Determination of ship lending value

(1) The valuation serving as the basis for determining the ship lending value must be carried out by an appraiser independent of the lending decision who must have the necessary professional experience and the necessary specialist knowledge for ship lending value determinations.
(2) The ship lending value may not exceed the value resulting from a prudent assessment of the future marketability of the ship and having regard to the long-term, sustainable characteristics of the property, market conditions, and current and possible alternative uses. Speculative elements may not be taken into account in this. The ship lending value may not exceed a market value determined in a transparent manner and by a recognised valuation method. Section 16(2), fourth sentence applies accordingly.
(3) Subsections (1) and (2) apply mutatis mutandis to the valuation of a ship under construction.
(4) The claims secured by ship mortgages on ships under construction, taken into account for the cover of ship Pfandbriefe, may not together exceed 20 per cent of the total amount of ship mortgages used for the cover of ship Pfandbriefe.
(5) The Federal Ministry of Finance is authorised, by statutory instrument not requiring the consent of the Bundesrat, to determine details of the methodology and form of the determination of ship lending value and the minimum requirements for the appraiser's qualification. Before issuing the statutory instrument, the peak associations of the credit industry must be heard. The Federal Ministry of Finance may transfer this authorisation, by statutory instrument, to the Federal Financial Supervisory Authority.