The Irish Mortgage Holders Organisation has said it has had discussions with two of the six hedge funds that are interested in acquiring the mortgage book of the former IBRC.

The group said it has agreed a successful framework with one of them.

Minister for Finance Michael Noonan has ruled out legislating to protect 13,000 mortgage holders before the imminent sale of their mortgage loans by IBRC.

IBRC liquidators are due before the Oireachtas Finance Committee on Wednesday.

Speaking on RTÉ’s Morning Ireland, the organisation's director, David Hall, said it was vital that the Government acts to protect these mortgage holders.