Proposed rules for cases of personal insolvency in Ireland could deliver a fresh blow to the country's market for residential mortgage-backed securities, already under pressure from rising arrears and restructuring, according to analysts at Barclays.

More than 10% of all outstanding residential mortgages in Ireland have been in arrears for more than 90 days, while 10.5% have undergone some form of restructuring since the financial crisis, according to the most recent statistics published by the Central Bank of Ireland.