PRESS RELEASE

06/14/2004

THE NEW IRELAND FUND HOLDS ANNUAL MEETING

Boston, Massachusetts, June 14, 2004 - The New Ireland Fund (the "Fund") today announced the results of the proposals voted on at its annual stockholder meeting held last week.

The first proposal, which was for the re-election of George Moore, Denis Kelleher and James Walton as directors of the Fund, was carried by a substantial majority.

The second proposal, which was submitted by a stockholder, requests that the Board of the Fund take the steps necessary to open end the Fund or otherwise enable shareholders to realize net asset value for their shares. This proposal received 1,579,309 votes in favor and 1,219,523 votes against, and there were 95,567 abstentions. Out of the total of 4,741,278 votes, entitled to be cast, the proposal received 33.3%. As a result of the positive vote on the proposal, the Board of the Fund has undertaken to review the options open to it, in order to address the issues raised in the proposal.

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.