Imogen,
Do you hold this policy through a broker or did you take it out directly with New Ireland? How many years do you have left to retirement?
I can imagine after 6 years how frustrating it must be to not have recovered to your original poisition however equity markets are doing well at the moment and your fund should be recovering. That particular fund has done quite well for the past few years (if you check the New Ireland website for performance figures).
You can either sit tight, hope that equity markets continue to perform well and your fund will in time come along and hopefully move out of the red, or, you should get onto your broker/New Ireland and ask them for a list of funds that you can switch into and some information on these funds. Perhaps a fund switch might give you better peace of mind. New Ireland do charge for fund switches but it may be worth the €25.
As you're invested in an equity fund I can assume that you have a relatively high attitude to risk and were aware that the fund was not guaranteed (the stock markets took a large dip 01/02) but if you still have a long term to retirement there is still time to recover.