UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-05984
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THE NEW IRELAND FUND, INC.
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(Exact name of registrant as specified in charter)
Bank of Ireland Asset Management (U.S.) Limited
75 Holly Hill Lane
GREENWICH, CT 06830
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(Address of principal executive offices) (Zip code)
PFPC Inc.
99 High Street, 27th Floor
BOSTON, MA 02110
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(Name and address of agent for service)
Registrant's telephone number, including area code: (203) 869-0111
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Date of fiscal year end: OCTOBER 31
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Date of reporting period: JULY 31, 2005
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule of Investments is attached herewith.
[GRAPHIC OMITTED]
THE NEW IRELAND FUND
THIRD QUARTER REPORT
JULY 31, 2005
LETTER TO SHAREHOLDERS
Dear Shareholder,
INTRODUCTION
As may be seen in the Economic Review section below, the Irish economy
continues to perform well with the GNP growth forecast of 5.25%, for the current
year, being confirmed recently by the Central Bank of Ireland. While higher oil
and gas prices will undoubtedly have an impact on both the Irish economy, and
World trade generally, it is felt that, because of the underlying strength of
the economy, the GNP outturn will be close to forecast.
In the present climate of uncertainty related to the Middle East and, more
recently, to the impact of the hurricane on the Gulf Coast of the United States,
the US dollar is unlikely to strengthen significantly against the Euro over the
next few months. As a result, for the remainder of the year, the performance of
the Fund is unlikely to be impacted very much by movements in the exchange rate,
between the two currencies.
The Fund continues to perform well with both the net asset value ("NAV")
and the market price being at or close to all time highs in recent weeks.
Details of the Fund's performance are set out below.
PERFORMANCE
The Fund's NAV increased by 7.53% to $25.72 in the third fiscal quarter
which compares to the 9.3% return of the Irish Equities Index ("ISEQ"), in US
dollar terms. Excluding Bank of Ireland, which the fund is precluded from
investing in, the Irish market rose 9.09% in dollar terms.
For the first nine months of the fiscal year, the Fund's NAV has risen
23.95% as compared to an increase of 13.77% for the ISEQ, in dollar terms, or
12.48% excluding Bank of Ireland. Over the same nine months, the Euro declined
4.5% against the dollar and by 5.9% in the most recent quarter.
We continue to implement the Share Repurchase Program with 90,900 shares
being repurchased and retired, since the beginning of the fiscal year, at a cost
of $1,957,794. These repurchases represent a reduction of 1.94% of the shares
outstanding at October 31, 2004 and they have resulted in a positive impact on
the Fund's NAV of 6 cents per share.
ECONOMIC REVIEW
The outlook for the economy remains positive. At the mid year stage, the
Central Bank of Ireland reiterated its forecast for GNP growth of about 5.25%
for 2005 with a similar growth rate estimated for 2006. The global economy
continues to grow at a reasonable rate with major economies like the US and
China operating at above trend rates. Meanwhile uncertainty over economic and
political events in Europe continue to undermine the confidence and performance,
of the economies, of the larger Euro zone countries. Future risks include a
significant appreciation of the Euro and the impact of high and volatile oil
prices.
1
Irish consumer sentiment weakened in July when the consumer index stood at
96.5 compared with a figure of 99.6 in June. The corresponding figure for 2004
was 96.6. The recent dip in confidence was felt to be associated with the latest
hike in oil prices. Beyond that, there is very little to worry the Irish
consumer - employment and wage growth remain strong, and inflation, for the
first six months of 2005, has converged with the Euro zone area as a whole.
There was a small jump in employment numbers in July, which also occurred
last year and which is probably due to seasonal factors. The estimated
unemployment rate of 4.3%, the lowest in Europe, is close to full employment, a
clear sign of continuing strength in the domestic economy.
Tax receipts are up 6.3%, year on year, and are also 3.6% ahead of
Government forecasts, at the beginning of the year. VAT and stamp duty receipts
are well ahead of target with a buoyant housing market boosting both, while the
VAT receipts have also been helped by an acceleration in consumer spending.
In July, price inflation reached its highest point this year with the
annual rate reaching 2.4%, however, as mentioned above, inflation on a
comparable basis with the Euro zone area, at 2.2% is in line with the zone
average. Outside of energy and mortgages, inflation was quite low. Clothing and
footwear prices dropped 10%, month on month, due to the usual impact of July
sales.
Private sector credit growth remained steady in June, up 27%, year on year.
Following the acceleration in the second half of 2004, growth has been in the
26-27% range for most of 2005. While demand for residential mortgages was
extremely strong in June, growth in non-mortgage credit weakened very slightly
to 25.2%, from 25.7% in May.
EQUITY MARKET REVIEW
The Irish market rose 16.1% in Euro terms over the quarter to the end of
July. This was a strong return relative to most European, and international,
markets.
QUARTER ENDED
JULY 31, 2005
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LOCAL
CURRENCY U.S. $
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Irish Equities (ISEQ) 16.1% 9.3%
S&P 500 6.7% 6.7%
NASDAQ 13.7% 13.7%
UK Equities (FTSE 100) 10.0% 1.3%
Japanese Equities 8.1% 0.7%
Euroland Equities Eurostoxx 13.4% 6.8%
German Equities (DAX) 16.8% 10.0%
2
QUARTER ENDED
JULY 31, 2005
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LOCAL
CURRENCY U.S. $
-------- ------
French Equities (CAC) 13.8% 7.2%
Dutch Equities (AEX) 13.7% 7.0%
Company trading statements provided most of the news flow during the
quarter. Overall these updates were positive, with companies confident about
prospects for the second half of the year.
JURY'S DOYLE HOTEL GROUP stole most of the headlines over the past few
months beginning with an unsolicited approach from Precinct Investments Ltd, a
group of private investors that bought the Gresham Hotel Group last year.
Analysts suggested that Precinct's main interest related to developing the 8
acre site on which a number of Jury's key hotels are located in Dublin. The
Jury's Board rejected the initial approach and also a subsequent higher offer of
[EURO]16.25 per share. In June, Jury's put part of this site (5 acres) up for
tender and eventually, subject to shareholder approval, agreed to sell this part
of the site for [EURO]260 million. Precinct then upped its bid to [EURO]17.50 on
certain conditions but subsequently withdrew this bid and, as of writing this
letter, a number of investors including the successful bidder for the site are
increasing their holdings through market purchases and it is clear that the
Company is in play at this time.
At its Annual General Meeting in May, CRH said that the year had started
well. While some of the company's European operations had been affected by bad
weather, in the early months of 2005, this was more than offset by a strong
start in its US operations. The season for the US construction business has yet
to get fully underway but the tone, in relation to this, is more upbeat than for
some time. In the last week of May, CRH announced the acquisition of STRADAL, a
French concrete products business, from St. Gobain. Stradal had sales of
[EURO]180 million last year and caters almost exclusively to the French market.
Around 40% of sales are related to concrete gardening and landscape products, an
area in which CRH has a lot of expertise. The rest of Stradal's business, which
services road construction and utilities, fits well with CRH's French pre-cast
operations.
MCINERNEY HOLDINGS' Annual General Meeting statement was positive in tone
with sales interest in Ireland being predictably strong, and the company also
continues to benefit from good demand in the UK. 1,101 houses were completed in
Ireland, in 2004, and the group anticipates a similar level in 2005. 800 house
sales are targeted for the UK, in the current year - a 60% increase on last
year.
DCC reported net income of [EURO]83.8 million and EPS of 102.3 cents a
share for the full year, which was little changed from last year. Exceptional
charges included costs related to the restructuring of Sercom Solutions,
acquisition restructuring costs related to DCC Energy, as well as the legal
costs of the
3
ongoing "Fyffes" court case. Sales increased 24.3% for the year, while
operating profit rose 8.8%, with declines in IT distribution offset by strong
performances from the energy, healthcare and food and beverages divisions.
Excluding exceptional items, adjusted EPS grew 12.6%. The dividend was increased
15% to 37.26 cents per share. At its Annual General Meeting, DCC raised guidance
for the financial year ending March 2006, predicting double digit earnings
growth. The acquisition of computer games and DVD distributor, PILTON, which was
announced in the middle of June, will be earnings enhancing in the first year. A
major element of the consideration for Pilton will be on an earn out basis. DCC
will pay [EURO]22.5 million, up-front, with a further [EURO]20 million,
depending on results, over the next three years. On a full earn-out basis, DCC
will pay a little over 7 times, last year's pre-tax profits.
Full year numbers from EIRCOM GROUP, were in line with forecasts. Turnover
declined 2% but this was compensated by cost cutting, so EBITDA rose 2%. The
revenue mix reflected declining traffic revenues but this was offset by
increased revenues from line rental/connections and broadband. Towards the end
of the quarter, Eircom announced the acquisition of Ireland's number three
mobile telecommunications service provider, METEOR, for [EURO]420 million, which
is to be funded by a rights issue. The circa 6% dividend yield, the main
attraction of the stock for investors, will be maintained, at the theoretical
ex-rights level, following the IPO. The deal was not a surprise, nor was it
cheap but it changes the profile of the company from one of declining revenues,
offset by cost cuts, to an integrated play with mobile telecommunications
expansion plans. Eircom's addressable market will double as a result of the
acquisition. Eircom also plan to double the 10% share of the mobile phone market
that Meteor had.
In its June trading statement, ALLIED IRISH BANKS increased its full year
EPS guidance from 135-137 cents to 138-140 cents. Management commented that the
strong, consistent and broadly based performance, which it reported in 2004, is
continuing in the current year.
INDEPENDENT NEWS AND MEDIA noted in its trading statement, that strong
revenue conditions carried through to the second quarter. The Company remains
confident of a meaningful improvement in underlying profit for 2005.
KINGSPAN announced that full year results would exceed market expectations.
A good underlying trading backdrop, combined with acquisitions and the impact of
new products, as well as signs of a cyclical upturn in the UK and North American
office markets, should drive performance in the current year.
In its trading statement, GRAFTON confirmed its full year guidance. This
was a relief given recent worries over the UK economy. In the first half of the
year, overall merchanting sales in the UK, on a like-to-like basis, rose by a
low single digit figure. Meanwhile, Grafton experienced high single digit,
like-for-like, sales growth in merchanting in Ireland. The Heiton acquisition
continues to perform ahead of expectations.
4
CURRENT OUTLOOK
As mentioned above, expectations for the Irish economy remain positive.
5.25% GNP and 5.5% GDP growth, for this year and next, provides a very
attractive backdrop for investors. The external environment is also generally
favorable, with the US and Asia experiencing quite strong growth, although a
more sluggish picture is apparent in the larger Euro-area economies. Recent
forecasts from the OECD suggest that weighted GDP growth in Ireland's trading
partners will decline from 2.75% to 2% this year, before rising modestly again
to 2.25% in 2006.
Valuations for Irish stocks are not demanding. The ISEQ, as a whole, is
trading on 13.4 times next year's earnings, with a projected earnings growth of
14%. A dividend yield of 2.4%, compared to the 3.2% yield for 10 year Euro zone
government bonds, adds to the appeal of the market.
Sincerely,
/S/ PETER HOOPER
Peter Hooper
Chairman
September 23, 2005
5
INVESTMENT SUMMARY
TOTAL RETURN (%)
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MARKET VALUE NET ASSET VALUE (A)
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AVERAGE AVERAGE
CUMULATIVE ANNUAL (B) CUMULATIVE ANNUAL (B)
---------- --------- ---------- ----------
Current Quarter 4.72 4.72 7.53 7.53
One Year 39.47 39.47 40.47 40.47
Three Year 143.09 34.42 127.17 31.42
Five Year 99.65 14.82 64.34 10.44
Ten Year 221.30 12.37 194.73 11.40
PER SHARE INFORMATION AND RETURNS
---------------------------------
2005
3RD
1996 1997 1998 1999 2000 2001 2002 2003 2004 QUARTER
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Net Asset
Value ($) 16.90 19.99 21.36 19.75 20.06 13.28 11.04 16.29 20.74 25.72
Income
Dividends ($) (0.14) (0.22) (0.07) -- (0.13) (0.01) (0.03) -- (0.089) (0.030)
Capital Gains
Other
Distributions ($) (0.13) (0.36) (0.70) (1.14) (1.60) (2.65) (0.69) -- -- --
Total
Return (%) (a) 26.65 22.46 11.68 (2.79) 13.27 (23.76) (12.07) 47.55 28.14 7.53
NOTES
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(a) Total investment returns reflect changes in net asset value per share
during each period and assume that dividends and capital gains
distributions, if any, were reinvested. These percentages are not an
indication of the performance of a shareholder's investment in the Fund
based on market price.
(b) Periods less than one year are not annualized.
PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE OF THE FUND.
6
PORTFOLIO BY MARKET SECTOR AS OF JULY 31, 2005
(PERCENTAGE OF NET ASSETS)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Construction and Building Materials .. 27.28%
Financial ............................ 21.47%
Food and Beverages ................... 13.04%
Leisure and Hotels ................... 7.93%
Health Care Services ................. 6.38%
Business Services .................... 4.56%
Transportation ....................... 4.48%
Diversified Financial Services ....... 3.80%
Food and Agriculture ................. 3.63%
Other Assets ......................... 7.43%
TOP 10 HOLDINGS BY ISSUER AS OF JULY 31, 2005
HOLDING SECTOR % OF NET ASSETS
------- ------ ---------------
Allied Irish Banks PLC Financial 16.67%
CRH PLC Construction and Building Materials 14.22%
Kerry Group PLC, Series A Food and Beverages 9.88%
Kingspan Group PLC Construction and Building Materials 7.34%
Jury's Doyle Hotel Group PLC Leisure and Hotels 4.83%
FBD Holdings PLC Financial 4.80%
DCC PLC Business Services 4.56%
Ryanair Holdings PLC Transportation 4.48%
Grafton GRP PLC-UTS Construction and Building Materials 4.01%
United Drug PLC Health Care Services 4.01%
7
THE NEW IRELAND FUND, INC.
PORTFOLIO HOLDINGS (UNAUDITED)
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Value (U.S.)
July 31, 2005 Shares (Note A)
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COMMON STOCKS (99.02%)
COMMON STOCKS OF IRISH COMPANIES (98.23%)
BUSINESS SERVICES (4.56%)
DCC PLC 243,763 $ 5,394,713
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COMPUTER SOFTWARE AND SERVICES (0.39%)
IONA Technologies PLC-ADR* 169,300 455,417
--------------
CONSTRUCTION AND BUILDING MATERIALS (27.28%)
CRH PLC 592,479 16,803,977
Grafton Group PLC-UTS 417,114 4,742,232
Kingspan Group PLC 663,458 8,671,175
McInerney Holdings PLC 196,675 2,030,581
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32,247,965
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DIVERSIFIED FINANCIAL SERVICES (3.80%)
Irish Life & Permanent PLC 248,182 4,491,680
--------------
FINANCIAL (21.47%)
Allied Irish Banks PLC 908,761 19,703,353
FBD Holdings PLC 156,192 5,672,600
--------------
25,375,953
--------------
FOOD AND AGRICULTURE (3.63%)
IAWS Group PLC 293,851 4,290,263
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FOOD AND BEVERAGES (13.04%)
Fyffes PLC 640,733 1,945,671
Greencore Group PLC 401,256 1,788,709
Kerry Group PLC, Series A 466,873 11,682,027
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15,416,407
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HEALTH CARE SERVICES (6.38%)
ICON PLC-Sponsored ADR* 71,646 2,804,941
United Drug PLC 1,129,687 4,734,013
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7,538,954
--------------
LEISURE AND HOTELS (7.93%)
Jury's Doyle Hotel Group PLC 288,224 5,706,502
Paddy Power PLC 202,495 3,664,821
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9,371,323
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PUBLISHING AND NEWS (2.67%)
Independent News & Media PLC 1,023,832 3,158,746
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REAL ESTATE DEVELOPMENT (0.51%)
Irish Estates PLC*+ 500,000 607,326
--------------
8
THE NEW IRELAND FUND, INC.
PORTFOLIO HOLDINGS (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
Value (U.S.)
July 31, 2005 Shares (Note A)
--------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)
TECHNOLOGY (1.39%)
Horizon Technology Group PLC* 1,321,900 $ 1,637,763
--------------
TELECOMMUNICATIONS (0.70%)
Eircom Group PLC-144Aa 400,000 821,105
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TRANSPORTATION (4.48%)
Ryanair Holdings PLC* 650,000 5,289,814
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TOTAL COMMON STOCKS OF IRISH COMPANIES
(Cost $48,468,781) 116,097,429
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COMMON STOCKS OF UNITED KINGDOM
COMPANIES (0.79%)
(Cost U.S. $931,778)
INVESTMENT COMPANIES (0.79%)
Fitzwilliam Capital PLC 900,000 940,141
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TOTAL INVESTMENT COMPANIES BEFORE
FOREIGN CURRENCY ON DEPOSIT
(Cost $49,400,559) $ 117,037,570
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Face
Value
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FOREIGN CURRENCY ON DEPOSIT (0.34%)
(Interest Bearing)
British Pounds Sterling (pound) 767 1,351
Euro (euro) 325,930 395,892
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TOTAL FOREIGN CURRENCY ON DEPOSIT
(Cost $395,303)** 397,243
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TOTAL INVESTMENTS (99.36%)
(Cost $49,795,862) 117,434,813
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OTHER ASSETS AND LIABILITIES (0.64%) 759,216
--------------
NET ASSETS (100.00%)
$ 118,194,029
==============
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a Security exempt from registration pursuant to Rule 144A under the
Securities Act of 1933, as amended.
* Non-income producing security.
** Foreign currency held on deposit at the Bank of Ireland.
+ Security is fair valued and market value is determined in accordance with
procedures established by the Board of Trustees.
ADR -American Depository Receipt traded in U.S. dollars.
UTS -Units
9
THE NEW IRELAND FUND, INC.
NOTES TO PORTFOLIO HOLDINGS (UNAUDITED)
--------------------------------------------------------------------------------
A. VALUATION AND INVESTMENT PRACTICES:
SECURITY VALUATION: Securities listed on a stock exchange for which market
quotations are readily available are valued at the closing prices on the date of
valuation, or if no such closing prices are available, at the last bid price
quoted on such day. If there are no such quotations available for the date of
valuation, the last available closing price will be used. The value of
securities and other assets for which no market quotations are readily
available, or whose values have been materially affected by events occurring
before the funds' pricing time but after the close of the securities' primary
markets, are valued by methods deemed by the Board of Directors to represent
fair value. At July 31, 2005 the Fund held .51% of its net assets in securities
valued in good faith with an aggregate cost of $669,299 and fair value of
$607,326. Short-term securities that mature in 60 days or less are valued at
amortized cost.
CURRENCY TRANSLATION: The books and records of the Fund are maintained in
U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the
spot rate of such currencies against U.S. dollars by obtaining from FT-IDC each
day the current 4:00pm London time spot rate and future rate (the future rates
are quoted in 30-day increments) on foreign currency contracts. Net realized
foreign currency gains and losses resulting from changes in exchange rates
include foreign currency gains and losses between trade date and settlement date
on investment securities transactions, foreign currency transactions and the
difference between the amounts of interest and dividends recorded on the books
of the Fund and the amount actually received. The portion of foreign currency
gains and losses related to fluctuation in exchange rates between the initial
purchase trade date and subsequent sale trade date is included in realized gains
and losses on security transactions.
FORWARD FOREIGN CURRENCY CONTRACTS: The Fund may enter into forward foreign
currency contracts for non-trading purposes in order to protect investment
securities and related receivables and payables against future changes in
foreign currency exchange rates. Fluctuations in the value of such contracts are
recorded as unrealized gains or losses; realized gains or losses include net
gains or losses on contracts which have terminated by settlements or by entering
into offsetting commitments. Risks associated with such contracts include
movement in the value of the foreign currency relative to the U.S. dollar and
the ability of the counterparty to perform. There were no such contracts open in
the Fund as of July 31, 2005.
SECURITIES TRANSACTIONS: Securities transactions are recorded as of the
trade date. Realized gains and losses from securities sold are recorded on the
identified cost basis.
B. UNREALIZED APPRECIATION/(DEPRECIATION):
At July 31, 2005, aggregate gross unrealized appreciation for all
securities (excluding foreign currency on deposit) in which there was an excess
value over tax cost was U.S. $70,059,130 and aggregate gross unrealized
depreciation for all securities (excluding foreign currency on deposit) in which
there was an excess of tax cost over value was U.S. $2,422,119.
10
--------------------------------------------------------------------------------
THE NEW IRELAND FUND, INC.
DIRECTORS AND OFFICERS
Peter J. Hooper - CHAIRMAN OF THE BOARD
James J. Boyle - DIRECTOR
Brendan Donohoe - PRESIDENT AND DIRECTOR
Denis P. Kelleher - DIRECTOR
George G. Moore - DIRECTOR
James M. Walton - DIRECTOR
Lelia Long - TREASURER
Hugh Carter - ASSISTANT TREASURER
Vincenzo A. Scarduzio - SECRETARY
Debra M. Brown - CHIEF COMPLIANCE OFFICER
PRINCIPAL INVESTMENT ADVISOR
Bank of Ireland Asset Management (U.S.) Limited
75 Holly Hill Lane
Greenwich, Connecticut 06830
ADMINISTRATOR
PFPC Inc.
4400 Computer Drive
Westborough, Massachusetts 01581
CUSTODIANS
JP Morgan Chase & Co.
North America Investment Services
3 Metro Tech - 7th Floor
Brooklyn, New York 11245
SHAREHOLDER SERVICING AGENT
American Stock Transfer & Trust Company
40 Wall Street
New York, New York 10005
LEGAL COUNSEL
Sullivan & Cromwell
125 Broad Street
New York, New York 10004
INDEPENDENT PUBLIC REGISTERED ACCOUNTING FIRM
Grant Thornton LLP
60 Broad Street
New York, NY 10004
CORRESPONDENCE
ALL CORRESPONDENCE SHOULD BE ADDRESSED TO:
The New Ireland Fund, Inc.
c/o PFPC Inc.
99 High Street
27th Floor
Boston, Massachusetts 02110
TELEPHONE INQUIRIES SHOULD BE DIRECTED TO:
1-800-GO-TO-IRL
(1-800-468-6475)
WEBSITE ADDRESS:
www.newirelandfund.com
IR-QTR 07/05
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's last fiscal
quarter that have materially affected, or are reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) THE NEW IRELAND FUND, INC.
--------------------------------------------------------------------
By (Signature and Title)* /S/ BRENDAN DONOHOE
--------------------------------------------------------
Brendan Donohoe, President
(principal executive officer)
Date SEPTEMBER 30, 2005
---------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /S/ BRENDAN DONOHOE
--------------------------------------------------------
Brendan Donohoe, President
(principal executive officer)
Date SEPTEMBER 30, 2005
---------------------------------------------------------------------------
By (Signature and Title)* /S/ LELIA LONG
--------------------------------------------------------
Lelia Long, Treasurer
(principal financial officer)
Date SEPTEMBER 29, 2005
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.