PRESS RELEASE

02/07/2000

THE IRISH INVESTMENT FUND, INC. ANNOUNCES SHARE REPURCHASE PROGRAM

New York, New York, February 7, 2000 - The Board of Directors of the Irish Investment Fund, Inc. (the "Fund") today approved a plan authorizing the Fund to repurchase up to 10% of its outstanding shares determined as of its previous fiscal year end. The shares will be repurchased whenever the discount to net asset value at which the Fund's shares are trading exceeds threshold levels that the Board will review on at least a quarterly basis. The Board may terminate or modify the repurchase program at any time. The Fund is a closed end mutual fund managed by Bank of Ireland Asset Management (U.S.) Limited and is listed on the New York Stock Exchange. For further information, please contact the Fund at (800) 468-6475.