The Resolution suggests the need  for a trilateral agreement to be entered into between the National Bank of Ukraine, a bank and an appraiser (valuation expert) to perform independent appraisal of collateral pledged to the National Bank as security against a stabilization loan. Earlier, a borrowing bank acted as a customer and payer in such agreements.  Henceforth, the National Bank shall act as a customer ordering appraisal services.

“These amendments are made to enable the National Bank exercise tighter control over the appraisal process.  We have recently secured a decision by the State Property Fund to strip an incompetent appraiser of the appraiser's certificate and have filed claims against several other appraisers. From now on, the National Bank will order appraisal services to stave off the chances of valuation manipulation,” said Director of the Risk Management Department Ihor Budnyk.

In addition, the Resiolution has expanded the eligibility criteria for appraisers.

In July 2015,  the Collateral Assessment and Monitoring Division responsible for the verification of appraisal reports was established and became operational to tighten control over the quality of collateral appraisal.