Mr Dick Spring would serve in cabinet again, will contest the next general election and is "going to be around in politics for a long time to come", he told a press conference yesterday.
The retiring party leader said that for the immediate future he would embrace the role of backbencher, getting involved in private members' legislation and doing things he did not have the freedom to do as leader or as a government minister.
"It has taken me 16 years to be come a backbencher," he said, referring to the fact that he has been a minister or party leader since first elected to the Dail in 1981.
The two main leadership contenders, Mr Ruairi Quinn and Mr Brendan Howlin, were in the room.
Mr Spring said he would like to see Labour and Democratic Left merge in the future to end the two-party system.
"In the first instance, I would like to see a strong working relationship between the parties on issues," he said.
They had "a commonality of interest" on social policy and other policy areas and he favoured "closer co-operation with a view towards long-term unity".
Mr Spring gave no indication as to whom he was supporting in the contest to be his successor as party leader.
"They [Mr Quinn and Mr Howlin] are two very good friends of mine and I intend that they will remain very good friends after next week."
He was confident either would be capable of bringing the party to great success in the future.
He rejected reports that he and his family were considering leaving Kerry to go to the United States, where Mrs Spring comes from.
His children were teenagers at an important stage in their lives and it would be important not to disrupt them, he said.
He said he had no plans for any European or international role. As a backbencher, he would do anything he could to be of assistance in relation to Northern Ireland.
Asked if he would be willing to be a minister again, he said: "If there is anybody in this room willing to offer me a cabinet position in the future, they will be pushing an open door."
Reflecting on his "good moments, difficult moments, successes and failures", Mr Spring said his accession to the leadership in 1982 "seems like a long time ago".
He paid tribute to those who had worked with him in the past 15 years, particularly his adviser, Mr Fergus Finlay, who had "become like a member of the family", and his personal assistant, Ms Sally Clarke.
Asked to reflect on the difficulties of being a government minister living far from Dublin, he said he "could feel very angry" about some of the media coverage he received while in government.
"Ministers from Cork and south Kerry now fly to Dublin regularly and there are no questions asked," yet when he was a minister, his mode of transport was the subject of regular news reports.
"There should be a better understanding of the trappings that are necessary to facilitate people getting to the office," he went on. He had often been envious of his Dublin colleagues as, if a meeting in Dublin ended at 5 p.m. on Friday, he would not get to Tralee by road until 10 p.m.
"There are means of modern transport available to avoid that and they should be availed of."
Business corporations would not tolerate their chief executives wasting five hours travelling in a car, he said. He had his own particular reasons for not wanting to spend too much time in a car, referring to an injury to his back in a serious car accident in 1981.
He paid tribute to his wife Kristi and his family for putting up with the sacrifices involved in his political life.
He had mixed emotions about his decision, but "I welcome the opportunity to have more time with Kristi and the kids".
Asked for her feelings about her husband's decision, Mrs Spring said: "I'm a bit sad. I thought I'd be very delighted. I'm very proud of him and I look forward to the rest of our lives."