PRESS RELEASE

12/12/2002

NEW YORK - December 12, 2002 - 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, 2002.

For the past year, the Fund 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.

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