On Friday 29 May, the PRA published a document responding to a number of questions from firms in relation to requirements in the CRR for property valuations for residential and commercial real estate exposures. In particular, given the disruption in the property market caused by Covid-19, firms have identified difficulties in conducting physical inspections due to social distancing measures, obtaining reliable property valuations and determining appropriate approaches to suspended or unreliable house price indices.
This document is aimed at all firms to which the CRR applies.
The document will be updated if appropriate as the Covid-19 situation evolves. New Q&As and updates to existing ones will appear in italics.