PRESS RELEASE

12/07/2006

THE NEW IRELAND FUND, INC APPOINTS NEW PORTFOLIO MANAGER

Boston, Massachusetts, December 7, 2006 - The Board of Directors of The New Ireland Fund, Inc. (the "Fund") are pleased to announce that Peter O'Donoghue, Equity Manager at Bank of Ireland Asset Management ("BIAM") has been appointed as the Fund's new Portfolio Manager. Deirdre Kennedy, the previous Fund Manager has taken up a new position with the Advisor.

Mr. O'Donoghue, who has been with Bank of Ireland Asset Management for the past five years, will operate as a member of the team handling the Fund's investments under the direction of Ivan Fox, Head of Irish Equities at BIAM, in the same way as Deirdre Kennedy 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.

Mr. O'Donoghue holds a degree in International Business and Languages from Dublin City University, and is also a CFA charterholder. In addition he is also a member of the Society of Investment Analysts of Ireland.

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 under the ticker symbol - IRL.

For further information, please contact the Fund at (800) 468-6475.