each technique and that the comparative accuracy data in annex would be removed. These proposals were welcomed by delegates, subject to their ability to review and comment on the changes. The Secretariat will liaise with the EEA on the redrafting as outlined above; The Secretariat will circulate a subsequently revised draft to delegates for final comments and/or approval in due course. 6. Joint EMF/TEGoVA commercial mortgage valuation specification The Secretariat recalled that the EMF and TEGoVA had cooperated on the drafting of a Commercial Mortgage Valuation Specification in The Secretariat took the opportunity of the meeting to inform delegates that Deutsche Pfandbriefbank AG and the Association of Danish Mortgage Banks had both indicated their intention to promote the use of the Commercial Specification within their respective organisations as best practice guidance. Both had indicated that the Specification should not be made binding. The Secretariat invited delegates to share any information on plans to implement the Commercial Specification. The Secretariat also informed delegates that TEGoVA had indicated its 4
5 interest in exploring the possibility of drafting a Residential version and asked for delegates views in this respect. The Chairman informed delegates that the Commercial Specification had been circulated to mortgage banks and their networks in Hungary. Differences in methodologies were reported between normal practice and certain elements of the Specification. There is a certain interest but it remains a tricky process. L. Varandas agreed on the utility of having best practice benchmarks. R. Lucariello observed that it would be useful to work on a Residential Specification but that the specification should not be made mandatory. E. Røjgaard noted that there are quite a few differences between residential and commercial valuation. J. Quentin added that every bank tend to have different standards and that the drafting of a Residential Specification will be trickier than for the Commercial one. W. Kälberer expressed the importance of understanding what a standardised residential valuation report is. He suggested that the 2/3 page residential valuation report favoured by lenders may not be viewed as EVS compliant from a TEGoVA point of view. The Secretariat suggested that, as with the Commercial version, it could invite John Hockey to provide a first draft for delegates comments, with a view to discussing with him during the next meeting of the Committee in May. The Secretariat will contact John Hockey and invite him to provide a first draft of a Residential Specification; The Secretariat will invite John to participate in the next meeting of the Committee in May. 7. EMF-ECBC initiative on financing energy efficiency The Secretariat provided an overview of the EMF-ECBC s work in relation to the green mortgages and green covered bonds, highlighting in particular the EMF-ECBC Roundtable on Financing Energy Efficiency which took place on the 1 st of October and the valuation aspects of the discussion. The Secretariat also informed delegates that a second Roundtable will take place on the 26 th of February 2016 in Brussels, to which delegates will be invited. E. Røjgaard pointed out that a system of preferential interest rates for those borrowers who invest in energy efficiency measure might penalise lower income borrowers who are not able to spend on green renovations. R. Lucariello expressed his support for the initiative. He wondered about the treatment of loans on properties which are already green. W. Kälberer pointed out that the green bond market is being driven by investors who are developing green financing strategies. Green bonds well in a low/no yield environment. The real challenge is how to deal with the asset side in order to obtain green projects to be funded. This can be done basically in three ways by way of incentives to borrowers and banks: a lower interest rate for green borrowers, better regulatory treatment of green items on banks balance sheet, or by tax incentives. In order to put in place any of these methodologies a measurement is needed. The measurement can be carried out 5
6 only by tracking energy consumption or energy demand. The former can be misleading when it comes to empty households. The latter is more difficult and expensive to measure. The Chairman noted that in Hungary energy ratings are not included in the valuation report. S. Cappelli noted that in Italy energy ratings are included in valuation reports but not taken account of in the value. The Secretariat will keep delegates informed of developments in relation to this ongoing initiative and invite delegates to participate in the February 2016 Roundtable. 8. The European Group of Valuers Associations (TEGoVA) The Chairman invited S. Cappelli to provide an update on TEGoVA s work in relation to the AQR. S. Cappelli explained that TEGoVA decided that it would provide recommendations to the ECB on amendments to the AQR manual but that it had not yet received any feedback from the ECB on its proposals. In response to a question from E. Røjgaard on the likelihood of a second AQR, S. Cappelli indicated that there will be a stress test exercise in 2016, with an evaluation of values, but not in the form of an AQR. R. Lucariello pointed to the changing landscape in Italy, with the recent reform of popolari & cooperative banks and discussions about the likeliness to merge, which could create new players in the market that in the future could fall under the supervision of the ECB. W. Kälberer added that the number of banks under ECB supervision will increase moving-forward. E. Røjgaard wondered whether TEGoVA had had a discussion with the ECB on the possibility of using the cost approach in the context of the AQR. As yet, no such discussion has taken place. W. Kälberer gave delegates an update on the key issues under discussion within TEGoVA: EVS 2016 is almost finalised The applications will be renamed guidance notes There will 10 guidance notes, replacing 5 applications There will be a new section on valuation methodology AVMs have been taken into consideration as an Information Paper. TEGoVA will also introduce a new qualification label for valuers only valuing residential property from the 1 st of January The TEGoVA Residental Valuer (TRV) Label will also meet the MCD requirements. The Chairman explained that the Secretariat had received an invitation from TEGoVA to consider observer membership. He asked delegates whether they saw an interest in an EMF membership of TEGoVA and explained that the Valuation Committee was expected to give a recommendation to the Executive Committee in this respect. Views were divided in the Committee. Some delegates highlighted that EMF membership could have the advantage of providing direct access to relevant information on key issues of common interest. Other delegates were however concerned that there could be conflicts of interest between the banking sector and the valuation profession on the key issues under discussion. It was furthermore stressed that the EMF should remain neutral in its relationships with TEGoVA and RICS. 6
7 In the absence of a unanimous view, it was agreed that the Secretariat would present the different points of view to the Executive Committee during its meeting on the 20 th of November for final decision. The Secretariat will present the different points of view to the Executive Committee during its meeting on the 20 th of November for final decision. 9. Royal Institution of Chartered Surveyors (RICS) The Secretariat gave delegates an update on the RICS activities in the area of property valuation: In May 2015 RICS published a valuation alert for members on Mortgage Lending Value (already shared with the EMF valuation committee I believe?). More in-depth guidance has been put on hold until the situation with the EBA and EC regarding MLV under CRR has become clear. Two additional national Red Book chapters have been published: o Germany (September 2015) o France (October 2015) A new guidance note on valuation of intellectual property rights was published Valuation & Sustainability EU funded projects o RenoValue, which aims to develop a training package for valuers on how to incorporate energy efficiency and renewable energy features in the valuation process, is in its final stages. Pilot trainings are currently being held in the 7 participating countries, after which o the training package will be finalised for public use ReValue, a recently started project, aims to look at valuation standards, and how to best take sustainability features into account The International Valuation Standards will be updated and a draft consultation will take place in Once finalised, RICS will update its Red Book accordingly. This item was on the agenda for information only. 10. Roundtable on national developments Denmark Prices in the big cities increased substantially. There were discussions on the reform of valuation regulations because of the government concerns on the lack of lending for the countryside, but property valuations were not found to be at fault and therefore no changes will be made. Germany Given the scale of the German car industry, the Volkswagen scandal might have an impact on the German economy, particularly in relation to the Chinese situation. The arrival of refugees in Germany, levels of which have not been seen in 20 years, will put a strain on social housing in the future. The residential market appears to be peaking in cities. The price trend in the countryside is instead southward. Berlin house prices have doubled in 10 years. The rental market is still solid although we observe a reduction in yield. Office rentals follow a similar pattern to the housing ones. Investors are focussing on the hotel sector looking for higher returns. A regulation has been introduced for the investment method, which reduces the number of decisions that have to be made. The result is however a shift away from the real market. Italy 7
8 The economy is showing some signs of vitality. GDP is expected to grow 1% year-on-year by the end of New guidelines for valuations are to be finalised before December. Low interest rates are stimulating demand for housing. There has been an increase in demand of 90% (1/3 of this is refinancing). The rental market remains stable. Sweden Commercial rental runs at high volumes with low yield in urban areas. Residential prices will rise. Amortisation rules will have to be harmonised with the Mortgage Credit Directive, but some potential conflict is expected. There will be challenges in housing incoming refugees as a result of the lack of homes for them. Romania The economy is slightly picking up. The national bank has kept its dovish stance and interest rates remained low. As a consequence credit volumes increased with the help of the Prima Casa program. In the first semester of 2015, 15,600 mortgage loans were granted, representing an 11% increase compared to the same period in There is a general increase in interest in buying a home. The average amount of loans granted was EUR 36,000. Developers are now looking towards other Romanian cities to build. Romania is following a positive trend, similar to that in the Czech Republic and Poland. New valuation principles for property taxation purposes will be introduced in ANEVAR has launched a database together with the Romanian Banking Association containing all valuation reports. There are 22,000 reports in the database, of which 16,000 are residential. Portugal In September, new legislation will be introduced regulating valuer activity, with a particular focus on: valuer registration, professional qualifications, experience and professional indemnity insurance, the content of the valuation report, the responsibility of the supervisory and regulatory authorities and sanctions. There has been an increase in liquidity in the market and in house prices. Hungary The market is seeing the lowest interest rates ever at 1.35% versus 11.5% in The economy is still recovering and restructuring but a fundamental change is still needed in the real estate market. There is currently an average 4% increase in house prices, although in Budapest house prices are increasing by 20%, and even 30% on apartments. The number of transactions has also increased and is expected to reach 150,000 units in Rental yields in the cities are between 7% and 8%, driven in particular by a subsidy system since the 1 st of July for families. The residential loan market is growing, the number of bad loans is still high there is interest in personal insolvency legislation and the Industry has high hopes in this area. Another new regulation addresses the amount of the loan to be covered with a mortgage (there will be an increase in the amount). Some banks are looking to establish mortgage banks. The office market is in good shape. This item was on the agenda for information only. 11. AOB The next meeting of the Committee will take place on the 27 th of May 2015 in Cluj. A. Vascu of ANEVAR very generously offered to host the next meeting. Delegates were requested to check the list of members to ensure it is correct. 8
9 9
The Influence of EU Regulation and European Valuation Standards on Real Estate Valuation
The Influence of EU Regulation and European Valuation Standards on Real Estate Valuation Thessaloniki 9 th October 2015 Krzysztof Grzesik REV Chairman TEGoVA The European Group of Valuers Associations
More informationInternational Conference A comprehensive approach to NPL resolution international experiences Collateral valuation an appraisers perspective
International Conference A comprehensive approach to NPL resolution international experiences Collateral valuation an appraisers perspective Krzysztof Grzesik FRICS REV Chairman TEGoVA Vienna 16 th May
More informationThe case for Valuation Regulation in Ireland
The case for Valuation Regulation in Ireland Prepared by Pat Davitt, Chief Executive Office of the Institute of Professional Auctioneers & Valuers (IPAV) in Ireland (www.ipav.ie) The Institute of Professional
More informationEVS Wolfgang Kaelberer, Hon REV. Global Valuation Opportunities and Challenges: European Valuation Standards
Global Valuation Opportunities and Challenges: European Valuation Standards EVS 2016 Wolfgang Kaelberer, Hon REV Member of the Board of TEGoVA Member of the EVS Standards Board 1 Resolved to: remain clearly
More informationCountry-Specific Legislation and Practice. Denmark
Country-Specific Legislation and Practice Country Chapter Denmark Introduction One of the guiding principles of TEGoVA is to promote consistency of standard definitions of value and approaches to valuation
More informationTemplate for comments Consultation on the draft ECB Guidance for banks on non-performing loans
Template for comments Consultation on the draft ECB Guidance for banks on non-performing loans Institution/Company Association of German Pfandbrief Banks Contact person Mr/Ms First name Surname Email address
More informationGalicia 2009 Regional Workshop on Land Tenure and Land Consolidation. FAO s Experience with Land Development Instruments in Europe
Galicia 2009 Regional Workshop on Land Tenure and Land Consolidation FAO s Experience with Land Development Instruments in Europe Santiago de Compostela Galicia 9-11 of February 2009 Richard Eberlin Land
More informationSummary of Findings. AVMs are also used to determine a property value for a variety of other purposes depending on the Member State:
May 2016 EMF/EAA JOINT PAPER ON THE USE OF AUTOMATED VALUATION MODELS IN EUROPE Summary of Findings Automated Valuation Models (AVMs) are statistical valuation solutions providing an estimate of value
More informationName, title, address of national authority
Name, title, address of national authority Dear TEGoVA Guidance to EU Member States and Candidate Member States on Development of Reliable Valuation Standards in Accordance with Art. 19 of Directive 2014/17/EU
More informationThe Accuracy of Automated Valuation Models
The Accuracy of Automated Valuation Models European Valuation Conference Belgrade 20 th -22 nd April 2017 Professor George Matysiak Agenda AVMs Examples of valuation accuracy More transparency Study work
More informationAn Assessment of Recent Increases of House Prices in Austria through the Lens of Fundamentals
An Assessment of Recent Increases of House Prices in Austria 1 Introduction Martin Schneider Oesterreichische Nationalbank The housing sector is one of the most important sectors of an economy. Since residential
More informationThe actual universe of valuation standards
XLI Incontro di Studio del Ce.S.E.T.: 403-410 Ion Anghel Bucharest University of Economics E-mail: ion.anghel@ase.ro Key words: appraisal, valuation standard, globalization, professional services The actual
More informationHow will CETA affect our profession? Europeans are resisting over reliance on AVMs
How will CETA affect our profession? Europeans are resisting over reliance on AVMs Krzysztof Grzesik REV Chairman of TEGoVA AI-AIC Conference "Valuation beyond Borders Ottawa, 10 June 2017 How will CETA
More informationThe Digital Cadastral Database and the Role of the Private Licensed Surveyors in Denmark
IRISH INSTITUTE OF SURVEYORS, DUBLIN INSTITUTE OF TECHNOLOGY, 23 NOVEMBER 2005 PUBLISHED IN IIS NEWS, WINTHER 2006. The Digital Cadastral Database and the Role of the Private Licensed Surveyors in Denmark
More informationThe Impact of the financial Crises on Housing Cooperatives in Europe
The Impact of the financial Crises on Housing Cooperatives in Europe Dr. Claus Jürgen Hachmann President of Coop Europe - Housing ICA Housing Seminar. 2009 1 Housing Cooperatives in Europe a solid Group
More informationFrequently Asked Questions: The Social Housing Rent Settlement from 2015
Updated 15 November 2013 Frequently Asked Questions: The Social Housing Rent Settlement from 2015 1. Introduction Following the 2013 Spending Round announcement on the social housing rent settlement from
More informationParticipants of the Ministerial Meeting on Housing and Land Management on 8 October 2013 in Geneva
Summary At its meeting on 2 April 2012, the Bureau of the Committee on Housing and Land Management of the United Nations Economic Commission for Europe agreed on the need for a Strategy for Sustainable
More informationAutomated Valuation Model
Automated Valuation Model An innovative tool for Market Intelligence and Risk Management June 2015 Regulated by RICS EPS - Introduction Established presence in SEE: Greece (since 2000) & Romania, Bulgaria
More informationUNECE. Models, challenges and trends in social housing in the UNECE region. Preparation of the UNECE policy brief on social housing
Models, challenges and trends in social housing in the UNECE region Preparation of the UNECE policy brief on social housing UNECE Orna Rosenfeld, UNECE Senior Housing Expert Models, challenges and trends
More informationOffice Market Snapshot Podgorica H1 2017
Economy The main macroeconomic indicators of Montenegro, having highlighted only four of them, show a diversified picture of the current trends of the Montenegrin economy. The consumer prices increased
More informationViability and the Planning System: The Relationship between Economic Viability Testing, Land Values and Affordable Housing in London
Viability and the Planning System: The Relationship between Economic Viability Testing, Land Values and Affordable Housing in London Executive Summary & Key Findings A changed planning environment in which
More informationThese FAQs reflect current views and understanding of the IASB project.
FAQ 14 SEPTEMBER 2010 IASB PROJECT ON LEASE ACCOUNTING These FAQs reflect current views and understanding of the IASB project. In August 2010, the International Accounting Standards Board (IASB) and the
More informationEUROPEAN COMMISSION. Explanatory note
EUROPEAN COMMISSION Competition DG Explanatory note Best Practice Guidelines: The Commission's Model Texts for Divestiture Commitments and the Trustee Mandate under the EC Merger Regulation 5 December
More informationIAG Conference Accounting Update Emerging issues in the public sector 20 November 2014 Michael Crowe Yannick Maurice
www.pwc.com.au IAG Conference Accounting Update Emerging issues in the public sector 20 November 2014 Michael Crowe Yannick Maurice Agenda Introduction Key topics o Fair value o PPP Projects Refinancing
More informationDeloitte Property Index Overview of European residential markets Residential property prices increase
Deloitte Property Index 2015 - Overview of European residential markets Residential property prices increase Michal Melc Senior Manager Audit Deloitte 30 Deloitte s Property Index, an overview of European
More informationMinimum Educational Requirements
Minimum Educational Requirements (MER) For all persons elected to practice in each Member Association With effect from 1 January 2011 1 Introduction 1.1 The European Group of Valuers Associations (TEGoVA)
More informationMember briefing: The Social Housing Rent Settlement from 2015/16
28 May 2014 Member briefing: The Social Housing Rent Settlement from 2015/16 1. Introduction On Friday 23 May Government issued the final policy for Rents for Social Housing from 2015/16, following a consultation
More informationInteragency Guidelines Web seminar, February 10, 2011
Interagency Guidelines Web seminar, February 10, 2011 Questions from participants. The answers here are suggestive guidance only and should not be treated or considered legal or regulatory advice. You
More informationTHE CHAIRPERSON. Hans Hoogervorst Chairman International Accounting Standard Board 30 Cannon Street London EC4M 6XH.
Floor 18 Tower 42 25 Old Broad Street London EC2N 1HQ United Kingdom t +44 (0)20 7382 1770 f +44 (0)20 7382 1771 www.eba.europa.eu THE CHAIRPERSON +44(0)20 7382 1765 direct andrea.enria@eba.europa.eu Hans
More informationRural Land Markets in Central and Western Europe
András OSSKÓ, Hungary and Jan K. B. SONNENBERG, The Netherlands Key words: Central European Countries (CECs), Western European Countries (WECs), Rural Land Market, Ownership Structure. ABSTRACT After the
More informationASSET TRANSFER REQUESTS Community Empowerment (Scotland) Act 2015 Guidance Notes
www.hie.co.uk ASSET TRANSFER REQUESTS Community Empowerment (Scotland) Act 2015 Guidance Notes January 2017 CONTENTS ABOUT THIS GUIDANCE 3 INTRODUCTION 4 About Highlands and Islands Enterprise 4 HIE s
More informationPRINCIPLES OF VALUATION
PRINCIPLES OF VALUATION AMCHAM 20 th November 2018 Who am I and why am I giving this talk? Chartered Surveyor Real Estate degree 2 years working experience APC examination Qualified member of Royal Institution
More informationFrequently Asked Questions: Residential Property Price Index
CENTRAL BANK OF CYPRUS EUROSYSTEM Frequently Asked Questions: Residential Property Price Index 1. What is a Residential Property Price Index (RPPI)? An RPPI is an indicator which measures changes in the
More informationLeasing to Finance Innovation Jurgita Bucyte Senior Adviser in Statistics & Economic Affairs, Leaseurope
Leasing to Finance Innovation Jurgita Bucyte Senior Adviser in Statistics & Economic Affairs, Leaseurope AGORADA 2016 Brussels 27 May 2016 About Leaseurope Leaseurope represents the European leasing &
More informationRents for Social Housing from
19 December 2013 Response: Rents for Social Housing from 2015-16 Consultation Summary of key points: The consultation, published by The Department for Communities and Local Government, invites views on
More informationModern methods for improving the quality in land valuation training
276 Modern methods for improving the quality in land valuation training Virgil PAMFIL, Romania Key words: Knowledge Management, Land Valuation, Land Administration, Network-based Training, e-learning SUMMARY
More informationOffice of the Comptroller of the Currency Federal Deposit Insurance Corporation Federal Reserve Board Office of Thrift Supervision
Office of the Comptroller of the Currency Federal Deposit Insurance Corporation Federal Reserve Board Office of Thrift Supervision Purpose Interagency Appraisal and Evaluation Guidelines October 27, 1994
More informationEFRAG s Letter to the European Commission Regarding Endorsement of Transfers of Investment Property
Regarding Endorsement of Transfers of Investment Property Olivier Guersent Director General, Financial Stability, Financial Services and Capital Markets Union European Commission 1049 Brussels 6 April
More informationPROPERTY INVESTMENT NOTES
OPEN PENSION PROPERTY INVESTMENT NOTES Powered by the London & Colonial... www.londoncolonial.com Contents 1. Introduction... Page 2 2. The People... Page 2 3. The Process... Page 3 4. How do I apply to
More informationQualification Snapshot CIH Level 3 Certificate in Housing Services (QCF)
Qualification Snapshot CIH Certificate in Housing Services (QCF) The Chartered Institute of Housing (CIH) is an awarding organisation for national qualifications at levels 2, 3 and 4. CIH is the leading
More informationOECD-IMF WORKSHOP. Real Estate Price Indexes Paris, 6-7 November 2006
OECD-IMF WORKSHOP Real Estate Price Indexes Paris, 6-7 November 2006 Paper 18 Owner-occupied housing for the HICP Alexandre Makaronidis and Keith Hayes (Eurostat) D-4 Owner-Occupied Housing for the Harmonized
More informationThe Ministry of Defence s arrangement with Annington Property Limited
A picture of the National Audit Office logo Report by the Comptroller and Auditor General Ministry of Defence The Ministry of Defence s arrangement with Annington Property Limited HC 762 SESSION 2017 2019
More informationAcquisition of Italian On-going Business within the frame of Group to Group. Cross-Border Acquisition Projects, the. - Selected Issues -*
Acquisition of Italian On-going Business within the frame of Group to Group Cross-Border Acquisition Projects - Selected Issues -* By: Antonello Corrado and Caterina Mainieri The number of cross-border
More informationSTATISTICAL REFLECTIONS
STATISTICAL REFLECTIONS 9 November 2018 Contents Summary...1 Changes in property transactions...1 Annual price index...1 Quarterly pure price index...2 Distribution of existing home transactions...2 Regional
More informationREAL ESTATE VALUATION IN TRANSITION ECONOMIES. Dr. Nikolai TRIFONOV, FRICS, HonAAPOR, HonOKO, HonOSV. Belarusian Society of Valuers, President
REAL ESTATE VALUATION IN TRANSITION ECONOMIES Dr. Nikolai TRIFONOV, FRICS, HonAAPOR, HonOKO, HonOSV European Real Estate Society, Director at Large Responsible for Central and Eastern Europe Relations
More informationMore affordable housing is needed Ostrava March
More affordable housing is needed Ostrava March 14 2018 Researcher President International Union of Tenants svenbergen@telia.com I will talk about Trends in Europe Housing differs from any other market
More informationANNEX DEFINITION OF THE METHODOLOGY TO BE FOLLOWED BY THE SERVICES OF THE COMMISSION FOR PROSPECTING AND NEGOTIATING FOR BUILDINGS
ANNEX DEFINITION OF THE METHODOLOGY TO BE FOLLOWED BY THE SERVICES OF THE COMMISSION FOR PROSPECTING AND NEGOTIATING FOR BUILDINGS 1. INTRODUCTION In its communication on buildings policy 1 the Commission
More informationPlease find Leaseurope s response to the Commission s consultation on the CRD Review attached.
Patrick Pearson Head of Unit Banking and Financial Conglomerates DG Markt By email markt-crd2008-survey@ec.europa.eu Brussels, 9 June 2008 Dear Patrick Please find Leaseurope s response to the Commission
More informationThe IASB s Exposure Draft on Leases
The Chair Date: 9 September 2013 ESMA/2013/1245 Francoise Flores EFRAG Square de Meeus 35 1000 Brussels Belgium The IASB s Exposure Draft on Leases Dear Ms Flores, The European Securities and Markets Authority
More informationCork Planning Authorities Joint Housing Strategy. Managers Joint Report on the submissions received and issues raised.
Joint Housing Strategy Managers Joint Report on the submissions received and issues raised. June 2013 Introduction This is a joint report which reviews the submissions received during the public consultation
More informationIFRS : Where do we stand? Planned changes 2012 and beyond
International Financial Reporting Standards IFRS : Where do we stand? Planned changes 2012 and beyond Philippe DANJOU Board Member Warsaw, December 6, 2012 The views expressed in this presentation are
More informationUNECE workshop on: Cadastral and real estate registration systems: Economic information for real estate markets in the UNECE region
UNECE workshop on: Cadastral and real estate registration systems: Economic information for real estate markets in the UNECE region Roma, 5-65 6 May 2011 Maurizio Festa Agenzia del Territorio Head of Statistics
More informationDefinitions. Article (2)
Law No. (7) of 2013 Concerning the Land Department (1) We, Mohammed bin Rashid Al Maktoum, Ruler of Dubai, After perusal of: The Declaration issued on 24 January 1960 Establishing the Tabou (Land) Department;
More informationLetting your property with
Letting your property with RESIDENTIAL LETTINGS & PROPERTY MANAGEMENT Whether you have a single property or an expanding portfolio with complicated management requirements, our dedicated Lettings & Management
More informationTHE COMPANIES (CROSS-BORDER MERGERS) REGULATIONS 2007: PROCEDURE, CASELAW AND FUTURE By Richard Smith
Article This article first appeared in International Corporate Rescue, July 2013 THE COMPANIES (CROSS-BORDER MERGERS) REGULATIONS 2007: By Richard Smith Introduction It has been five years since The Companies
More information1 Un Nouvel Instrument
1 Un Nouvel Instrument AN INSTRUMENT FOR DEVELOPMENT The CHO is a banking instrument that allows real estate owners to increase their revenues and contribute to their country s economic growth. REAL ESTATE
More informationJuly 17, Technical Director File Reference No Re:
July 17, 2009 Technical Director File Reference No. 1680-100 Re: Financial Accounting Standards Board ( FASB ) and International Accounting Standards Board ( IASB ) Discussion Paper titled Leases: Preliminary
More information7 th international LANDNET Conference 5-7 October 2015, Ankara, Turkey. Land banks and land funds an overview and presentation of FAO publication
7 th international LANDNET Conference 5-7 October 2015, Ankara, Turkey Land banks and land funds an overview and presentation of FAO publication With contributions from Frank van Holst, Francisco Onega
More informationEFRAG s Draft Letter to the European Commission Regarding Endorsement of Transfers of Investment Property
Regarding Endorsement of Transfers of Investment Property Olivier Guersent Director General, Financial Stability, Financial Services and Capital Markets Union European Commission 1049 Brussels [dd Month]
More informationTHE EXPROPRIATION BILL
THE EXPROPRIATION BILL Pierre Venter 28 July 2015 THE BANKING ASSOCIATION SOUTH AFRICA The Banking Association South Africa (The Banking Association) is the industry representative body for commercial
More information21 August Mr Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom
21 August 2013 Mr Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Via online submission: www.ifrs.org Dear Hans ED 2013/6: Leases Thank
More informationConcession Contracts in Romania
Concession Contracts in Romania THE LEGAL REGIME OF NEWLY CREATED ASSETS IN THE CARRYING OUT OF CONCESSION CONTRACTS In Romania, a country whose Constitution specifies that public assets may be exploited
More informationIASB Agenda Consultation Thank you for the opportunity to comment on the International Accounting Standards Board s Agenda Consultation.
13 December 2011 Mr Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London, EC4M 6XH United Kingdom Submitted via commentletters@ifrs.org Dear Mr Hoogervorst IASB Agenda
More informationABSTRACT Land Administration System in Lithuania
ABSTRACT Land Administration System in Lithuania 1. General introduction to the Lithuanian Land Administration System and State Enterprise Centre of Registers ( shortly SECR) Lithuania has established
More informationAnthony Banfield, FRICS Banfield Real Estate Solutions Ltd
Anthony Banfield, FRICS Banfield Real Estate Solutions Ltd } RICS Practice Statement GN13/2010 Contamination, the environment and sustainability What is it and why should we care? What does it cover? Implications
More informationRent Setting and Service Charge Policy (Social and Affordable Properties)
Rent Setting and Service Charge Policy (Social and Affordable Properties) Date approved: 6 January 2017 Approved by: Chief Executive under Parent Board delegation 1. Policy Statement 1.1 Southway Housing
More informationCommercial Property Price Indices for Greece
Commercial Property Price Indices for Greece Vasiliki Vlachostergiou, Theodore Mitrakos, Calliope Akantziliotou Real Estate Analysis Section Bank of Greece November 2015 1.1 Bank of Greece - Synopsis of
More informationMay Ms. Leslie Seidman Chairman Financial Accounting Standards Board 301 Merritt 7 P.O. Box 5116 Norwalk, CT
May 26 2011 Chairman Financial Accounting Standards Board 301 Merritt 7 P.O. Box 5116 Norwalk, CT 06856-05116 Chairman International Accounting Standards Board 30 Cannon Street London EC 4M 6XH United
More informationReal Property Assets Policy and Procedures
Real Property Assets Policy and Procedures Summary: Due Diligence process Prior to the execution of a binding contract to purchase a property by a DomaCom sub-fund, a review of the Real Property Asset
More informationClient: Date: 1/05/2009. Introduction Page 2. Historic Origin of Property Tax Page 2. Systems in Advanced European Economies Page 3
6/34, (2 nd Floor), Europa Centre, Floriana FRN 1400, Malta. Tel: 356-21233376; 356-21221542; Fax: 356-21236444 E-mail: info@dhiperiti.com Client: Date: 1/05/2009 Introduction Page 2 Historic Origin of
More informationI am writing on behalf of leading European retail companies represented in the European Retail Round Table (ERRT).
-.. : European Retail Round Table 2013-270 International Accounting Standards Board (IASB) IFRS Foundation Publications Department 1st Floor, 30 Cannon Street London EC4M 6XH United Kingdom Copy: European
More informationCourse Number Course Title Course Description
Johns Hopkins Carey Business School Edward St. John Real Estate Program Master of Science in Real Estate and Course Descriptions AY 2015-2016 Course Number Course Title Course Description BU.120.601 (Carey
More informationInterim presentation. 13 July, Anders Nissen, CEO Liia Nõu, CFO
Interim presentation 13 July, 2018 Anders Nissen, CEO Liia Nõu, CFO Profitable growth 20% R12M Return on equity 2 1 2 3 Profitable acquisitions in new large markets Continued strong development in Brussels
More informationHousing and Planning Bill + Welfare Reform and Work Bill
Housing and Planning Bill + Welfare Reform and Work Bill There are two Bills going through Parliament at the moment that have implications for CLTs: the Housing and Planning Bill, which had its First Reading
More informationSUBJECT: Interagency Appraisal and Evaluation Guidelines
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 DIVISION OF BANKING SUPERVISION AND REGULATION TO THE OFFICER IN CHARGE OF SUPERVISION AT EACH FEDERAL RESERVE BANK SUBJECT: Interagency
More informationHow to Read a Real Estate Appraisal Report
How to Read a Real Estate Appraisal Report Much of the private, corporate and public wealth of the world consists of real estate. The magnitude of this fundamental resource creates a need for informed
More informationNovember 2, Urquiola de Palacio Palacio & Asociados Lawyer and Arbitrator. UIA 57º ANNUAL MEETING - MACAO November 2, Urquiola de Palacio
November 2, 2013 Urquiola de Palacio Palacio & Asociados Lawyer and Arbitrator. November 2, 2013 - Urquiola de Palacio 1 1. Introduction. We are confronted with a number of concerns facing lawyers against
More informationR esearch Highlights LIFE LEASE HOUSING IN CANADA: A PRELIMINARY EXPLORATION OF SOME CONSUMER PROTECTION ISSUES. Findings. Introduction.
R esearch Highlights August 2003 Socio-economic Series 03-013 LIFE LEASE HOUSING IN CANADA: A PRELIMINARY EXPLORATION OF SOME CONSUMER PROTECTION ISSUES Introduction This study, completed under the CMHC
More informationResults of Central European Land Knowledge Center (CELK) Activities
Results of Central European Land Knowledge Center (CELK) Activities András OSSKÓ, Hungary Key words :CELK Center, Property Rights and Land Market Development, Networking, direct knowledge transfer SUMMARY
More informationCore Element 6 Appropriate Regulation
Core Element 6 Appropriate Regulation While this crisis had many causes, it is clear now that the government could have done more to prevent many of these problems from growing out of control and threatening
More informationECONOMY, JOBS AND FAIR WORK COMMITTEE AGENDA. 4th Meeting, 2018 (Session 5) Tuesday 30 January 2018
EJFW/S5/18/4/A ECONOMY, JOBS AND FAIR WORK COMMITTEE AGENDA 4th Meeting, 2018 (Session 5) Tuesday 30 January 2018 The Committee will meet at 9.30 am in the David Livingstone Room (CR6). 1. Decision on
More informationSummary report on workshop feedback on ways to reduce cost compliance
Summary report on workshop feedback on ways to reduce cost compliance Anti-Money Laundering and Countering Financial Terrorism Bill Prepared for: Ministry of Justice February 3, 2017 1 Contents Why we
More informationRICS property measurement 2nd edition: Basis for conclusions. Purpose
RICS property measurement 2nd edition: Basis for conclusions Purpose This document has been prepared to accompany publication of the RICS property measurement 2nd edition in order to explain the rationale
More informationEDUCATION OF VALUERS - GOALS TO BE REACHED IN FIG
EDUCATION OF VALUERS - GOALS TO BE REACHED IN FIG Prof. Kauko VIITANEN, Finland Key words: Education, Valuation, Real Estate, Surveying, Land Management. 1. INTRODUCTION In the field of real estate valuation
More informationProposal for a COMMISSION REGULATION
Proposal for a COMMISSION REGULATION (EC) No / of [ ] amending Regulation (EC) No 802/2004 implementing Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (Text with
More informationCOMMITTEE OF EUROPEAN SECURITIES REGULATORS
COMMITTEE OF EUROPEAN SECURITIES REGULATORS IASB 30 Cannon Street LONDON EC4M 6XH United Kingdom Date: 29 November 2010 Ref.: CESR/10-1518 RE: the IASB s Exposure Draft Leases The Committee of European
More informationRent setting Policy. Contents. Summary:
Rent setting Policy Summary: This policy sets out Genesis Housing Association s approach to rent setting and rent increases and decreases for all properties. The policy sets out how we will calculate and
More informationAgenda 25 June 2009 EXTRAORDINARY GENERAL ASSEMBLY GEOMETER EUROPAS asbl
Brussels, 16 August 2008 Agenda 25 June 2009 EXTRAORDINARY GENERAL ASSEMBLY GEOMETER EUROPAS asbl VENUE: IDA, KALVEBOD BRYGGE 31-33, 1780 COPENHAGEN V TIMING: 13.00 18.00 HOTEL: COPENHAGEN ISLAND, KALVEBOD
More informationAppraisers and Assessors of Real Estate
http://www.bls.gov/oco/ocos300.htm Appraisers and Assessors of Real Estate * Nature of the Work * Training, Other Qualifications, and Advancement * Employment * Job Outlook * Projections Data * Earnings
More informationOpportunities for foreign buyers of Spanish real estate
Opportunities for foreign buyers of Spanish real estate London, 2014/12/01 DIEGO DE LEÓN, 21 28006 MADRID STATISTICS Current situation: signs of stabilization Prices rose by 1,15% in the Q3 of 2014. Second
More informationResidential Market Snapshot Podgorica. August 2017
PURPOSE OF THE RESEARCH The aim of our residential real estate market research was to analyse the actual apartment supply in Podgorica, having used the advertisements of the largest real estate portal
More informationTECHNICAL INFORMATION PAPER - VALUATIONS OF REAL PROPERTY, PLANT & EQUIPMENT FOR USE IN AUSTRALIAN FINANCIAL REPORTS
TECHNICAL INFORMATION PAPER - VALUATIONS OF REAL PROPERTY, PLANT & EQUIPMENT FOR USE IN AUSTRALIAN FINANCIAL REPORTS Reference ANZVTIP 8 Valuations of Real Property, Plant & Equipment for Use in Australian
More informationMNB-RICS Commercial Property Market Survey 2017 H2
MNB-RICS Commercial Property Market Survey 2017 H2 Magyar Nemzeti Bank and the Royal Institution of Chartered Surveyors relaunched the questionnaire-based survey research on Budapest s commercial real
More informationAssets, Regeneration & Growth Committee 17 March Development of new affordable homes by Barnet Homes Registered Provider ( Opendoor Homes )
Assets, Regeneration & Growth Committee 17 March 2016 Title Report of Wards Status Urgent Key Enclosures Officer Contact Details Development of new affordable homes by Barnet Homes Registered Provider
More informationCommercial Real Estate Debt Finance This course is presented in London on: 26 February 2018, 29 November 2018
Commercial Real Estate Debt Finance This course is presented in London on: 26 February 2018, 29 November 2018 The Banking and Corporate Finance Training Specialist Course Objectives Participants will:
More informationRecognition of Prior Learning (RPL) Application NSW
NSW Real Estate Training College PO Box 601, Hornsby NSW 2077 Phone: 02 9987 2322 Fax 02 9479 9720 rpl@realestatetraining.com.au www.realestatetraining.com.au Recognition of Prior Learning (RPL) Application
More informationPolicy for Managing Shared Ownership
Policy for Managing Shared Ownership October 2017 October 2020 www.horizonhousing.org This policy applies to Link Group Link Housing Link Living Link Property Horizon Larkfield West Highland Lintel Trust
More informationFirst Steps and Further Steps: Creation of Property Market Estonia Case Study
First Steps and Further Steps: Creation of Property Market Estonia Case Study Aivar TOMSON and Ülleke EERIK, Estonia Key words: land and ownership reform, property market SUMMARY This paper describes the
More informationRestoring the Past U.E.P.C. Building the Future
Brussels, 14.12.2010 Dear Sirs, Madam, Re: Exposure Draft Leases On behalf of the European Union of Developers and House Builders (Union Europeénne des Promoteurs-Constructeurs - UEPC), I am writing to
More informationComment Letter 16 from the National Association of Romanian Valuers, ANEVAR
Comment Letter 16 from the National Association of Romanian Valuers, ANEVAR Comments on the Exposure Draft Proposed New International Valuation Standards, published June 2010 Email: CommentLetters@ivsc.org
More information