PRESS RELEASE

12/10/2009

The New Ireland Fund - Distribution

BOSTON - December 10, 2009 - The Board of Directors of The New Ireland Fund, Inc. today announced that there would not be a distribution to shareholders for the fiscal year ended October 31, 2009.

For the past year, the Fund has outperformed many funds in its peer group. However, because of the severe market decline, the Fund's capital losses were in excess of its capital gains. This, in conjunction with lower investment income, means that at year-end there was no distributable income.

The Fund continues to position itself to participate in the growth offered by Ireland's established and emerging companies. Because of current domestic and international conditions, this strategic direction remains a challenge but over the medium term, at an individual stock level, excellent value is seen in the Irish market and the Fund remains fully invested.

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