PRESS RELEASE

12/10/2004

The New Ireland Fund, Inc. Declares Annual Distribution

Boston, Massachusetts - December 10, 2004 - The Board of Directors of The New Ireland Fund, Inc. (the "Fund") has declared an annual distribution in the amount of $0.03 per share which is wholly attributable to income. The distribution will be paid by way of cash dividend on December 29, 2004 to stockholders of record on December 17, 2004.

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

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