PRESS RELEASE

11/06/2006

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

BOSTON - November 6, 2006 - The Board of Directors of The New Ireland Fund, Inc. (the "Fund") has declared an annual distribution in the amount of $ 2.64 per share, which consists of $2.37 attributable to long-term capital gains, $0.03 attributable to short-term capital gains and $ 0.24 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, 2006 to stockholders of record on November 14, 2006. 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, 2006.

Investment Objective; The New Ireland Fund, Inc., (N.Y.S.E. - IRL) a closed-end diversified investment company, seeks long-term capital appreciation through investment of at least 80% of its assets in a portfolio of Irish securities.

The New Ireland Fund, Inc. is managed by Bank of Ireland Asset Management (U.S.) Limited, an indirect wholly owned subsidiary of Bank of Ireland Group.

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

Website: newirelandfund.com