PRESS RELEASE

09/28/2004

New Ireland Fund Announces Managed Distribution Policy

Boston, Massachusetts, September 24, 2004 - Following a detailed review of the various options available to the Fund and in an effort to address the persistent high discount at which the Fund's share have tended to trade in recent years, the Board of Directors of the New Ireland Fund, Inc. (the "Fund") announced that they have approved a Managed Distribution Policy.

Implementation of the Policy is subject to receipt of an exemptive order from the SEC, which could take several months. When that order is obtained, the Board has determined that it will pay quarterly distributions at an annual rate, set once a year, that is a percentage of the rolling average of the Fund's prior four quarter-end net asset values. The Board has determined that the initial rolling distribution rate shall be 10%. This policy will be subject to regular review by the Fund's Board of Directors. The date of the first distribution will be approximately 3 months after exemptive relief is received from the SEC.

A portion of the distribution may be treated as long-term capital gain and qualifying dividend income for individuals, each subject to the maximum Federal income tax rate, which is currently 15% in taxable accounts for individuals. If the Fund does not generate a total return from dividends and interest received and net realized capital gains equal to or in excess of 10% of the average net asset value of the Fund (calculated as described above), then the amount distributed in excess of the Fund's investment income and net realized capital gains would be deemed a non-taxable return of capital. As net assets of the Fund may vary from quarter to quarter, the quarterly distribution may represent more or less than the 2.5% of the Fund's net assets at the time of distribution.

The New Ireland Fund, Inc. 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.