Oireachtas Joint and Select Committees

Wednesday, 13 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Patrick Davitt:

We have a process now where every valuer is checked on an ad hoc basis and, at least once per year, we have a compliance officer that looks at the valuation and looks at the valuation standard. But you can't really .. and IPAV aren't in a position to examine whether the valuation is done ... the valuation figure at the end, if that's what you mean, is correct or not correct, because we simply wouldn't know unless you take the valuation and you look at it by an expert to see if the valuation is done correctly according to standards and if it comes up with the right figure, because different valuers will see different valuations in different lights and they will look at different inputs again that they put into them. So the valuations are going to be different and the end result is going to be different.