================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
New Ireland Fund Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
common stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
645673104
--------------------------------------------------------------------------------
(CUSIP Number)
Keith Walsh
Senior Compliance Manager
Bank of Ireland Asset Management
40 Mespil Road
Dublin 4, Ireland
011-353-1-6378119
Rosemary Mahon
Director
Bank of Ireland Asset Management (U.S.) Limited
75 Holly Hill Lane
Greenwich, CT 06830
203-869-0111
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 9, 1995
--------------------------------------------------------------------------------
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement of Schedule 13G to
report the acquisition which is the subject of the Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 18 Pages
CUSIP No. 645673104 Schedule 13D Page 2 of 17 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Governor and Company of the Bank of Ireland
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 257,600
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
257,600
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
257,600
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 645673104 Schedule 13D Page 3 of 17 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BIAM Holdings
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 257,600
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
257,600
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
257,600
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 645673104 Schedule 13D Page 4 of 17 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bank of Ireland Asset Management Limited
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 248,600
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
248,600
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
248,600
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 645673104 Schedule 13D Page 5 of 17 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bank of Ireland Asset Management (U.S.) Limited
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 9,000
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 645673104 Schedule 13D Page 6 of 17 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lifetime Investment For Opportunity Fund
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 11,451
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,451
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,451
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 645673104 Schedule 13D Page 7 of 17 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lifetime Exempt Investment For Growth Fund
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 12,300
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
12,300
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,300
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
00
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 645673104 Schedule 13D Page 8 of 17 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lifetime Exempt Investment For Opportunity Fund
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,100
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,100
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,100
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 0.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 645673104 Schedule 13D Page 9 of 17 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lifetime Investment for Growth Fund
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 64,493
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
64,493
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
64,493
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 645673104 Schedule 13D Page 10 of 17 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lifetime Equity Fund
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,508
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,508
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,508
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 645673104 Schedule 13D Page 11 of 17 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bank of Ireland Global Funds Limited - International Equity Share
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 50,748
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
50,748
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
50,748
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 645673104 Schedule 13D Page 12 of 17 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BIAM Equity Mutual Fund
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 105,000
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
105,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
105,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 645673104 Schedule 13D Page 13 of 17 Pages
Item 1
(a) The name of the issuer is The New Ireland Fund, Inc
(b) The address of the issuers principal executive office is;
The New Ireland Fund, Inc.
c/o PFPC Inc.
99 High Street
27th Floor
Boston, MA 02110
This filing relates to the common stock, of The New Ireland Fund Inc, a closed
end investment company (the "Issuer").
The information presented on the cover sheets for each filing person is based
upon ownership as of March 9, 1995. The percent of class is based upon 5,009,000
shares of common stock issued and outstanding as of March 9, 1995.
Item 2. Identity and Background.
The following information relates to the structure of the reporting entities as
of April 29, 2004.
This statement is filed by The Governor and Company of the Bank of Ireland (the
"Bank of Ireland"), BIAM Holding("BIAMH"), Bank of Ireland Asset Management
Limited ("BIAML"),Bank of Ireland Asset Management (U.S.) Limited ("BIAMUS"),
Lifetime Investment for Opportunity Fund ("LIOF"), Lifetime Exempt Investment
for Opportunity Fund ("LEIOF"),Lifetime Investment for Growth Fund ("LIGF"),
Lifetime Exempt Investment for Growth Fund ("LEIGF"), Lifetime Equity Fund
("LEF"), Bank of Ireland Global Funds International Equity Share ("BIGFIES") and
BIAM Equity Mutual Fund (BIAMEMF)(collectively, the "Reporting Persons").
The principal business address of Bank of Ireland, LIOF, LEIOF, LIGF, LEIGF and
LEF is Bank of Ireland, Head Office, Lower Baggot Street, Dublin 2, Ireland.
The principal business address of BIAMH, BIAML and BIAMEMF is 40 Mespil Road,
Dublin 4, Ireland.
The principal business address of BIGFIES is, P.O. Box 309, Ugland House, South
Church Street, Grand Cayman, Cayman Islands.
The principal business address of BIAMUS is 75 Holly Hill Lane, Greenwich CT,
06830.
Bank of Ireland, BIAML, BIAMH and BIAMUS are Irish corporations. LIOF, LEIOF,
LIGF, LEIGF and LEF are Irish unit linked funds, BIGFIES is a Cayman based
commingled fund and BIAMEMF an Irish based commingled unit trust. These funds
are primarily for Irish retail and institutional investors.
The principal business of Bank of Ireland is the provision of financial
services. Bank of Ireland is the sole shareholder of BIAMH. The principal
business of BIAMH is to serve as a holding company. BIAMH is the sole
shareholder of BIAML. The principal business of BIAML is to act as an Irish
Investment Adviser to a range of discretionary clients, managing a number of
accounts containing securities over which BIAML has voting and dispositive
power. These clients are primarily Institutional clients. BIAMH is also the sole
shareholder in BIAMUS. The principal business of BIAMUS is to act as a US
registered Investment Adviser to a range of discretionary clients, managing a
number of accounts containing securities over which BIAMUS has voting and
dispositive power. These clients are primarily Institutional clients.
CUSIP No. 645673104 Schedule 13D Page 14 of 17 Pages
The directors of Bank of Ireland are Michael Soden, Denis O'Brien, Laurence
Crowley, Richard Burrows, Caroline Marland, Raymond MacSharry, Mary Redmond, Roy
Bailie, Maurice Keane, Brian Goggin, Donal Greaney, John O'Donovan and Thomas
Moran. The executive officers of Bank of Ireland are Michael Soden, John
Collins, Des Crowley, Cyril Dunne, Brian Goggin, Roy Keenan, John O'Donovan and
Jeff Warren. The principal occupation of each such person is to serve as an
officer or director of Bank of Ireland, and the principal business address of
each such person, other than Mr. Goggin, is c/o Bank of Ireland, Head Office,
Lower Baggot Street, Dublin 2, Ireland. The principal business address of Mr.
Goggin is c/o Bank of Ireland Asset Management Limited, 40 Mespil Road, Dublin
4, Ireland.
The directors and executive officers of BIAML are Denis Curran, Brian Goggin
Giles Kerr, Anthony Haslam, Fred Healy, Eugene Holland, Richard Kelly, Pat
Lardner, Jim McMahon, Jane Neill, Leona Nicholson, John Nolan, Kevin O'Brien,
Ronan O'Donoghue, Sean O'Dwyer, Chris Reilly, Ronan Smith, Des Sullivan and
Peter Wood. The principal occupation of each such person is to serve as an
officer or director of BIAML. The principal business address of each such
person, other than Mr. Kerr and Mr. Curran is c/o BIAML, 40 Mespil Road, Dublin
4, Ireland. The principal business address of Mr. Curran is c/o Bank of Ireland
Asset Management (U.S.) Limited, 75 Holly Hill Lane, Greenwich, CT 06830.
The Principal business address for Mr Kerr is c/o Bank of Ireland, Head Office,
Lower Baggot Street, Dublin 2, Ireland.
The directors and executive officers of BIAMH are Sean O'Dwyer, Peter Nugent and
Brian Goggin, whose principal occupation is to serve as directors and executive
officers of BIAMH. The principal business address of each such person, other
than Mr Nugent is c/o BIAMH, 40 Mespil Road, Dublin 4 Ireland. The Principal
business address for Mr Nugent is c/o Bank of Ireland, Head Office, Lower Baggot
Street, Dublin 2, Ireland.
The directors and executive officers of BIAMUS are Denis Curran, Chris Reilly,
Brian Goggin,Sean O'Dwyer, Michael McCarthy, Rosemary Mahon, Lelia Long and
Stephen Holland. The principal business address for Mr Curran, Mr Holland, Ms
Long and Ms Mahon is 75 Holly Hill Lane,Greenwich, CT 06830. The principal
Business address for Mr O'Dwyer, Mr Reilly,Mr McCarthy and Mr Goggin is 40
Mespil Road, Dublin 4 Ireland.
LIOF, LEIOF, LIGF, LEIGF and LEF as Irish unit linked, commingled funds, do not
have directors or executive officers. They are managed by BIAML on behalf of
Bank of Ireland's, life assurance subsidiary Lifetime Assurance Company Limited.
In March 2003, Bank of Ireland merged its two life assurance operations,
New Ireland Assurance Company plc and Lifetime Assurance Company Limited. As a
result of this merger, and by order of the High Court, the assets of Lifetime
Assurance Company Limited were transferred to New Ireland Assurance Company plc.
The directors and executive officers of New Ireland Assurance Company plc are
Sean Casey, Brian Forrester, David Kennedy (Chairman), Tom Collins, David
Swanton, Dermot Murray and John Murphy. The principal business address of these
individuals is New Ireland Assurance Company plc, 11/12 Dawson Street, Dublin 2.
The New Ireland Fund, Inc and New Ireland Assurance Company plc are unconnected
entities. Any similarity in their name is coincidental.
BIAMEMF, as a Unit Trust, does not have any directors or executive officers. Its
Trustees are Bank of Ireland Trustees and BIAML is its investment Manager.
The directors and executive officers of BIGFIES are Tim Phelan, Bank of Ireland
Asset Management (Jersey) Limited, P.O. Box 416, Bank of Ireland House Francis
Street, St. Helier, Jersey, JE2 4QE, Channel Islands. Jeremy Arnold, Bras De
Fer, Trinity, Jersey, JE3 5FB, Channel Islands. Robin Runboll, Windsor House,
St Lawrence, Jersey, JE3 1NL, Channel Islands.
None of the Reporting Persons nor any of the directors or executive directors of
any of the Reporting Persons has, during the last five years, been convicted in
a criminal proceeding (excluding traffic violations or similar misdemeanors) or
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, Federal or State securities laws or finding
any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The securities reported in Item 5 as beneficially owned by the Reporting Persons
were acquired as follows: Accounts managed by BIAML purchased an aggregate of
248,600 shares of Common Stock for a total consideration of $2,031,289 derived
from the capital of the managed accounts. BIAMUS made a personal investment of
9,000 shares as seed capital for The New Ireland Fund Inc.
CUSIP No. 645673104 Schedule 13D Page 15 of 17 Pages
Item 4 Purpose of Transaction
Between 1990 and March 9, 1995, BIAML purchased in total 248,600 Shares of the
Issuer (representing 5.0% beneficial ownership) for various non-US commingled
funds
("Foreign Funds") managed by BIAML on a fully discretionary basis, to gain
exposure for the investment portfolios of these Foreign Funds to Irish equities
in a less expensive and more price-effective manner than could be provided by
direct investment in the underlying equity securities owned by the Issuer (a
closed-end country fund). Item 5 below details the aggregate holdings of these
Foreign Funds as of March 9, 1995. In September 1997, the shares held by the
Foreign Funds were sold to, and purchased by, the Bank of Ireland Smaller
Equities Fund ("BIEUTSEF"), another Foreign Fund, where the Shares continue to
be held. At the time of the original purchases, and currently, the Reporting
Persons state that there were no, and continue to be no, plans or proposals that
any of them had or have which relate to or would result in: (a) the acquisition
by any person of additional Shares, or the disposition of Shares; (b) an
extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or
transfer of a material amount of assets of the Issuer or any of its
subsidiaries; (d) any change in the prior or present board of
directors or management of the Issuer, including no plans or proposals
to change the number or term of directors or to fill any existing
vacancies on the board; (e) any material change in the present capitalization or
dividend policy of the Issuer; (f) any other material change in the Issuer's
business or corporate structure, including no plans or proposals to change the
investment policy of the Issuer for which a vote would have been or is required
by Section 13 of the Investment Company Act of 1940; (g) change in the Issuer's
charter, bylaws or instruments corresponding thereto or other actions which may
impede the acquisition of control of the Issuer by any person; (h) causing a
class of securities of the Issuer to be delisted from a national securities
Exchange or to cease to be authorized to be quoted in an inter-dealer quotation
system of a registered national securities association; (i) a class of equity
securities of the Issuer becoming eligible for termination of registration
pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934; or (j) any
action similar to any of the foregoing. Regarding (f) above, any vote presented
to the Issuer's shareholders as required by Section 13 of the Investment Company
Act of 1940 will be voted with respect to Shares held by the Foreign Funds and
controlled by BIAML and the Shares owned by BIAMUS will be voted in the same
proportion as the vote of all other holders of such security. All investment in
Shares by the Foreign Funds, and the Bank of Ireland EUT Smaller Equities Fund,
were made with the intent to be passive investments and there was no intent, and
there is no current intent, to exercise any control or influence over the
Issuer.
Item 5. Interest in Securities of the Issuer.
(a) and (b)
As of March 9, 1995, the Reporting Persons may be deemed to beneficially own in
the aggregate 257,600 shares of Common Stock, representing 5.1% of the
outstanding Common Stock (the percentage of shares of Common Stock owned being
based upon 5,009,000 shares of Common Stock outstanding at March 9, 1995. The
transaction by The Reporting Persons may be deemed to have direct beneficial
ownership of shares of Common Stock as follows:
Name Number of Shares Percentage
BIAML 248,600 5.0%+
LIOF (Managed by BIAML) 11,451 0.2%*
LEIGF (Managed by BIAML) 12,300 0.3%*
LEIOF (Managed by BIAML) 2,100 less than 0.1%*
LIGF (Managed by BIAML) 64,493 1.3%*
LEF (Managed by BIAML) 2,508 0.1%*
BIGFIES (Managed by BIAML) 50,748 1.0%*
BIAMEMF (Managed by BIAML) 105,000 2.1%*
BIAMUS 9,000 0.2%+
* Note - these holdings represent a 5.1% holding in aggregate. The total shares
controlled by BIAML is actually 5.0% - the 0.1% is a rounding difference.
+ Note - these holdings represent a 5.2% holding in aggregate. The total
shares controlled by the reporting entities is actually 5.1% - the 0.1%
difference is a rounding difference.
BIAML has direct beneficial ownership of the shares of Common Stock in the
accounts which it manages. In such capacity, BIAML has the right to vote and
direct the disposition of shares of Common Stock held by such entities and,
consequently, has beneficial ownership of such shares.
BIAMUS has direct beneficial ownership of the shares of Common Stock which it
purchased to provide seed capital to the Issuer. In such capacity, BIAMUS has
the right to vote and direct the disposition of shares of Common Stock held by
such entities and, consequently, has beneficial ownership of such shares.
BIAMH as the controlling member of BIAML and BIAMUS, may be deemed to possess
beneficial ownership of the shares of Common Stock beneficially owned by BIAML
and BIAMUS. Bank of Ireland, as the sole shareholder of BIAMH, may be deemed to
possess beneficial ownership of the shares of Common Stock beneficially owned by
BIAMH, BIAML and BIAMUS as the sole shareholder of BIAMH.
LIOF, LEIGF, LEIOF, LIGF, LEF, BIGFIES and BIAMEMF have direct beneficial
ownership of the shares of Common Stock which they purchased as a passive
investment. In such capacity, LIOF, LEIGF, LEIOF, LIGF, LEF, BIGFIES and BIAMEMF
have the right to vote and direct the disposition of shares of Common Stock held
by such entities and, consequently, have beneficial ownership of such shares.
(c) Other than the transactions in Schedule 1, no Reporting Person nor any
director or executive officer of any Reporting Person has effected any
transactions in the Common Stock during either in the past 60 days or the 60
days prior to the effective date of this filing.
(d) No person other than the Reporting Persons has any right to receive or the
power to direct the receipt of dividends from, or the proceeds of the sale of,
any of the Common Stock beneficially owned by the Reporting Persons, except that
the dividends from, or proceeds from the sale of, shares of Common Stock in each
respective account managed by BIAML will be delivered into each such respective
account.
(e) Not applicable.
Item 6:
BIAMUS is under common control with BIAML, the discretionary manager to the
Foreign Funds. BIAMUS also is the investment adviser to the Issuer. Other than
these relationships, there are no contracts, arrangements, or understandings
among or between the Reporting Persons or otherwise with respect to the Shares
of the Issuer, including without limitation, the transfer or voting of any of
the securities, or the giving or withholding of proxies, except as follows.
To avoid conflicts of interest associated with any matter put to a vote of
shareholders of the Issuer, Shares owned the Foreign Funds and BIAMUS will be
voted in the same proportion as all other Shares of the Issuer are voted.
CUSIP No. 645673104 Schedule 13D Page 16 of 17 Pages
SIGNATURE.
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Date: May 4, 2004
THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND
By: /s/ Brian Goggin
----------------------------------
Brian Goggin
Director
BIAM Holdings
By: /s/ Sean O'Dwyer
----------------------------------
Sean O'Dwyer
Director
Bank of Ireland Asset Management Limited
By: /s/ Sean O'Dwyer
----------------------------------
Sean O'Dwyer
Director
Bank of Ireland Asset Management (U.S.) Limited
By: /s/ Rosemary Mahon
----------------------------------
Rosemary Mahon
Director
BIAM Equity Mutual Fund
By: /s/ Keith Walsh
----------------------------------
Keith Walsh
Authorised Signatory
Bank of Ireland Global Funds Limited -
International Equity Share
By: /s/ Tim Phelan
----------------------------------
Tim Phelan
Director
Lifetime Investment for Opportunity Fund
By: /s/ Sean Casey
----------------------------------
Sean Casey
Authorised Signatory
Lifetime Exempt Investment for Opportunity Fund
By: /s/ Sean Casey
----------------------------------
Sean Casey
Authorised Signatory
Lifetime Investment for Growth Fund
By: /s/ Sean Casey
----------------------------------
Sean Casey
Authorised Signatory
Lifetime Exempt Investment for Growth Fund
By: /s/ Sean Casey
----------------------------------
Sean Casey
Authorised Signatory
Lifetime Equity Fund
By: /s/ Sean Casey
----------------------------------
Sean Casey
Authorised Signatory
CUSIP No. 645673104 Schedule 13D Page 17 of 17 Pages
SCHEDULE I
REPORTING PERSONS TRANSACTIONS IN COMMON STOCK
The transactions below were market trades of common stock by BIAML on behalf
of the following discretionary Foreign Fund clients.
Date Number of Shares Price Per Share (1)
February 23,1995 Buy 13,000 $9.75
By BIAML on behalf of;
LIOF (6,500 Shares)
LEIGF (4,100 Shares)
LEIOF (1,400 Shares)
LEF (1,000 Shares)
March 8, 1995 Buy 38,400 $9.25
by BIAML on behalf of LIGF
March 9, 1995 Buy 11,900 $9.25
By BIAML on behalf of;
LIOF (3,000 Shares)
LEIGF (8,200 Shares)
LEIOF (700 Shares)