PRESS RELEASE

03/12/2007

New Ireland Fund Chooses Tait Weller as Auditor

Boston, Massachusetts, March 12, 2007 - The New Ireland Fund, Inc., (the "Fund") has chosen Tait, Weller & Baker LLP as its Independent Auditor for the current fiscal year, which ends October 31, 2007.

Peter Hooper, Chairman of the Board, announced that the decision had been made to end the relationship it has had with Grant Thornton LLP ("GT"), dating back to 2003, due to independence issues arising out of the Sarbanes-Oxley legislation. The decision to change auditors was not the result of any disagreement between the Fund and GT on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Prior to the commencement of the October 31, 2006 audit, GT advised the Fund that the Grant Thornton International member firm, located in Ireland, would be providing certain prohibited non-audit services to Bank of Ireland, an affiliate of Bank of Ireland Asset Management (U.S.) Limited, the Fund's Advisor. Although GT had previously confirmed that they were independent with respect to the Fund within the meaning of Sarbanes-Oxley and the requirements of the Independence Standards Board, the prohibited services, now being undertaken, meant that they could no longer be considered independent. As a consequence, following the formal resignation of GT, the Audit Committee decided to choose Tait Weller for the current year's audit. On March 6, 2007, the Board of Directors ratified this decision.

Tait Weller, was selected as Independent Auditor based on a number of key considerations, including industry related experience, independence and commitment to client service.

The Fund is a closed end mutual fund managed by Bank of Ireland Asset Management (U.S.) Limited and is traded on the New York Stock Exchange under the trading symbol "IRL".

For further information, please contact the Fund at (800) 468-6475.

Website: newirelandfund.com