PRESS RELEASE

12/10/2003

The New Ireland Fund, Inc. Declares Annual Distribution

Boston, Massachusetts, December 10, 2003 - The Board of Directors of The New Ireland Fund, Inc. (the "Fund") has declared an annual distribution in the amount of $0.089 per share which is wholly attributable to income. The distribution will be paid by way of cash dividend on December 30, 2003 to stockholders of record on December 19, 2003.

The Fund is a closed end mutual fund managed by Bank of Ireland Asset Management (U.S.) Limited and is traded on the New York Stock Exchange under the trading symbol "IRL".

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