PRESS RELEASE

10/22/2004

NEW IRELAND FUND APPOINTS NEW PORTFOLIO MANAGER

Boston, Massachusetts, October 22, 2004 - The Board of Directors of The New Ireland Fund, Inc. are pleased to announce that following the resignation of John Forde from Bank of Ireland Asset Management ("BIAM"), Deirdre Kennedy, Senior Equity Manager, has been appointed as the Fund's new Portfolio Manager.

Ms. Kennedy, who has been with BIAM for the past six years, will operate as a member of the team handling the Fund's investments under the direction of Chris Reilly, BIAM's Chief Investment Officer, in the same way as John Forde did in the past. As a result, the Board does not expect that there will be any change in the approach to the management of the Fund's assets going forward.

Ms. Kennedy holds a degree in Business and Legal Studies from University College Dublin and a Certificate of Investment Management from the Society of Investment Analyst's of Ireland. In addition, she is a CFA charterholder.

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.