PRESS RELEASE

05/14/2004

LIPPER AWARDS NEW IRELAND FUND 5 YEAR PERFORMANCE ACHIEVEMENT AWARD

Boston, Massachusetts, May 14, 2004 - The Board of Directors of The New Ireland Fund, Inc. are pleased to announce that the New Ireland Fund (the "Fund") has been awarded Lipper's best performance award within its peer group for the 5 year period ended December 31, 2003. In making this award, Lipper stated that this reflects, not alone the best Total Return over this period but also Consistent Return, Preservation, Tax Efficiency and Expense. John Forde, of Bank of Ireland Asset Management (U.S.) Limited, is the Fund Manager responsible for the day to day management of the Fund's assets and the Board heartily congratulate him on this achievement.

The New Ireland Fund is a closed-end diversified investment company that seeks long-term capital appreciation through investing at least 80% of its assets in a portfolio of Irish securities. The Fund is 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.