Arrears of Irish residential mortgages rose 16% between February and April, from 6.65% to 7.62%, according to Moody’s Investors Service. Moody’s also noted that area of 90 days or more has nearly doubled in the past 12 months, as declining house prices are expected to increase the size of the losses. The credit rating agency also said the outlook for Irish residential mortgage-backed securities was negative based on rising unemployment, which is likely to rise one percentage point to 14.4% this year.

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