A designated credit institution shall ensure that -
(a) at the moment of inclusion of a mortgage credit asset or a commercial mortgage credit asset in a cover pool, a current valuation at or at less than market value or mortgage lending value exists for each residential property or commercial property, as the case may be, which secures the mortgage credit asset or commercial mortgage credit asset, as the case may be,
(b) a valuation of the residential property or commercial property, as the case may be, has been carried out by a valuer who possesses the necessary qualifications, ability and experience, and
(c) the valuer referred to in paragraph (b) -
(i) is independent from the credit decision process,
(ii) does not take into account speculative elements in the assessment of the value of the residential property or commercial property, as the case may be, and
(iii) documents the value of the residential property or commercial property, as the case may be, in a transparent and clear ma
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