Mr Ruairi Quinn said his election was the culmination of a life-long ambition and a dream come true. He thanked the party for the trust it had shown in him. "I promise to repay them by investing all the energy, imagination and enterprise at my disposal to bring the Labour Party back to and beyond the heights reached in 1992. I will not let the party down."
Mr Quinn was addressing the media and party members in the lecture theatre of the National Gallery less than 30 minutes after his election as Labour leader.
The greatest achievement of the party under Dick Spring had been the "shifting of the centre of gravity of Irish politics to the left".
Contrary to the view that Labour had drifted to the centre under Mr Spring's leadership, the centre had drifted towards the Labour Party.
Today, the Labour Party was a "serious" party, said Mr Quinn. "Serious about winning, serious about government, serious about the people it represents."
The leadership contest had been dignified and honourable at all times and was a testament to the character of the party.
The days of division and divisiveness were long over "and under my leadership they will not return".
He was pleased that he had been chosen as leader. "But I know that, had the decision gone the other way, the party would have been in safe and capable hands."
Showing signs of emotion, Mr Quinn said: "You know, Brendan (Howlin), I cannot help but wonder that somewhere up in the socialist sky both Frank Cluskey and Brendan Corish are looking down on us and saying `well done'."
Mr Quinn said that influence in government depended on seats in the Dail. The party's ability to elect people depended on the strength and capacity of the party organisation.
Given the revolution in information technology and communications in recent years, the party's organisational strength had shown relative decline.
"The new reality will require a root-and-branch review of how we do our business. From the organisation of head office and the services it provides, to the smallest branch in the party; everything must be discussed.
"We must rebuild the party from the bottom up by listening and responding to members."
It was unclear how long the present Government would last. "We have no time to waste." The rebuilding of the Labour Party "begins today".