The St. Kitts-based Eastern Caribbean Central Bank (ECCB) says the London-based Royal Institute of Chartered Surveyors (RICS) will now be one of the qualifications to be used by ECCB member banks to engage appraisers in the loan approval process.
In a statement Monday, the ECCB said to build trust in the valuation and appraisal process across the eight ECCB member countries, RICS, the global professional body for high standards in land and the environment, is working with the respective ECCU banking associations and valuation and appraisal organizations to train, qualify and regulate local practitioners in the region.
“At a time when the global economic and property markets show uncertainty, we are committed to ensuring that our region’s professionals are providing trusted and robust assessments through internationally recognized best practices and ethical standards,” said ECCB Governor, Timothy N.J. Antoine,
“Working with RICS, a globally recognized leader in valuation, appraisal and advisory services for the built environment, is a major step in ensuring professional confidence and financial stability,” he added.
The ECCB, which was established in 983, serves as the monetary authority for Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts – Nevis, St. Lucia and St. Vincent and the Grenadines.
The ECCB said the board of directors of all licensed financial institutions under its jurisdiction are responsible for adopting and reviewing policies and procedures that establish effective real estate valuation policies.
“At least once per year, member banks must review real estate valuation policies and procedures to ensure that they are adequately aligned with international best practices. Additionally, licensed financial institutions are required to monitor the performance of appraisers, and qualification with RICS will now be a key accepted qualification for these professionals.”
It said RICS will help ensure that practitioners are unbiased, possess the appropriate appraisal or collateral valuation education, expertise, and experience for the types of properties being valued and continually update their knowledge through a process of continuing education, among other requirements.
“We are proud to work with the ECCB, which provides crucial oversight for banking professionals across a region that is important to the global economic market,” said Neil Shah, director of Strategic Partnerships at RICS.
“RICS will help ensure public trust in valuation professionals by providing continuing high standards for the ECCB,” he added.
CMC/
 says the London-based Royal Institute of Chartered Surveyors (RICS) will now be one){kind=link}