PRESS RELEASE

12/18/2008

The New Ireland Fund (IRL), Inc. Amends Format of Annual Distribution

BOSTON - December 18, 2008 - In the Press Release of November 6, 2008, the Board of Directors of The New Ireland Fund, Inc. (the "Fund") declared an annual distribution in the amount of $3.09 per share, which consists of $2.76 attributable to long-term capital gains and $0.33 attributable to income. There were no short-term capital gains.

Since then, following advice from the Fund's tax advisers, the Board determined that while this distribution will still be paid in shares of the Fund's common stock, stockholders may request that their distributions be paid in cash in lieu of common stock. Such requests must be for the entire distribution payable to the stockholder. The aggregate amount of cash distributions to all stockholders will be limited to 10% of the aggregate dollar amount of the total distribution. If the cash distribution requests exceed this limit, the Fund will pro-rate the cash distribution among all stockholders who have made such requests, based on the amounts requested. Stockholders who request receipt of a cash distribution and do not receive 100% of their distribution in cash will receive the balance in common stock. Stockholder requests to receive cash in lieu of stock must be received on or before January 5, 2009.

The distribution will now be payable on January 21, 2009 to stockholders of record on November 17, 2008. Distribution shares will be valued at the lower of the net asset value or market price of the Fund's shares at the close of business on January 7, 2009.

Stockholders will receive an amended letter in relation to the above.

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