The International Valuation Standards Council (IVSC) has today announced that BNP Paribas has joined its growing list of sponsors, becoming the first bank to provide financial support to the organisation.
The sponsorship signifies an important stage in the advancement of the IVSC, which develops procedures for performing international valuations through a set of globally recognised valuation standards.
Michel Prada, Chairman of the IVSC board of trustees, comments: “Valuation is at the heart of many of the issues integral to the recent credit crisis. The development of authoritative standards and guidance for the valuation of assets and liabilities, particularly in relation to financial instruments, will be vital if some of the problems that have been exposed are to be prevented in the future.
“BNP Paribas is already represented on IVSC boards and expert panels seeking a global consensus on such issues. The Board of Trustees of the IVSC and the organisation as a whole is delighted at this additional support by BNP Paribas. Their sponsorship and expertise is greatly appreciated.”
Gerard Gil, Deputy Chief Financial Officer for BNP Paribas adds:
“We believe that an important component of the emerging consensus for preventing a repeat of the financial crisis is to improve the credibility of values recorded for bank assets by having internationally accepted norms and identified best practices. IVSC is the best placed body to achieve this. It is also important that the subject of valuation is properly promoted in the international arena so that users, regulators and accounting standard setters in the financial sector have a better understanding of the different possible valuations of an instrument, considering the use that is done of it, and its contribution to better standards of reporting, transparency and regulation.”
BNP Paribas joins other leading companies and organisations that are investing in global standards for valuation by providing sponsorship to the IVSC. These include:
American Appraisal Associates, Inc
The Appraisal Foundation
Appraisal Institute of Canada
Canadian Institute of Chartered Business Valuators
China Appraisal Society
Deloitte Touche Tohmatsu
Duff & Phelps, LLC
Ernst & Young, LLP
Houlihan Lokey Howard and Zukin, Inc
Royal Institution of Chartered Surveyors
For more information on the IVSC, please see the website: www.ivsc.org
For press enquiries please contact: Rohit Grover, Spada
Tel: +44 (0)20 7269 1430
For further information on the IVSC please contact: Marianne Tissier, IVSC
Tel: +44 (0)1442 879 306
NOTES TO EDITORS
About the IVSC:
The International Valuation Standards Council (IVSC) is charged with developing robust and transparent procedures for performing international valuations through a single set of globally recognized valuation standards, acceptable to the world’s capital markets organisations market participants and regulators, which will meet the challenges of a fast-changing global economy.
The governance structure of the IVSC, a non-profit organisation incorporated in the US, includes two independent technical Boards – the International Valuation Standards Board and the International Valuation Professional Board – and a global Board of Trustees responsible for the overall strategic direction and funding of the IVSC. The IVSC works co-operatively with national professional valuation institutes, users and preparers of valuations, governments, regulators and academic bodies, all of whom can become members of the IVSC and have an important role to play in advising the Boards on agenda decisions and priorities in the work of the IVSC.
For more information please visit: www.ivsc.org
About BNP Paribas:
BNP Paribas (www.bnpparibas.com) is one of the six strongest banks in the world according to Standard & Poor’s* and the largest bank in the eurozone by deposits. With a presence in more than 80 countries and more than 200,000 employees, including 160,000 in Europe, BNP Paribas is a leading European provider of financial services on a worldwide scale. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Retail Banking, the Group has four domestic markets: Belgium, France, Italy and Luxembourg. BNP Paribas is rolling out its integrated model across the Europe-Mediterranean zone and boasts a large network in the United States. BNP Paribas Personal Finance is the leader in consumer lending in Europe. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe and solid and fast-growing businesses in Asia.
*Within its peer group