Dáil Éireann Debate, Wednesday - 27 May 2020
67. Deputy Catherine Murphy asked the Minister for Finance the communication there has been with a bank (details supplied); when it will be possible to recommence valuations; and if he will make a statement on the matter. [7666/20]
View answerI have not had any communication with the bank referred to by the Deputy in relation to the carrying out of property valuations.
It should be noted that the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (SI 142 of 2016) places certain requirements on mortgage lenders in relation to the standards of, and used by, property appraisers when carrying out a property valuation for mortgage lending purposes. For example, lenders are required that to ensure that appraisers conducting property valuations are professionally competent, use reliable standards and are sufficiently independent from the credit underwriting process so that they can provide an impartial and objective valuations.
Within this overall financial services legal requirement in relation to property valuation for mortgage lending purposes, it can also be noted that the Regulations which set out the temporary Covid-19 public health restrictions (SI 121 of 2020) recognise that financial, insurance and banking services provided by a financial services provider is an essential service, and that such services which are necessary to support any other essential service, including the provision of key third party supports provided under contract to a person providing an essential service, also constitutes an essential service.
The Government has now published a roadmap for the re-opening of society and business, with phase one now in operation. In relation to the roll out of the further phases and the resumption of further economic activity, the Government will keep all relevant issues under continuous review and when it makes it further decisions it will have full regard to the public health advice and also have regard to other important social and economic considerations.
