Fianna Fáil's leader designate Brian Cowen has vowed to devote all of his abilities and energies to the role of party leader and Taoiseach.
Mr Cowen was formally elected to replace Bertie Ahern at a parliamentary party meeting this morning. At his first press conference in the new role Mr Cowen said it was a "proud moment" for both himself and his family.
“On a personal level I am excited by the challenge, if somewhat daunted by the responsibility”, he told reporters.
"It is truly a great honour for me to have been chosen as leader-elect of Fianna Fáil by my fellow deputies in the parliamentary party.
"I regard it as a great privilege and the highlight of my political career thus far."
Mr Cowen was greeted at the midday press conference with applause and a standing ovation by friends, supporters and party members who had gathered for the event. He will take over as Fianna Fál leader and Taoiseach when Bertie Ahern steps down on May 6th.
Addressing a wide range of issues, including the economy and health and public sector reform, Mr Cowen said the Government was committed to delivering services for the public based on a "life-cycle" approach.
He expressed confidence in Minister for Health Mary Harney and the Health Service Executive.
"Mary Harney has shown her determination to proceed with [the] programme of reform and she does that on behalf of the Government and in compliance with Government policy," he said.
He said he believed the health policies being pursued by the Government were correct but acknowledged a need to "sustain the confidence of the public". Mr Cowen rejected "change for change's sake" but said there were major "structural issues" ahead and that the Government and Ministers required the cooperation of others to make changes happen.
The new Fianna Fál leader said the country was not immune to international economic trends in the last six to eight months but that the fundamentals of our economy were strong and he believed we were well equipped to handle the current circumstances.
On the Lisbon Treaty, Mr Cowen said it was very important for Ireland and he would speak about it later this week in the Dáil.
"The European Union is critical for the future economic, political and social wellbeing of this country," he said.
If it was necessary to "deconstruct and reconstruct" the public service delivery model, then he was committed to "thinking new and thinking fresh", he said.
Mr Cowen also paid tribute to outgoing Fianna Fáil leader and Taoiseach Bertie Ahern. He said Mr Ahern had "lived the job" night and day and was a man of "extraordinary passion, innate courtesy and a huge work ethic".
Asked about what his own style would be as leader, he said he hoped to match Mr Ahern, but "we all have our own style in that respect".
In Irish, one journalist asked Mr Cowen whether he would be radical or cautious as Taoiseach. Turning the question back, also in Irish, the new Fianna Fáil leader asked whether it was not possible to be both radical and cautious at the same time, prompting laughter from the audience.
On how the new post might impact on his personal life, the new Fianna Fáil leader said there was obviously a private life that he wished to see respected. But he believed the standards of Irish journalism were such that this "will not be a problem", he said.
Mr Cowen's wife Mary and other members of his family from Offaly were present at the event in the newly refurbished Royal College of Physicians building a short distance from Leinster House on Kildare Street in Dublin.
As the sole nominee for the position, Mr Cowen was unanimously elected at a special meeting of the parliamentary party in Leinster House this morning. His leadership was proposed by Minister for Justice Brian Lenihan and seconded by Minister for Agriculture Mary Coughlan before Mr Cowen addressed the meeting.
Afterwards, a jovial Mr Cowen posed for photographs on the plinth of Leinster House, surrounded by his parliamentary party colleagues.
Mr Cowen will be described as the leader-designate of Fianna Fáil until Mr Ahern formally hands over the reigns on May 6th.
The Laois-Offaly TD is the seventh leader of Fianna Fáil and will be the 11th person to hold the title of taoiseach since the Constitution was enacted in 1937.
Last night Mr Cowen warned people not to pay any attention to speculation about the composition of his Cabinet.
"Sources can prove to be less than accurate and sources making reference to the future composition of my Cabinet are entirely speculative," he said.
Meanwhile, Mayo TD Beverley Flynn, was formally readmitted to the Fianna Fáil parliamentary party last night after an absence of four years and today she participated in the unanimous election of Mr Cowen.
Ms Flynn was expelled from the parliamentary party following her failed libel action against RTÉ. The case involved claims that she assisted clients of National Irish Bank, for which she had worked, to evade tax.
The outgoing Taoiseach said last year that he envisaged Ms Flynn could be given a junior ministry in the future.