The New Ireland Fund, Inc. Actively Repurchasing Shares

BOSTON, MA--(Marketwire - Feb 6, 2012) - The Board of Directors of The New Ireland Fund, Inc. (NYSE: IRL) (the "Fund") confirms that, following the issuance of its December 8, 2011 press release, it recommenced its Share Repurchase Program. Since then, the Fund has been in the market repurchasing shares whenever the discount has been above 10% and, over the period, has repurchased approximately 1.6% of the outstanding shares, at an average discount of 12.5%.

It expects to continue to be in the market on the same basis although, as required, the Program will be reviewed on a regular basis. The Board will also be continuing to review what other actions, if any, might be taken to enhance shareholder value and address the discount at which shares have tended to trade.

Investment Objective; The New Ireland Fund, Inc., (NYSE: 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.

IRL is the only U.S.-listed closed-end fund that invests primarily in equity and fixed income securities of Irish companies. The Fund is managed by Kleinwort Benson Investors International Ltd., a subsidiary of Kleinwort Benson Investors Dublin Ltd. Up-to-date information, as well as monthly portfolio updates, are available on the Fund's website -- www.newirelandfund.com