Asset Covered Securities Act, 2001

Valuation of assets held by designated mortgage credit institutions.

41.—(1) The Authority may, by regulatory notice published in Iris Oifigiúil, specify requirements in relation to the valuation basis and methodology, time of valuation and any other matter that it considers relevant for determining the prudent market value of mortgage credit assets or related property assets for the purposes of any provision of this Chapter.

(2) The prudent market value of mortgage credit assets or related property assets is to be determined in accordance with a regulatory notice published in accordance with subsection (1).

(3) The Authority may, by regulatory notice published in Iris Oifigiúil, specify requirements in relation to the valuation basis and methodology, time of valuation and any other matter that it considers relevant for determining the prudent market value of substitution assets held by a designated mortgage credit institution for the purposes of this Chapter.

(4) The prudent market value of substitution assets that are in the form of securities is to be determined in accordance with a regulatory notice published in accordance with subsection (3).

(5) The Authority may, by regulatory notice published in Iris Oifigiúil, specify requirements in relation to the valuation basis and methodology, time of valuation and any other matter that it considers relevant for determining the value of tier 2 assets, credit transaction assets or the total assets, held by a designated mortgage credit institution for the purposes of this Act.

(6) The value of assets referred to in subsection (5) is to be determined in accordance with a regulatory notice made under that subsection.