Perhaps the Deputy Leader might update me on progress on my request that the Minister for Finance, Deputy Michael Noonan, come to the House for a debate on what the Government has termed "the local property tax", none of which tax collected in 2014 will go to the local authorities. It is important we have this debate and that the Minister explain why that is the case.

The legislation introducing the proposed statutory code of practice in respect of fair pricing for the horticulture and dairy sector has been on the A list for five sessions. As everybody knows, people in the horticulture and dairy sectors are being squeezed by the multiples and supermarkets. In Britain there is a statutory code of practice to ensure fair pricing as much as possible for this industry. I wonder why the Minister of State, Deputy Tom Hayes, informed a group in north Dublin recently that the Minister, Deputy Richard Bruton, was preparing legislation on a code of conduct for this area when the relevant legislation had been listed on the A list five times but had not yet come before either House. I would welcome it if the Deputy Leader followed up on the matter and informed the Whip that we were ready to initiate the Bill here.

I would also welcome the Government's view on the sale of 13,000 mortgages by former the Irish Nationwide Building Society which are held by the former IBRC and its view on the statement by the Minister for Finance, Deputy Michael Noonan, that should these mortgages be sold to an entity outside the State, which is more than likely, they will be covered by the diluted code of conduct on mortgage arrears, even though it is insufficient following the changes made to it last year. I have been contacted by a number of people who are very concerned about who will purchase this mortgage book and, if it is purchased outside the State, whether they will be covered by the code of conduct on mortgage arrears. The statement by the Minister that he would expect that such purchaser would follow due procedure is wholly insufficient. I remind him that the loan book of the former Irish Nationwide Building Society contains a high number of residential mortgages in arrears, the holders of which need the protection of what remains of the code of conduct on mortgage arrears. I am particularly interested in hearing at what discount it is proposed to sell this loan book. If it is proposed to sell it at a 50% discount, which I am hearing is about correct for those mortgages in arrears, why has IBRC or the entity that was IBRC not offered discounts on and restructuring of these mortgages?

The Government is going to sell them to a vulture fund at a 50% discount. Would it not be preferable to offer the mortgagees, those who hold the mortgages, a discount to restructure those mortgages instead of the State selling off a loan book to try to make profit for the State? The Government is leaving the people concerned in hock and without any protection should it be sold to an entity outside the State. I take it that AIB and Bank of Ireland will not buy this loan book. Who will buy it? Why has the Government not instructed IBRC to restructure these mortgages properly if they are to be sold at 50% of their value? This is a really serious issue. Some 13,000 mortgage holders will be sold down the river by the Government. Has the Department of Finance looked at restructuring these mortgages and asked IBRC to give the people concerned a discount of 40%? Instead it will be sold off to venture capitalists and other mortgage companies. This will result in a higher proportion of mortgage arrears not covered under the code of conduct on mortgage arrears. An institution buying the loan book at a discount of 50% can repossess a house and if it gets 60% of the loan value, it will make a profit. The issue deserves a specific debate in this House. Deputy Michael McGrath has introduced legislation in the Dáil-----

The Senator is way over time.

-----to ensure the people concerned are at the very least covered by the code of conduct on mortgage arrears. It is a very serious issue and needs to be addressed. Anyone who cares about those who are in mortgage difficulties will support me in calling on the Government to instruct IBRC not to proceed with this sale and offer discounts to the people in mortgage arrears.

I believe Senator Darragh O'Brien is a little loose with language in that we all know that IBRC is in liquidation.

I know that.

These matters are not matters for the Government but for the liquidator.

The Government is washing its hands of it.

I am not sure if anyone can issue instructions. We must operate at all times within the law. In talking about vulture funds and all the rest of it, the Senator's guess may be as good as anyone else's.

The Senator knows it will not be Bank of Ireland or AIB.

All it is, with respect, is a guess.

Why not offer the discount to the mortgage holders?