PRESS RELEASE

11/02/2001

The New Ireland Fund (IRL), Inc.Declares Annual Distribution

NEW YORK - November 2, 2001 - The Board of Directors of The New Ireland Fund, Inc. (the "Fund") has declared an annual distribution in the amount of $0.725 per share, which consists of $0.691 attributable to long-term capital gains and $0.034 attributable to income. The distribution is payable in Fund shares to each stockholder unless a stockholder elects to receive cash. The distribution will be payable on December 28, 2001 to stockholders of record on November 13, 2001. Distribution shares will be valued at the lower of the net asset value or market price of the Fund's shares at the close of business on December 14, 2001.

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