PRESS RELEASE

4/7/2009

The New Ireland Fund (IRL), Inc. Announces Recapitalization of Advisor's Parent Company

The New Ireland Fund, Inc., (the "Fund") is a closed-end fund quoted on the NYSE, which is managed by Bank of Ireland Asset Management (U.S.) Limited ("BIAM").

As a consequence of recent developments in relation to the financial services industry in Ireland, the Irish Government recently announced its decision to recapitalize the two major Irish Banks - Bank of Ireland and Allied Irish Banks. As a result of the implementation of this process, the Board of Directors of the Fund wish to advise shareholders that the recapitalization of Bank of Ireland, the parent of BIAM, has now been successfully completed.

The Bank recapitalization ("Recapitalization Transaction") includes a €3.5 billion capital investment by the Irish Government in Bank of Ireland in exchange for preference shares and warrants. In connection with this investment, the Irish Government will have (i) the right to appoint 25% of Bank of Ireland's Court of Directors and (ii) 25% of the voting rights in respect of (A) a change of control of Bank of Ireland and (B) the appointment of the remaining members of Bank of Ireland's Court of Directors. The Recapitalization Transaction was approved by the shareholders of Bank of Ireland on March 27, 2009 with the transaction being completed on March 31, 2009.

Under the Investment Advisers Act of 1940, the Bank Recapitalization Transaction may be treated as an assignment of the investment advisory agreement between the Fund and BIAM, an indirect, wholly-owned subsidiary of Bank of Ireland. At a meeting held on March 24, 2009, the Fund's Board of Directors approved the continuance of the Fund's existing advisory relationship in a written agreement on materially the same terms and conditions as the investment advisory agreement between BIAM and the Fund. In approving the continuance, the Directors took into consideration the public statement of the Irish Government that it does not intend to take control of Bank of Ireland. Subsequently, on April 2, 2009, BIAM received "no-action" relief from the staff of the Division of Investment Management of the Securities and Exchange Commission permitting BIAM to continue to serve as the Fund's investment adviser without shareholder approval following the Bank Recapitalization Transaction.

For further information, please contact The New Ireland Fund, Inc. at (800) 468-6475.

Website: newirelandfund.com