The outgoing leader of Fine Gael, Mr John Bruton, said last night he fully accepted the decision by his party to vote "no confidence" in his leadership.
Mr Bruton, who emerged from Leinster House shortly after 10 p.m., told reporters that the person elected as his successor would have his complete support.
"I wish to state that I fully accept this democratic decision," he added.
Mr Bruton confirmed that he intended to contest the next general election in the Meath constituency, which he has represented in the Dail since 1969.
He said he felt certain that Fine Gael would be returned to power after the next general election.
"I've had no doubt about that, regardless of the outcome of today's meeting. I've believed - and believe - Fine Gael will be returned to office.
"I do not believe that Irish democracy will be served by the continuance in office of the Fianna Fail party. I think that party deserves a period in opposition," he stated.
Mr Bruton, who was flanked by supporters including the deputy leader of Fine Gael, Ms Nora Owen, said he was absolutely convinced he had done the right thing in letting the motion of no confidence in his leadership go to a vote.
"The Fine Gael party founded this State on the basis of respect for a majority decision taken by elected representatives. This was a majority decision taken by elected representatives. "The only way elected representatives can make a decision is by means of a ballot. It would be entirely undemocratic if an issue of that seriousness were to be decided simply because somebody wilted under pressure.
"I did not wilt under pressure and will not wilt under pressure in any future challenges that I face in my life. I believe that I showed the appropriate demeanour on this occasion," he said.
He explained that following a vote of no confidence in his leadership, he had resigned as leader of the party. "I am currently the sole nominee going before the ardfheis for the party's president but I propose to withdraw myself from that nomination as well," he said. Mr Bruton thanked the Fine Gael party and its membership throughout the State for their support, encouragement and the affection they had shown him as leader of the party over 10 years.
"I wish also to express my sincere thanks to Dail Eireann for allowing me to be elected and to serve as Taoiseach for almost three years.
"It was a tremendous experience, something given to very few in Irish public life, something that I enjoyed immensely and I am very pleased and very thankful for the fact that I had that opportunity," he said.
He also thanked those in the party who supported him "so strongly" in recent days during "extremely adverse conditions"; the staff of the party; and his wife Finola and children Matthew, Juliana, Emily and Mary Elizabeth for their love and for being so supportive, composed and calm during "this trying moment"; and also his parents Joseph and Doris Bruton for whom it had been "a tough time".
His brother Mr Richard Bruton, standing nearby, was visibly moved by his comments.
After making his statement to the press, Mr Bruton then answered questions. Asked whether or not he would be part of the new Fine Gael front bench, Mr Bruton said that was not a matter for him and he was not entering into that discussion.
"The only comment I wish to make about my future is the one that I have already made - that I will be contesting the Meath constituency in the next general election," he said.
"It has been a great honour for me to have represented the people of Meath over a long period.
"The people of Meath have many needs to be fulfilled and I intend in conjunction with colleagues to contest that constituency to ensure that Fine Gael does well in that constituency and to ensure the return of Fine Gael to government after the next general election," he added.