Ms Marie Hunt:

I misunderstood Senator Michael D'Arcy. When a valuation is instructed, a professional valuer, working under the red book, can only value using the market value definition so they have to have regard to comparable evidence. They would come to us to get the comparable evidence because we were tracking every single transaction. It worked in that way.

I understood the Deputy's question was, after the event, when the valuation is complete and submitted, did they then go back and cross-check and see, compared to subsequent transactions, whether that was fair. My answer is, when a valuation is done, it is done, it is submitted to the client, the file is closed and one moves on. One does not pick up the file and retrospectively check the valuations unless the client subsequently comes back and asks one to revisit that valuation for whatever purposes.