What were the steps in the valuation process?
The Independent Valuer worked to conduct a fair, open and independent valuation under the Northern Rock plc Compensation Scheme Order 2008. The Independent Valuer’s letter of 13 November 2008 explained the steps involved in the valuation process. These steps were to: • finalise the valuation procedure taking into consideration comments from Affected Parties; • request and obtain information relevant to the valuation process; • review and analyse the information obtained; • prepare and issue the Consultation Document, outlining the method that the Independent Valuer proposes to use to determine the amount of any compensation payable by HM Treasury; • review and analyse responses to the Consultation Document; • issue assessment notices to Affected Parties and HM Treasury outlining the amount of any compensation determined by the Independent Valuer as being payable; and • set a timeframe during which Affected Parties may seek reconsideration.
